Debt (Tables)

9 Months Ended

Sep. 30, 2023


	September 30, 2023		December 31, 2022
Debt classified as current liabilities:
Hancock County industrial revenue bonds ("IRBs") due April 1, 2028, interest payable quarterly (variable interest rates (not to exceed 12%))(1)	$	7.8	$	7.8
U.S. Revolving Credit Facility(2)	68.2		90.0
Iceland Revolving Credit Facility(3)	—		35.0
Grundartangi casthouse facility(5)	3.1		—
Iceland Term Facility(4)	4.8		13.3
Vlissingen Facility Agreement(6)	0.1		—
Debt classified as non-current liabilities:
Grundartangi casthouse facility, net of financing fees of $0.7 million at September 30, 2023(4)	86.2		49.4
Iceland Term Facility, net of financing fees of $0.0 million and current portion at September 30, 2023(5)	—		1.2
Vlissingen Facility Agreement(6)	10.0		—
7.5% senior secured notes due April 1, 2028, net of financing fees of $2.8 million at September 30, 2023, interest payable semiannually	247.2		246.6
2.75% convertible senior notes due May 1, 2028, net of financing fees of $1.6 million at September 30, 2023, interest payable semiannually	84.6		84.4
Total	$	512.0	$	527.7

(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 interest rate at September 30, 2023 was 4.11%.

(2)We incur interest at a base rate plus applicable margin as defined within the agreement. The interest rate at September 30, 2023 was 9.25%.

(3)We incur interest at base rate plus applicable margin as defined within the agreement. The interest rate at September 30, 2023 was 8.40%.

(4)We incur interest at a base rate plus applicable margin as defined within the agreement. The interest rate at September 30, 2023 was 8.77%.

(5)We incur interest at a rate equal to 3.2% plus EUR EURIBOR 1 month as published by the European Money Market Institute as defined within the agreement. The interest rate at September 30, 2023 was 6.88%.

(6)We incur interest at a fixed rate of 8.75%.

Schedule of line of credit facilities


Status of our U.S. revolving credit facility:						September 30, 2023
Credit facility maximum amount						250.0
Borrowing availability						142.6
Outstanding letters of credit issued						41.8
Outstanding borrowings						68.2
Borrowing availability, net of outstanding letters of credit and borrowings						32.6


Status of our Iceland revolving credit facility:						September 30, 2023
Credit facility maximum amount						100.0
Borrowing availability						100.0
Outstanding letters of credit issued						—
Outstanding borrowings						—
Borrowing availability, net of borrowings						100.0