Debt (Tables)

9 Months Ended

Sep. 30, 2013

The following table provides information about the balance sheet location and gross amounts offset:



Offsetting of financial instruments and derivatives
	Balance sheet location	September 30, 2013			December 31, 2012
E.ON contingent obligation – principal	Other liabilities	$	(12,902	)	$	(12,902	)
E.ON contingent obligation – accrued interest	Other liabilities	(3,526		)	(2,467		)
E.ON contingent obligation – derivative asset	Other liabilities	16,428			—
		$	—		$	(15,369	)



	September 30, 2013		December 31, 2012
Debt classified as current liabilities:
Hancock County industrial revenue bonds ("IRBs") due 2028, interest payable quarterly (variable interest rates (not to exceed 12%)) (1)	$	7,815	$	7,815
7.5% senior unsecured notes payable due August 15, 2014, interest payable semiannually	2,603		—
Debt classified as non-current liabilities:
7.5% senior secured notes payable due June 1, 2021, net of debt discount of $3,558, interest payable semiannually	246,442		—
8.0% senior secured notes payable due May 15, 2014, net of debt discount of $1,625, interest payable semiannually	—		247,979
7.5% senior unsecured notes payable due August 15, 2014, interest payable semiannually	—		2,603
E.ON contingent obligation, principal and accrued interest, contingently payable monthly, annual interest rate of 10.94% (2)	—		15,369
Revolving credit facility (3)	16,725		—
TOTAL	$	273,585	$	273,766


(1)	The IRBs are classified as current liabilities because they are remarketed weekly and could be required to be repaid upon demand if there is a failed remarketing. The IRB interest rate at September 30, 2013 was 0.27%.


(2)	E.ON contingent obligation principal and interest payments are payable based on CAKY’s operating level and the LME price for primary aluminum. See E.ON contingent obligation below and Note 4 Fair value measurements for additional information.


(3)	Borrowings under the revolving line of credit bear interest, at our option, at LIBOR or a base rate, plus, in each case, an applicable interest margin. The applicable interest margin is determined based on the average daily availability for the immediately preceding quarter.

Schedule of Line of Credit Facilities

Status of our Credit Facility:



	September 30, 2013
Credit Facility maximum amount	$	137,500
Borrowing availability, net of outstanding letters of credit	44,255
Outstanding borrowings	16,725
Letter of credit sub-facility amount	80,000
Outstanding letters of credit issued	70,545

Debt Instrument Redemption Rights

Redemption Rights. Prior to June 1, 2016, we may redeem the 7.5% Notes, in whole or in part, at a redemption price equal to 100% of the principal amount plus a make-whole premium, and if redeemed during the twelve-month period beginning on June 1 of the years indicated below, at the following redemption prices plus accrued and unpaid interest:



Year	Percentage
2016	105.625%
2017	103.750%
2018	101.875%
2019 and thereafter	100.000%