Debt

9 Months Ended

Sep. 30, 2011

Debt

Debt

7. Debt

Debt is comprised of the following at September 30, 2011 and December 31, 2010:

(in millions)	September 30, 2011			December 31, 2010
Senior Secured Credit Facility Term Loans	$	1,009.4		$	1,059.8
8% Senior Notes due 2016 (1)		294.4			293.6
6 1/8% Senior Notes due 2022 (1)		300.0			300.0
7 1/2% Senior Subordinated Notes due 2017 (2)		656.8			639.8
7 1/2% Senior Subordinated Notes due 2020 (2)		474.5			470.2
Securitization Facility due 2014		300.0			300.0
Revolving Credit Facility		—			—
2% Subordinated Note due 2012		99.4			98.4
Non-U.S. borrowings		37.1			62.0
Other		8.0			16.8
Total debt (3)		3,179.6			3,240.6
Less: current portion		(162.9	)		(434.6	)
Total long-term debt	$	3,016.7		$	2,806.0

(1) Collectively, the "Senior Notes."

(2) Collectively, the "Senior Subordinated Notes."

(3) At September 30, 2011 and December 31, 2010, the carrying value of total debt approximates fair market value.

On March 31, 2011, the Company completed a new $1.275 billion senior secured credit facility (the "Facility"), which is comprised of:

• a $525 senior secured term loan A facility maturing in March 2016, that bears interest at ; LIBOR plus a spread of 225 basis points;

• a $500 senior secured term loan B facility maturing in January 2017, which is subject to extension to 2018 under certain conditions, that bears interest at LIBOR plus a spread of 300 basis points; and

• a $250 senior secured revolving credit facility (the "Revolver"), which is comprised of a $175 U.S. dollar component and a $75 multi-currency component. The Revolver matures in March 2016 and bears interest at certain selected rates, including LIBOR plus a spread of 225 basis points. At September 30, 2011, there was no amount outstanding under the Revolver. The Company is required to pay an annualized commitment fee of approximately 0.38% on the unused balance of the Revolver.

The Facility contains certain restrictions, subject to certain exceptions and qualifications, on the conduct of the Company and certain of its subsidiaries, including, among other restrictions: incurring debt; disposing of certain assets; making investments; exceeding certain agreed upon capital expenditures; creating or suffering liens; completing certain mergers, consolidations and sales of assets; acquisitions; declaring dividends; redeeming or prepaying other debt; and certain transactions with affiliates. The Facility also includes financial covenants that require the Company to maintain certain total leverage and interest coverage ratios.

The proceeds from the Facility and cash on hand were used to extinguish the entire principal amount outstanding of approximately $1.1 billion under the Company's prior senior secured credit facility and the entire principal amount outstanding of approximately $22 under a U.S. dollar-based term loan of a Canadian subsidiary. As a result of these debt extinguishments, the Company recorded a $12.8 loss on the extinguishment of debt, which is primarily comprised of a non-cash charge due to the write-off of deferred debt issuance costs relating to the prior senior secured credit facility.

During the nine months ended September 30, 2011, $300 principal amount related to the securitization facility was reclassified from short-term debt to long-term debt based upon management's intent to repay the securitization facility in accordance with its contractual maturity.

In May 2011, the Company entered into an amendment to its securitization facility that extended the term from July 2013 until May 2014 and reduced the borrowing rate margin and the unused line fee to 1.25% and 0.625% per annum, respectively.