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Long-term Debt | 9 Months Ended
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Sep. 30, 2012
Debt Disclosure [Abstract] |
Long-term Debt | LONG-TERM DEBT LP’s long-term debt consists of the following:
Dollars in millions | September 30, 2012 |  | December 31, 2011
Debentures: |  |  |
Senior secured notes, maturing 2017 | $ | — |  |  | $ | 189.6 |
Senior notes, maturing 2020 | 350.0 |  |  | — |
Bank credit facilities: |  |  |
Chilean term credit facility, maturing 2019, denominated in UF | 42.2 |  |  | 40.5 |
Brazilian export financing facility, maturing 2017 | 10.0 |  |  | 10.0 |
Limited recourse notes payable: |  |  |
Senior notes, payable 2012 | 7.9 |  |  | 7.9 |
Senior notes, payable 2013 - 2018 | 112.0 |  |  | 112.0 |
Other financing |  |  |
Non-recourse notes, payable 2018 | 368.7 |  |  | 368.7 |
Other | 0.3 |  |  | 0.4 |
Total | 891.1 |  |  | 729.1 |
Less: current portion | (105.7 | ) |  | (13.2 | )
Net long-term portion | $ | 785.4 |  |  | $ | 715.9 |
LP issued $47.9 million ($7.9 million outstanding as of September 30, 2012) of senior notes in 1997 in a private placement to institutional investors. At September 30, 2012, the remaining notes were secured by $9.9 million in secured notes receivable from Sierra Pacific Industries. Both the notes payable and the notes receivable were paid in full at maturity subsequent to September 30, 2012. LP issued $348.6 million ($112.0 million remaining outstanding as of September 30, 2012) of senior notes in 1998 in a private placement to institutional investors. The remaining notes mature in principal amounts of $90.0 million in 2013 and $22.0 million in 2018. The remaining notes are secured by $113.7 million of secured notes receivable from Green Diamond Resource Company (Green Diamond). Pursuant to the terms of the notes payable, in the event of a default by Green Diamond, LP would be liable to pay only 10% of the indebtedness represented by the notes payable. LP issued $368.7 million of senior notes in 2003 in a private placement to unrelated third parties. The senior notes mature in 2018 and are supported by a bank letter of credit. LP’s reimbursement obligations under the letter of credit are secured by $410.0 million in notes receivable from asset sales. In general, the creditors under this arrangement have no recourse to LP’s assets, other than the notes receivable. However, under certain circumstances, LP may be liable for certain liabilities (including liabilities associated with the marketing or remarketing of the senior debt and reimbursement obligations, which are fully cash collateralized under the letter of credit supporting the notes payable) in an amount not to exceed 10% of the aggregate principal amount of the notes receivable. In December 2009, LP entered into a term loan agreement with a Chilean bank. This loan is denominated in UF (inflation adjusted Chilean pesos) and is secured by substantially all of the property owned by LP Chile SA. The loan will be repaid in 16 equal semi-annual payments beginning in June 2012 and ending December 2019. As of September 30, 2012, $2.7 million in principal payments have been made on this loan. Any additional increases or decreases in the loan balance shown are related to changes in the underlying foreign currency exchange rates or required inflation adjustments. In August 2011, LP entered into a export financing loan agreement with a Brazilian bank pursuant to which it borrowed $10.0 million. This loan will be repaid in 10 equal semi-annual payments beginning in January 2013 and ending July 2017. In May 2012, LP issued $350.0 million of 7.5% Senior Notes due 2020. LP used a portion of the proceeds to fully retire the remaining balance outstanding on the Senior Secured Notes due in 2017. In connection with this repurchase, LP recorded a loss on early debt extinguishment of $52.2 million which included $4.5 million associated with the unamortized financing costs associated with the Senior Secured Notes. Obligations under the indenture governing LP's Senior Notes due 2020 are unsecured and not presently guaranteed by any of its subsidiaries. The indenture contains customary covenants applicable to LP and its subsidiaries, other than certain unrestricted subsidiaries, including restrictions on actions and activities that are restricted under the credit facility. The indenture also contains customary events of default, the occurrence of which could result in acceleration of LP's obligations to repay the indebtedness outstanding thereunder. LP estimates the Senior Notes maturing in 2020 to have a fair value of $389.8 million at September 30, 2012 based upon market quotations. Additional descriptions of LP’s indebtedness are included in consolidated financial statements and the notes thereto included in LP’s Annual Report on Form 10-K for the year ended December 31, 2011.

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- Definition The entire disclosure for long-term debt. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 22 -Article 5 Reference 2: 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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