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Debt | 9 Months Ended
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Sep. 30, 2015
Debt Disclosure [Abstract] |
Debt | Note 8 - Debt The following table provides details of the carrying values of debt as of the dates indicated (in millions):
Description |  | Maturity Date |  | September 30, 2015 |  | December 31, 2014
Senior secured credit facility: |  |  |  |  |  |
Revolving loans |  | October 29, 2018 |  | $ | 349.3 |  |  | $ | 282.7 |
Term loan |  | November 21, 2019 |  | 250.0 |  |  | 250.0 |
4.875% senior notes |  | March 15, 2023 |  | 400.0 |  |  | 400.0 |
Other credit facilities |  | Varies |  | 9.5 |  |  | 1.2 |
Capital lease obligations, weighted average interest rate of 2.8% |  | In installments through June 13, 2021 |  | 148.1 |  |  | 176.5 |
Notes payable, equipment, weighted average interest rate of 2.7% |  | In installments through June 30, 2018 |  | 20.5 |  |  | 24.4 |
Total debt |  | $ | 1,177.4 |  |  | $ | 1,134.8 |
Less current maturities |  | (78.8 | ) |  | (73.6 | )
Long-term debt |  | $ | 1,098.6 |  |  | $ | 1,061.2 |
Senior Secured Credit Facility The Company has a senior secured credit facility, referred to as the Credit Facility. Under the Credit Facility, aggregate borrowing commitments total $1.25 billion, composed of $1.0 billion of revolving commitments and a term loan in the aggregate principal amount of $250 million (the “Term Loan”). The Credit Facility provides the ability to borrow in either Mexican pesos or Canadian dollars, up to an aggregate equivalent amount of $200 million. Revolving commitments under the Credit Facility mature on October 29, 2018, and the Term Loan matures on November 21, 2019. The Term Loan is subject to amortization in quarterly principal installments of $3.1 million, subject to reduction as a result of the application of certain prepayments in accordance with the terms of the Credit Facility, commencing as of the quarter ending March 31, 2016 and continuing for each fiscal quarter thereafter. The maximum amount available for letters of credit under the Credit Facility is $450 million, of which up to $100 million can be denominated in either Mexican pesos or Canadian dollars. The Credit Facility also provides for swing line loans of up to $75 million. Under the Credit Facility, the Company has the option to increase revolving commitments and/or establish additional term loan tranches in an aggregate amount of $250 million. Borrowings under the Credit Facility are used for working capital requirements, capital expenditures and other corporate purposes, including equity, joint venture and other investments, the repurchase or prepayment of indebtedness and share repurchases under authorized share repurchase programs. Deferred financing costs associated with the Credit Facility, including the Term Loan, totaled $7.0 million and $6.9 million, net of accumulated amortization as of September 30, 2015 and December 31, 2014, respectively. As of September 30, 2015 and December 31, 2014, outstanding revolving loans under the Credit Facility accrued interest at weighted average rates of approximately 2.50% and 2.18% per annum, respectively, and the Term Loan accrued interest at a rate of 2.19% and 1.92% as of September 30, 2015 and December 31, 2014, respectively. Letters of credit of approximately $172.4 million and $153.6 million were issued as of September 30, 2015 and December 31, 2014, respectively. As of September 30, 2015 and December 31, 2014, letter of credit fees accrued at 1% and 0.875% per annum, respectively, for performance standby letters of credit and at 2% and 1.75% per annum, respectively, for financial standby letters of credit. Outstanding letters of credit mature at various dates and most have automatic renewal provisions, subject to prior notice of cancellation. As of September 30, 2015 and December 31, 2014, borrowing capacity of $478.3 million and $563.7 million, respectively, was available for revolving loans, or up to $277.6 million and $296.4 million, respectively, for new letters of credit. The unused facility fee was 0.40% and 0.35% as of September 30, 2015 and December 31, 2014, respectively. The Credit Facility is guaranteed by certain subsidiaries of the Company (the “Guarantor Subsidiaries”), and the obligations under the Credit Facility are secured by substantially all of the Company’s and the Guarantor Subsidiaries’ respective assets, subject to certain exceptions. The Credit Facility is subject to certain provisions and covenants, as more fully described in Note 10 - Debt in the notes to the audited consolidated financial statements included in the 2014 Form 10-K. As of September 30, 2015 and December 31, 2014, MasTec was in compliance with the provisions and covenants of the Credit Facility. In September 2015, the Company amended the terms of the Credit Facility (the “Amendment”) to provide additional short-term flexibility for potential borrowings. The Amendment provides for a maximum consolidated leverage ratio, as defined in the Credit Facility, of up to (i) 4.25 during the period commencing on September 30, 2015 and ending on September 29, 2016, (ii) 4.00 during the period commencing on September 30, 2016 and ending on December 30, 2016, and (iii) 3.50 thereafter. The Amendment also revised the calculation of Consolidated EBITDA, as defined, as of September 30, 2015 and December 31, 2015 to permit the Company to add back certain cash charges in addition to those previously prescribed. The Company paid consent fees of $1.3 million in connection with the Amendment, which were recorded within deferred financing costs in the third quarter of 2015. Other Credit Facilities. The Company has other credit facilities that support the working capital requirements of its foreign operations. Borrowings under these credit facilities, which have varying dates of maturity and are generally renewed on an annual basis, are primarily denominated in Canadian dollars. Maximum borrowing capacity totaled Canadian $40.0 million and $45.0 million as of September 30, 2015 and December 31, 2014, respectively, or approximately $30.0 million and $38.7 million, respectively. Outstanding borrowings totaled approximately $9.5 million and $1.2 million as of September 30, 2015 and December 31, 2014, respectively. Outstanding borrowings accrued interest at a weighted average rate of 3.8% and 4.0% as of September 30, 2015 and December 31, 2014, respectively. Outstanding borrowings that are not renewed are repaid with borrowings under the Credit Facility. Accordingly, the carrying amounts of the Company’s borrowings under its other credit facilities are classified within long-term debt in the Company’s consolidated balance sheets. The Company’s other credit facilities are subject to customary provisions and covenants. 4.875% Senior Notes The Company has $400 million outstanding principal amount of 4.875% Senior Notes, which are subject to certain provisions and covenants, as more fully described in Note 10 - Debt in the notes to the audited consolidated financial statements included in the 2014 Form 10-K, including a requirement to file with the Securities and Exchange Commission (the “SEC”) annual and quarterly reports. In connection with the delayed filing of the Company’s 2014 Form 10-K and its First Quarter 2015 Form 10-Q, the Company received a consent from the holders of the 4.875% Senior Notes (the “Note Holders”) that extended these reporting requirements to August 1, 2015, subject to a 60-day cure period. With the filing of its First Quarter 2015 Form 10-Q, the Company met the reporting requirements with respect to its 4.875% Senior Notes. The Company paid a 25 basis point fee, or $0.9 million, to its Note Holders, and a 20 basis point fee, or $0.8 million, to its solicitation agent in connection with this consent in 2015. The Note Holders’ fee and solicitation agent’s fee were recorded within deferred financing costs and interest expense, respectively. Debt Guarantees and Covenants The 4.875% Senior Notes are senior unsecured unsubordinated obligations and rank equal in right of payment with existing and future unsubordinated debt, and rank senior in right of payment to existing and future subordinated debt and are fully and unconditionally guaranteed on an unsecured, unsubordinated, joint and several basis by certain of the Company’s existing and future 100%-owned direct and indirect domestic subsidiaries that are each guarantors of the Credit Facility or other outstanding indebtedness. See Note 17 - Supplemental Guarantor Condensed Unaudited Consolidating Financial Information. MasTec was in compliance with the provisions and covenants contained in its outstanding debt instruments as of September 30, 2015 and December 31, 2014. Additional Information For detailed discussion and additional information pertaining to the Company’s debt instruments, see Note 10 - Debt in the notes to the Company’s audited consolidated financial statements included in its 2014 Form 10-K. Interest Expense, Net The following table provides details of interest expense, net, for the periods indicated (in millions):
| For the Three Months Ended September 30, |  | For the Nine Months Ended September 30,
| 2015 |  | 2014 |  | 2015 |  | 2014
Interest expense: |  |  |  |  |  |  |
Contractual and other interest expense (a) | $ | 11.3 |  |  | $ | 11.3 |  |  | $ | 34.3 |  |  | $ | 31.6 |
Accretion of senior convertible note discount | — |  |  | 0.6 |  |  | — |  |  | 3.4 |
Amortization of deferred financing costs | 0.7 |  |  | 0.8 |  |  | 2.0 |  |  | 2.7 |
Total interest expense | $ | 12.0 |  |  | $ | 12.7 |  |  | $ | 36.3 |  |  | $ | 37.7 |
Interest income | (0.0 | ) |  | (0.1 | ) |  | (0.5 | ) |  | (0.1 | )
Interest expense, net | $ | 12.0 |  |  | $ | 12.6 |  |  | $ | 35.8 |  |  | $ | 37.6 |
(a) | Contractual and other interest expense for the nine month period ended September 30, 2015 includes $0.8 million of consent solicitation agent fees that were incurred in the second quarter of 2015 related to the delay in filing of the Company’s 2014 Form 10-K and its First Quarter 2015 Form 10-Q, as well as $1.1 million of discount fees related to financing arrangements.
As of September 30, 2015 and December 31, 2014, accrued interest payable, which is recorded within other accrued expenses in the consolidated balance sheets, totaled $2.7 million and $7.4 million, respectively.

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- Definition The entire disclosure for long-term debt. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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