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Long-Term Debt | 9 Months Ended
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Sep. 30, 2013
Debt Disclosure [Abstract] |
Long-Term Debt | Note 5. Long-Term Debt Long-term debt consisted of the following:
| Sept. 30, 2013 |  | Sept. 30, 2012 |  | Dec. 31, 2012
| (Dollars in thousands)
Bank debt |  |  |  |  |
Bank revolving loans | $ | 98,395 |  |  | $ | 320,000 |  |  | $ | — |
U.S. term loans | 364,000 |  |  | 520,000 |  |  | 520,000 |
Canadian term loans | 66,784 |  |  | 82,571 |  |  | 81,389 |
Euro term loans | 316,317 |  |  | 432,686 |  |  | 443,406 |
Other foreign bank revolving and term loans | 154,432 |  |  | 134,444 |  |  | 126,521 |
Total bank debt | 999,928 |  |  | 1,489,701 |  |  | 1,171,316 |
5% Senior Notes | 500,000 |  |  | 500,000 |  |  | 500,000 |
5½% Senior Notes | 300,000 |  |  | — |  |  | — |
Total debt | 1,799,928 |  |  | 1,989,701 |  |  | 1,671,316 |
Less current portion | 225,732 |  |  | 423,274 |  |  | 255,349 |
| $ | 1,574,196 |  |  | $ | 1,566,427 |  |  | $ | 1,415,967 |
At September 30, 2013, amounts expected to be repaid within one year consisted of $98.4 million of bank revolving loans under our senior secured credit facility, or the Credit Agreement, and $127.3 million of foreign bank revolving and term loans. In the first quarter of 2013, we prepaid essentially all term loan amortization payments due in 2013 and 2014 under the Credit Agreement, consisting of $156.0 million of U.S. term loans, €100.5 million of Euro term loans and Cdn $12.2 million of Canadian term loans, aggregating U.S. denominated $300.9 million. In connection with these prepayments, we recorded a loss on early extinguishment of debt of $2.1 million. 5 ½ % Senior Notes On September 9, 2013, we issued $300 million aggregate principal amount of our 5½% Senior Notes due 2022, or the 5½% Notes, at 100 percent of their principal amount. The 5½% Notes are general unsecured obligations of Silgan, ranking equal in right of payment with Silgan’s unsecured unsubordinated indebtedness, including our 5% Senior Notes due 2020, or the 5% Notes, and ahead of Silgan’s subordinated debt, if any. The 5½% Notes are effectively subordinated to Silgan’s secured debt to the extent of the assets securing such debt and effectively subordinated to all obligations of subsidiaries of Silgan. Interest on the 5½% Notes is payable semi-annually in cash on February 1 and August 1 of each year beginning February 1, 2014, and the 5½% Notes mature on February 1, 2022. Net proceeds from the issuance of the 5½% Notes were used to repay outstanding bank revolving loans under the Credit Agreement. The 5½% Notes are redeemable, at the option of Silgan, in whole or in part, at any time after August 1, 2017 at the following redemption prices (expressed in percentages of principal amount) plus accrued and unpaid interest thereon to the redemption date if redeemed during the twelve month period commencing August 1 of the years set forth below:
Year | Redemption Price
2017 | 102.750%
2018 | 101.375%
2019 and thereafter | 100.000%
In addition, prior to August 1, 2016, we may redeem up to 35 percent of the aggregate principal amount of the 5½% Notes from the proceeds of certain equity offerings at a redemption price of 105 percent of their principal amount, plus accrued and unpaid interest to the date of redemption. We may also redeem the 5½% Notes, in whole or in part, prior to August 1, 2017 at a redemption price equal to 100 percent of their principal amount plus a make-whole premium as provided in the indenture for the 5½% Notes, together with accrued and unpaid interest to the date of redemption. Upon the occurrence of a change of control, as defined in the indenture for the 5½% Notes, Silgan is required to make an offer to purchase the 5½% Notes at a purchase price equal to 101 percent of their principal amount, plus accrued and unpaid interest to the date of purchase. The indenture for the 5½% Notes contains covenants which are generally less restrictive than those under the Credit Agreement and substantially similar to those under the indenture for the 5% Notes.

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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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