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Registration of securities issued in business combination transactions

DEBT (Tables)

v2.4.0.8
DEBT (Tables)
 3 Months Ended 12 Months Ended
Mar. 31, 2014
Dec. 31, 2013
DEBT Ìý Ìý
Outstanding debt

ÌýÌýÌýOutstanding debt consisted of the following (dollars in millions):

Ìý
 Ìý MarchÌý31,
2014		 Ìý DecemberÌý31,
2013		 Ìý

Senior Credit Facilities:

 Ìý Ìý Ìý Ìý Ìý Ìý Ìý

Term loans

 Ìý $ 1,338 Ìý $ 1,351 Ìý

Amounts outstanding under A/R programs

 Ìý Ìý 247 Ìý Ìý 248 Ìý

Senior notes

 Ìý Ìý 1,060 Ìý Ìý 1,061 Ìý

Senior subordinated notes

 Ìý Ìý 891 Ìý Ìý 891 Ìý

HPS (China) debt

 Ìý Ìý 40 Ìý Ìý 40 Ìý

Variable interest entities

 Ìý Ìý 238 Ìý Ìý 247 Ìý

Other

 Ìý Ìý 77 Ìý Ìý 72 Ìý
Ìý Ìý Ìý Ìý Ìý Ìý
� � � � � � � �

Total debt—excluding debt to affiliates

 Ìý $ 3,891 Ìý $ 3,910 Ìý
Ìý Ìý Ìý Ìý Ìý Ìý
� � � � � � � �
� � � � � � � �
Ìý Ìý Ìý Ìý Ìý Ìý

Total current portion of debt

 Ìý $ 270 Ìý $ 277 Ìý

Long-term portion

 Ìý Ìý 3,621 Ìý Ìý 3,633 Ìý
Ìý Ìý Ìý Ìý Ìý Ìý
� � � � � � � �

Total debt—excluding debt to affiliates

 Ìý $ 3,891 Ìý $ 3,910 Ìý
Ìý Ìý Ìý Ìý Ìý Ìý
� � � � � � � �
� � � � � � � �
Ìý Ìý Ìý Ìý Ìý Ìý

Total debt—excluding debt to affiliates

 Ìý $ 3,891 Ìý $ 3,910 Ìý

Notes payable to affiliates-current

 Ìý Ìý 100 Ìý Ìý 100 Ìý

Notes payable to affiliates-noncurrent

 Ìý Ìý 712 Ìý Ìý 779 Ìý
Ìý Ìý Ìý Ìý Ìý Ìý
� � � � � � � �

Total debt

 Ìý $ 4,703 Ìý $ 4,789 Ìý
Ìý Ìý Ìý Ìý Ìý Ìý
� � � � � � � �
� � � � � � � �
Ìý Ìý Ìý Ìý Ìý Ìý

Outstanding debt of consolidated entities consisted of the following (dollars in millions):

Ìý
 Ìý DecemberÌý31, Ìý
Ìý
 Ìý 2013 Ìý 2012 Ìý

Senior Credit Facilities:

 Ìý Ìý Ìý Ìý Ìý Ìý Ìý

Term loans

 Ìý $ 1,351 Ìý $ 1,565 Ìý

Amounts outstanding under A/R programs

 Ìý Ìý 248 Ìý Ìý 241 Ìý

Senior notes

 Ìý Ìý 1,061 Ìý Ìý 568 Ìý

Senior subordinated notes

 Ìý Ìý 891 Ìý Ìý 892 Ìý

HPS (China) debt

 Ìý Ìý 40 Ìý Ìý 94 Ìý

Variable interest entities

 Ìý Ìý 247 Ìý Ìý 270 Ìý

Other

 Ìý Ìý 72 Ìý Ìý 72 Ìý
Ìý Ìý Ìý Ìý Ìý Ìý
� � � � � � � �

Total debt—excluding debt to affiliates

 Ìý $ 3,910 Ìý $ 3,702 Ìý
Ìý Ìý Ìý Ìý Ìý Ìý
� � � � � � � �
� � � � � � � �
Ìý Ìý Ìý Ìý Ìý Ìý

Total current portion of debt

 Ìý $ 277 Ìý $ 288 Ìý

Long-term portion

 Ìý Ìý 3,633 Ìý Ìý 3,414 Ìý
Ìý Ìý Ìý Ìý Ìý Ìý
� � � � � � � �

Total debt—excluding debt to affiliates

 Ìý $ 3,910 Ìý $ 3,702 Ìý
Ìý Ìý Ìý Ìý Ìý Ìý
� � � � � � � �
� � � � � � � �
Ìý Ìý Ìý Ìý Ìý Ìý

Total debt—excluding debt to affiliates

 Ìý $ 3,910 Ìý $ 3,702 Ìý

Notes payable to affiliates-current

 Ìý Ìý 100 Ìý Ìý 100 Ìý

Notes payable to affiliates-noncurrent

 Ìý Ìý 779 Ìý Ìý 599 Ìý
Ìý Ìý Ìý Ìý Ìý Ìý
� � � � � � � �

Total debt

 Ìý $ 4,789 Ìý $ 4,401 Ìý
Ìý Ìý Ìý Ìý Ìý Ìý
� � � � � � � �
� � � � � � � �
Ìý Ìý Ìý Ìý Ìý Ìý
Schedule of Senior Credit Facilities

As of MarchÌý31, 2014, our senior credit facilities ("Senior Credit Facilities") consisted of our revolving credit facility ("Revolving Facility"), our extended term loan B facility ("Extended Term LoanÌýB"), our extended term loan B facility—seriesÌý2 ("Extended Term Loan B—SeriesÌý2") and our term loan C facility ("Term Loan C") as follows (dollars in millions):

Facility
Ìý Committed
Amount		 Ìý Principal
Outstanding		 Ìý Carrying
Value		 Ìý Interest Rate(2) Ìý Maturity Ìý

Revolving Facility

 Ìý $ 400 (1) $ â€� (2) $ â€� (2) USD LIBOR plus 2.50% Ìý Ìý 2017 Ìý

Extended Term Loan B

 Ìý Ìý NA Ìý Ìý 952 Ìý Ìý 951 Ìý USD LIBOR plus 2.50% Ìý Ìý 2017 Ìý

Extended Term Loan B—SeriesÌý2

 Ìý Ìý NA Ìý Ìý 339 Ìý Ìý 339 Ìý USD LIBOR plus 2.75% Ìý Ìý 2017 Ìý

Term Loan C

 Ìý Ìý NA Ìý Ìý 50 Ìý Ìý 48 Ìý USD LIBOR plus 2.25% Ìý Ìý 2016 Ìý
(1)
We have commitments with certain financial institutions to provide for a $200Ìýmillion increase to our Revolving Facility ("Revolving Increase") to an aggregate Revolving Facility committed amount of $600Ìýmillion upon completion of the acquisition of the Performance Additives and Titanium Dioxide businesses of Rockwood Holdings,ÌýInc.

(2)
We had no borrowings outstanding under our Revolving Facility; we had approximately $17Ìýmillion (U.S. dollar equivalents) of letters of credit and bank guarantees issued and outstanding under our Revolving Facility.

(3)
The applicable interest rate of the Senior Credit Facilities is subject to certain secured leverage ratio thresholds. As of MarchÌý31, 2014, the weighted average interest rate on our outstanding balances under the Senior Credit Facilities was approximately 3%.

As of DecemberÌý31, 2013, our Senior Credit Facilities consisted of our Revolving Facility, our Extended Term Loan B, our Extended Term Loan B—SeriesÌý2 and our Term Loan C as follows (dollars in millions):

Facility
Ìý Committed
Amount		 Ìý Principal
Outstanding		 Ìý Carrying
Value		 Ìý Interest Rate(3) Ìý Maturity Ìý

Revolving Facility

 Ìý $ 400 (1) $ â€� (2) $ â€� (2) USD LIBOR plus 2.50% Ìý Ìý 2017 Ìý

Extended Term Loan B

 Ìý Ìý NA Ìý Ìý 962 Ìý Ìý 961 Ìý USD LIBOR plus 2.50% Ìý Ìý 2017 Ìý

Extended Term Loan B—SeriesÌý2

 Ìý Ìý NA Ìý Ìý 342 Ìý Ìý 342 Ìý USD LIBOR plus 3.00% Ìý Ìý 2017 Ìý

Term Loan C

 Ìý Ìý NA Ìý Ìý 50 Ìý Ìý 48 Ìý USD LIBOR plus 2.25% Ìý Ìý 2016 Ìý
(1)
We have commitments with certain financial institutions to provide for a $200Ìýmillion Revolving Increase to an aggregate Revolving Facility committed amount of $600Ìýmillion upon completion of the acquisition of the Performance Additives and Titanium Dioxide businesses of Rockwood Holdings,ÌýInc.

(2)
We had no borrowings outstanding under our Revolving Facility; we had approximately $17Ìýmillion (U.S. dollar equivalents) of letters of credit and bank guarantees issued and outstanding under our Revolving Facility.

(3)
The applicable interest rate of the Senior Credit Facilities is subject to certain secured leverage ratio thresholds. As of DecemberÌý31, 2013, the weighted average interest rate on our outstanding balances under the Senior Credit Facilities was approximately 3%.
Schedule of A/R Programs Ìý

Information regarding our A/R Programs as of DecemberÌý31, 2013 was as follows (monetary amounts in millions):

Facility
Ìý Maturity Ìý Maximum Funding
Availability(1)		 Ìý Amount
Outstanding		 Ìý Interest
Rate(2)(3)

U.S. A/R Program

 Ìý April 2016 Ìý $250 Ìý $90(4) Ìý Applicable rate plus 1.10%

EU A/R Program

 Ìý April 2016 Ìý â‚�225 (approximately $311) Ìý â‚�114 (approximately $158) Ìý Applicable rate plus 1.35%
(1)
The amount of actual availability under our A/R Programs may be lower based on the level of eligible receivables sold, changes in the credit ratings of our customers, customer concentration levels and certain characteristics of the accounts receivable being transferred, as defined in the applicable agreements.

(2)
Each interest rate is defined in the applicable agreements. In addition, the U.S. SPE and the EU SPE are obligated to pay unused commitment fees to the lenders based on the amount of each lender's commitment.

(3)
Applicable rate for our U.S. A/R Program is defined by the lender as USD LIBOR. Applicable rate for our EU A/R Program is either GBP LIBOR, USD LIBOR or EURIBOR.

(4)
As of DecemberÌý31, 2013, we had approximately $7Ìýmillion (U.S. dollar equivalents) of letters of credit issued and outstanding under our U.S. A/R Program.
Summary of outstanding notes Ìý

ÌýAs of DecemberÌý31, 2013, we had outstanding the following notes (monetary amounts in millions):

Notes
Ìý Maturity Ìý Interest
Rate		 Ìý Amount
Outstanding

2021 Senior Notes

 Ìý April 2021 Ìý Ìý 5.125 % â‚�300 (approximately $415)

2020 Senior Notes

 Ìý November 2020 Ìý Ìý 4.875 % $650 ($647 carrying value)

Senior Subordinated Notes

 Ìý March 2020 Ìý Ìý 8.625 % $350

Senior Subordinated Notes

 Ìý March 2021 Ìý Ìý 8.625 % $530 ($541 carrying value)
Redemption of Notes and Loss on Early Extinguishment of Debt

During the three months ended MarchÌý31, 2013, we redeemed or repurchased the following notes (monetary amounts in millions):

Date of Redemption
Ìý Notes Ìý Principal
Amount of
Notes
Redeemed		 Ìý Amount Paid
(Excluding
Accrued Interest)		 Ìý Loss on
Early
Extinguishment
of Debt		 Ìý

MarchÌý4, 2013

 Ìý 5.50% Senior Notes due 2016 Ìý $ 200 Ìý $ 200 Ìý $ 34 Ìý

During the years ended DecemberÌý31, 2013 and 2012, we redeemed or repurchased the following notes (monetary amounts in millions):

Date of Redemption
Ìý Notes Ìý Principal Amount of
Notes Redeemed		 Ìý Amount Paid
(Excluding Accrued
Interest)		 Ìý Loss on Early
Extinguishment
of Debt		 Ìý

MarchÌý4, 2013

 Ìý 5.50% Senior Notes due 2016 Ìý $200 Ìý $200 Ìý $ 34 Ìý

DecemberÌý3, 2012

 Ìý 5.50% Senior Notes due 2016 Ìý $400 Ìý $400 Ìý $ 77 Ìý

MarchÌý26, 2012

 Ìý 7.50% Senior Subordinated Notes due 2015 Ìý â‚�64
(approximately
$86)		 Ìý â‚�65
(approximately
$87)		 Ìý $ 1 Ìý
Scheduled maturities of our debt (excluding debt to affiliates) Ìý

The scheduled maturities of our debt (excluding debt to affiliates) by year as of DecemberÌý31, 2013 are as follows (dollars in millions):

Year ending DecemberÌý31,
Ìý Ìý
 Ìý

2014

 Ìý $ 277 Ìý

2015

 Ìý Ìý 32 Ìý

2016

 Ìý Ìý 326 Ìý

2017

 Ìý Ìý 1,282 Ìý

2018

 Ìý Ìý 23 Ìý

Thereafter

 Ìý Ìý 1,970 Ìý
Ìý Ìý Ìý Ìý
� � � � �

Ìý

 Ìý $ 3,910 Ìý
Ìý Ìý Ìý Ìý
� � � � �
� � � � �
Ìý Ìý Ìý Ìý