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Debt | 12 Months Ended
--- | ---
Dec. 31, 2020
Debt Disclosure [Abstract] |
Debt | DEBT The carrying value of our debt as of December 31, 2020 and 2019 consisted of the following (in millions):
|  | 2020(1) |  | 2019
6.875% Senior notes due 2020 |  | $ | 122.9 |  |  | $ | 124.8 |
4.70% Senior notes due 2021 |  | 100.7 |  |  | 113.2 |
4.875% Senior notes due 2022(2) |  | 620.8 |  |  | 599.2 |
3.00% Exchangeable senior notes due 2024 |  | 849.5 |  |  | 699.0 |
4.50% Senior notes due 2024 |  | 303.4 |  |  | 302.0 |
4.75% Senior notes due 2024(2) |  | 318.6 |  |  | 276.5 |
8.00% Senior notes due 2024 |  | 292.3 |  |  | 295.7 |
5.20% Senior notes due 2025 |  | 333.7 |  |  | 331.7 |
7.375% Senior notes due 2025(2) |  | 360.8 |  |  | 329.2 |
7.75% Senior notes due 2026 |  | 1,000.0 |  |  | 987.1 |
7.20% Debentures due 2027 |  | 112.1 |  |  | 111.7 |
7.875% Senior notes due 2040 |  | 300.0 |  |  | 373.3 |
5.40% Senior notes due 2042(2) |  | 400.0 |  |  | 262.8 |
5.75% Senior notes due 2044 |  | 1,000.5 |  |  | 973.3 |
5.85% Senior notes due 2044(2) |  | 400.0 |  |  | 268.8 |
Amounts drawn under the revolving credit facility (3) |  | 581.0 |  |  | — |
Total debt |  | $ | 7,096.3 |  |  | $ | 6,048.3 |
Less: Liabilities Subject to Compromise |  | 7,096.3 |  |  | — |
Less: current maturities |  | — |  |  | 124.8 |
Total long-term debt |  | $ | — |  |  | $ | 5,923.5 |
(1) The carrying amounts above represent the aggregate principal amount of Senior Notes outstanding as well as outstanding borrowings under our revolving credit facility as of the Petition Date and are classified as Liabilities Subject to Compromise in our Consolidated Balance Sheet as of December 31, 2020. We discontinued accruing interest on our indebtedness following the Petition Date and all accrued interest as of the Petition Date is classified as Liabilities Subject to Compromise in our Consolidated Balance Sheet as of December 31, 2020. Additionally, we incurred a net non-cash charge of $447.9 million to write off any unamortized debt discounts, premiums and issuance costs, including the amounts related to the 2024 Convertible Notes discussed below, which is included in Reorganization Items, net on our Consolidated Statement of Operations for the year ended December 31, 2020. See below and "Note 2 - Chapter 11 Proceedings and Ability to Continue as a Going Concern" for additional information. (2) These senior notes were acquired in the Rowan Transaction. (3) In addition to the amount borrowed above, we had $27.0 million in undrawn letters of credit issued under the revolving credit facility. The commencement of the Chapter 11 Cases constituted an event of default under our pre-petition indebtedness. Any efforts to enforce payment obligations under our Debt Instruments and other obligations of the Debtors are automatically stayed as a result of the filing of the Chapter 11 Cases and the holders' rights of enforcement in respect of the Debt Instruments are subject to the applicable provisions of the Bankruptcy Code. See “Note 2 - Chapter 11 Proceedings and Ability to Continue as a Going Concern” for additional details regarding the Chapter 11 Cases. On September 25, 2020, following approval by the Bankruptcy Court, the Debtors entered into the DIP Credit Agreement, by and among the Company and certain wholly owned subsidiaries of the Company, as borrowers, the lenders party thereto and Wilmington Savings Fund Society, FSB, as administrative agent and security trustee, in an aggregate amount not to exceed $500.0 million that will be used to finance, among other things, the ongoing general corporate needs of the Debtors during the course of the Chapter 11 Cases and to pay certain fees, costs and expenses associated with the Chapter 11 Cases. For additional information related to the terms, covenants and restrictions under the DIP Credit Agreement, please See “Note 2 - Chapter 11 Proceedings and Ability to Continue as a Going Concern”. As of December 31, 2020, we had no borrowings outstanding against our DIP Facility. The commencement of the Chapter 11 Cases resulted in an event of default under each series of our Senior Notes and all obligations thereunder were accelerated. However, any efforts to enforce payment obligations related to the acceleration of our debt have been automatically stayed as a result of the filing of the Chapter 11 Cases. Pursuant to the plan of reorganization contemplated by the Amended RSA, each series of our Senior Notes will be cancelled and the holders thereunder will receive the treatment as set forth in the plan of reorganization. Accordingly, the $6.5 billion in aggregate principal amount under the Senior Notes are Liabilities Subject to Compromise in our Consolidated Balance Sheet as of December 31, 2020. Senior Notes As a result of the Rowan Transaction, we acquired the following senior notes issued by Rowan Companies, LLC (formerly Rowan Companies, Inc.) ("RCI") and guaranteed by Rowan: (1) $201.4 million in aggregate principal amount of 7.875% unsecured senior notes due 2019, which have been repaid in full, (2) $620.8 million in aggregate principal amount of 4.875% 2022 Notes (the "4.875% 2022 Notes"), (3) $398.1 million in aggregate principal amount of 4.75% 2024 Notes (the "4.75% 2024 Notes"), (4) $500.0 million in aggregate principal amount of 7.375% 2025 Notes (the "7.375% 2025 Notes"), (5) $400.0 million in aggregate principal amount of 2042 Notes (the "2042 Notes"), and (6) $400.0 million in aggregate principal amount of 5.85% 2044 Notes (the "5.85% 2044 Notes"). On February 3, 2020, Rowan and RCI transferred substantially all their assets on a consolidated basis to Valaris plc, Valaris plc became the obligor on the notes and Rowan and RCI were relieved of their obligations under the notes and the related indenture. On January 26, 2018, we issued $1.0 billion aggregate principal amount of unsecured 7.75% senior notes due 2026 (the "2026 Notes") at par, net of $16.5 million in debt issuance costs. Interest on the 2026 Notes is payable semiannually on February 1 and August 1 of each year. During 2017, we exchanged $332.0 million aggregate principal amount of unsecured 8.00% senior notes due 2024 (the “8 % 2024 Notes”) for certain amounts of our outstanding senior notes due 2019, 2020 and 2021. Interest on the 8% 2024 Notes is payable semiannually on January 31 and July 31 of each year. During 2015, we issued $700.0 million aggregate principal amount of unsecured 5.20% senior notes due 2025 (the “2025 Notes”) at a discount of $2.6 million and $400.0 million aggregate principal amount of unsecured 5.75% senior notes due 2044 (the “New 2044 Notes”) at a discount of $18.7 million in a public offering. Interest on the 2025 Notes is payable semiannually on March 15 and September 15 of each year. Interest on the New 2044 Notes is payable semiannually on April 1 and October 1 of each year. During 2014, we issued $625.0 million aggregate principal amount of unsecured 4.50% senior notes due 2024 (the "2024 Notes") at a discount of $0.9 million and $625.0 million aggregate principal amount of unsecured 5.75% senior notes due 2044 (the "Existing 2044 Notes") at a discount of $2.8 million. Interest on the 2024 Notes and the Existing 2044 Notes is payable semiannually on April 1 and October 1 of each year. The Existing 2044 Notes together with the New 2044 Notes, the "2044 Notes", are treated as a single series of debt securities under the indenture governing the notes. During 2011, we issued $1.5 billion aggregate principal amount of unsecured 4.70% senior notes due 2021 (the “2021 Notes”) at a discount of $29.6 million in a public offering. Interest on the 2021 Notes is payable semiannually on March 15 and September 15 of each year. Upon consummation of our acquisition of Pride International LLC ("Pride") during 2011, we assumed outstanding debt comprised of $900.0 million aggregate principal amount of unsecured 6.875% senior notes due 2020, $300.0 million aggregate principal amount of unsecured 7.875% senior notes due 2040 (collectively, the "Pride Notes"), and $500.0 million aggregate principal amount of unsecured 8.5% senior notes due 2019 (collectively, with the Pride Notes, the "Acquired Notes"). Valaris plc has fully and unconditionally guaranteed the performance of all Pride obligations with respect to the Acquired Notes. Certain of these senior notes allow us to redeem these senior notes, either in whole in part, subject to the payment of certain “make whole” premiums. However, due to the commencement of the Chapter 11 Cases we do not expect to make any such redemptions. The indentures governing these senior notes contain customary events of default, including failure to pay principal or interest on such notes when due, among others. The indenture also contains certain restrictions, including, among others, restrictions on our ability and the ability of our subsidiaries to create or incur secured indebtedness, enter into certain sale/leaseback transactions and enter into certain merger or consolidation transactions. Debentures Due 2027 During 1997, Ensco International Incorporated issued $150.0 million of unsecured 7.20% Debentures due 2027 (the "Debentures"). Interest on the Debentures is payable semiannually on May 15 and November 15 of each year. We may redeem the Debentures, in whole or in part, at any time prior to maturity, at a price equal to 100% of their principal amount, plus accrued and unpaid interest and a "make-whole" premium. During 2009, Valaris plc entered into a supplemental indenture to unconditionally guarantee the principal and interest payments on the Debentures. The Debentures and the indenture pursuant to which the Debentures were issued also contain customary events of default, including failure to pay principal or interest on the Debentures when due, among others. The indenture also contains certain restrictions, including, among others, restrictions on our ability and the ability of our subsidiaries to create or incur secured indebtedness, enter into certain sale/leaseback transactions and enter into certain merger or consolidation transactions. 2024 Convertible Notes In December 2016, Ensco Jersey Finance Limited, a wholly-owned subsidiary of Valaris plc, issued $849.5 million aggregate principal amount of 3.00% convertible senior notes due 2024 (the "2024 Convertible Notes") in a private offering. The 2024 Convertible Notes are fully and unconditionally guaranteed, on a senior, unsecured basis, by Valaris plc. Under the terms of our debt agreement, we have the option to settle our 2024 Convertible Notes in cash, shares or a combination thereof for the aggregate amount due upon conversion. However, the commencement of the Chapter 11 Cases on August 19, 2020, constituted an event of default under the 2024 Convertible Notes. Any efforts to enforce payment obligations under the 2024 Convertible Notes, including any rights to require the repurchase by the Company of the 2024 Convertible Notes upon the NYSE delisting of the Class A ordinary shares, are automatically stayed as a result of the filing of the Chapter 11 Cases. During each respective reporting period that our average share price exceeds the exchange price, an assumed number of shares required to settle the conversion obligation in excess of the principal amount will be included in our denominator for the computation of diluted EPS using the treasury stock method. See "Note 1 - Description of the Business and Summary of Significant Accounting Policies" for additional information regarding the impact to our EPS. Interest on the 2024 Convertible Notes is payable semiannually on January 31 and July 31 of each year. The 2024 Convertible Notes will mature on January 31, 2024, unless exchanged, redeemed or repurchased in accordance with their terms prior to such date. Holders may exchange their 2024 Convertible Notes at their option any time prior to July 31, 2023 only under certain circumstances set forth in the indenture governing the 2024 Convertible Notes. On or after July 31, 2023, holders may exchange their 2024 Convertible Notes at any time. The exchange rate is 17.8336 shares per $1,000 principal amount of notes, representing an exchange price of $56.08 per share, and is subject to adjustment upon certain events. The 2024 Convertible Notes may not be redeemed by us except in the event of certain tax law changes. The 2024 Convertible Notes were separated, at issuance, into their liability and equity components on our consolidated balance sheet. The equity component was initially recorded to additional paid-in capital and as a debt discount and the discount was being amortized to interest expense over the life of the instrument. The carrying amount of the liability component was initially calculated by measuring the estimated fair value of a similar liability that did not include an associated conversion feature. The carrying amount of the equity component representing the conversion feature was initially determined by deducting the fair value of the liability component from the principal amount of the 2024 Convertible Notes. The difference between the carrying amount of the liability and the principal amount has been amortized to interest expense over the term of the 2024 Convertible Notes, together with the coupon interest, resulting in an effective interest rate of approximately 8.00% per annum. As discussed above, the carrying amount of the 2024 Convertible Notes at December 31, 2020 represents the aggregate principal amount of these notes as of the Petition Date and are classified as Liabilities Subject to Compromise in our Consolidated Balance Sheet as of December 31, 2020. The equity component is $220.0 million at December 31, 2020 and remains in Additional Paid-Capital. The equity component is not remeasured if we continue to meet certain conditions for equity classification. The costs related to the issuance of the 2024 Convertible Notes were initially allocated to the liability and equity components based on their relative fair values. Issuance costs attributable to the liability component were amortized to interest expense over the term of the notes and the issuance costs attributable to the equity component were recorded to additional paid-in capital on our consolidated balance sheet. During the year ended December 31, 2020, 2019 and 2018, we recognized $16.1 million, $25.5 million, and $25.5 million, respectively, associated with coupon interest. Amortization of debt discount and issuance costs were $21.4 million, $32.5 million and $31.0 million for the years ended December 31, 2020, 2019 and 2018, respectively. We discontinued accruing interest on these notes as of the Petition Date. Additionally, we incurred a net non-cash charge of $128.8 million to write off $119.5 million of unamortized debt discount and $9.3 million of unamortized debt issuance costs related to these notes, which is included in Reorganization Items, net on our Consolidated Statement of Operations the year ended December 31, 2020. As of December 31, 2020 and 2019, the 2024 Convertible Notes consist of the following (in millions):
Liability component: |  | 2020 |  | 2019
Principal |  | $ | 849.5 |  |  | $ | 849.5 |
Less: Unamortized debt discount and issuance costs |  | — |  |  | (150.5) |
Net carrying amount (1) |  | $ | 849.5 |  |  | $ | 699.0 |
Equity component, net |  | $ | 220.0 |  |  | $ | 220.0 |
(1) The carrying amount at December 31, 2020 represents the aggregate principal amount of these notes as of the Petition Date and are classified as Liabilities Subject to Compromise in our Consolidated Balance Sheet as of December 31, 2020. The indenture governing the 2024 Convertible Notes contains customary events of default, including failure to pay principal or interest on such notes when due, among others. The indenture also contains certain restrictions, including, among others, restrictions on our ability and the ability of our subsidiaries to create or incur secured indebtedness, enter into certain sale/leaseback transactions and enter into certain merger or consolidation transactions. The 2021 Notes, 4.875% 2022 Notes, 4.75% 2024 Notes, 8.00% 2024 Notes, 2024 Notes, 2025 Notes, 7.375% 2025 Notes, 2026 Notes, 2042 Notes, 5.85% 2044 Notes, Existing 2044 Notes, the Pride Notes, the Debentures and 2024 Convertible Notes" together are the "Senior Notes". The commencement of the Chapter 11 Cases on August 19, 2020, constituted an event of default under our Senior Notes. Tender Offers and Open Market Repurchases In early March 2020, we repurchased $12.8 million of our outstanding 4.70% senior notes due 2021 on the open market for an aggregate purchase price of $9.7 million, excluding accrued interest, with cash on hand. As a result of the transaction, we recognized a pre-tax gain of $3.1 million, net of discounts in other, net, in the consolidated statements of operations. On June 25, 2019, we commenced cash tender offers for certain series of senior notes issued by us and Ensco International Incorporated and RCI, our wholly-owned subsidiaries. The tender offers expired on July 23, 2019, and we repurchased $951.8 million of our outstanding senior notes for an aggregate purchase price of $724.1 million. As a result of the transaction, we recognized a pre-tax gain from debt extinguishment of $194.1 million, net of discounts, premiums and debt issuance costs in other, net, in the consolidated statement of operations. Concurrent with the issuance of the 2026 Notes in January 2018, we launched cash tender offers for up to $985.0 million aggregate principal amount of certain series of senior notes issued by us and Pride, our wholly-owned subsidiary, and as a result we repurchased $595.4 million of our senior notes. Subsequently, we issued a redemption notice for the remaining principal amount of the $55.0 million principal amount of the 8.5% senior notes due 2019 and repurchased $71.4 million principal amount of our senior notes due 2020. As a result of these transactions, we recognized a pre-tax loss from debt extinguishment of $19.0 million, net of discounts, premiums, debt issuance costs and commissions in other, net, in the consolidated statement of operations. Our tender offers and open market repurchases during the three-year period ended December 31, 2020 are summarized in the following table (in millions):
| Aggregate Principal Amount Repurchased |  | Aggregate Repurchase Price(1)
Year Ended December 31, 2020 |  |  |
4.70% Senior notes due 2021 | $ | 12.8 |  |  | $ | 9.7 |
Year Ended December 31, 2019 |  |  |
4.50% Senior notes due 2024 | $ | 320.0 |  |  | $ | 240.0 |
4.75% Senior notes due 2024 | 79.5 |  |  | 61.2 |
8.00% Senior notes due 2024 | 39.7 |  |  | 33.8 |
5.20% Senior notes due 2025 | 335.5 |  |  | 250.0 |
7.375% Senior notes due 2025 | 139.2 |  |  | 109.2 |
7.20% Senior notes due 2027 | 37.9 |  |  | 29.9 |
| $ | 951.8 |  |  | $ | 724.1 |
Year Ended December 31, 2018 |  |  |
8.50% Senior notes due 2019 | $ | 237.6 |  |  | $ | 256.8 |
6.875% Senior notes due 2020 | 328.0 |  |  | 354.7 |
4.70% Senior notes due 2021 | 156.2 |  |  | 159.7 |
| $ | 721.8 |  |  | $ | 771.2 |
(1) Excludes accrued interest paid to holders of the repurchased senior notes. Revolving Credit Facility and DIP Facility Effective upon closing of the Rowan Transaction, our revolving credit facility was $1.6 billion. As previously disclosed, prior to the commencement of the Chapter 11 Cases, we entered into a series of waiver agreements (the “Waivers”) between the dates of June 1, 2020 and August 3, 2020 in respect of the revolving credit facility. The Waivers did not address any event of default resulting under the revolving credit facility attributed to the filing of Chapter 11 Cases. Consequently, the principal and interest under our revolving credit facility became immediately due and payable upon filing of such Chapter 11 Cases, which constituted an event of default under the revolving credit facility. However, the ability of the lenders under the revolving credit facility to exercise remedies in respect of the revolving credit facility was stayed upon commencement of the Chapter 11 Cases. While the revolving credit facility has not been terminated, notwithstanding the $1.6 billion borrowing capacity under the revolving credit facility, no further borrowings under the revolving credit facility are permitted. As of December 31, 2020, we had $581.0 million of borrowings outstanding under our revolving credit facility and $27.0 million of undrawn letters of cred it. The outstanding borrowings as well as accrued interest as of the Petition Date are classified as Liabilities Subject to Compromise in our Consolidated Balance Sheet as of December 31, 2020. See "Note 2 - Chapter 11 Proceedings and Ability to Continue as a Going Concern" for more information related to our Chapter 11 Cases to effect a comprehensive restructuring of our indebtedness. On September 25, 2020, following approval by the Bankruptcy Court, the Debtors entered into the DIP Credit Agreement in an aggregate amount not to exceed $500.0 million. Borrowings on the DIP Facility will be used to finance, among other things, the ongoing general corporate needs of the Debtors during the course of the Chapter 11 Cases and to pay certain fees, costs and expenses associated with the Debtors’ Chapter 11 Cases. We expect cash on hand and the DIP Facility will provide sufficient liquidity for us during the pendency of the Chapter 11 Cases based on current projections of cash flows. Should we experience material variations from our projected cash flows, this could result in us having insufficient liquidity from the DIP Facility and in turn could have a material adverse impact on our financial position, operating results or cash flows. See "Note 2 - Chapter 11 Proceedings and Ability to Continue as a Going Concern" for a more detailed description of our DIP Facility. Maturities The original principal amounts issued under our senior notes have subsequently changed as a result of our tenders, repurchases, exchanges, redemptions and new debt issuances such that the balance outstanding at December 31, 2020 were as follows (in millions):
|  |  |  |  |  |  |  |  |  |  |  |  | Subject to Compromise(2)
Senior Notes(2) | Original Principal |  | 2016 Tenders, Repurchases and Equity Exchange |  | 2017 Exchange Offers and Repurchases |  | 2018 Tender Offers, Redemption and Debt Issuance |  | 2019 Tender Offers and Acquired Debt |  | 2020 Open Market Repurchase |  | Remaining Principal
6.875% Senior Notes due 2020 | $ | 900.0 |  |  | $ | (219.2) |  |  | $ | (229.9) |  |  | $ | (328.0) |  |  | $ | — |  |  | $ | — |  |  | $ | 122.9 |
4.70% Senior Notes due 2021 | 1,500.0 |  |  | (817.0) |  |  | (413.3) |  |  | (156.2) |  |  | — |  |  | (12.8) |  |  | 100.7 |
4.875% Senior notes due 2022(1) | — |  |  | — |  |  | — |  |  | — |  |  | 620.8 |  |  | — |  |  | 620.8 |
3.00% Exchangeable senior notes due 2024 | 849.5 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 849.5 |
4.50% Senior notes due 2024 | 625.0 |  |  | (1.6) |  |  | — |  |  | — |  |  | (320.0) |  |  | — |  |  | 303.4 |
4.75% Senior notes due 2024(1) | — |  |  | — |  |  | — |  |  | — |  |  | 318.6 |  |  | — |  |  | 318.6 |
8.00% Senior Notes due 2024 | — |  |  | — |  |  | 332.0 |  |  | — |  |  | (39.7) |  |  | — |  |  | 292.3 |
5.20% Senior Notes due 2025 | 700.0 |  |  | (30.8) |  |  | — |  |  | — |  |  | (335.5) |  |  | — |  |  | 333.7 |
7.375% Senior Notes due 2025(1) | — |  |  | — |  |  | — |  |  | — |  |  | 360.8 |  |  | — |  |  | 360.8 |
7.75% Senior Notes due 2026 | — |  |  | — |  |  | — |  |  | 1,000.0 |  |  | — |  |  | — |  |  | 1,000.0 |
7.20% Debentures due 2027 | 150.0 |  |  | — |  |  | — |  |  | — |  |  | (37.9) |  |  | — |  |  | 112.1 |
7.875% Senior notes due 2040 | 300.0 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 300.0 |
5.40% Senior notes due 2042 (1) | — |  |  | — |  |  | — |  |  | — |  |  | 400.0 |  |  | — |  |  | 400.0 |
5.75% Senior notes due 2044 | 1,025.0 |  |  | (24.5) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,000.5 |
5.85% Senior notes due 2044 (1) | — |  |  | — |  |  | — |  |  | — |  |  | 400.0 |  |  | — |  |  | 400.0 |
Total | $ | 6,049.5 |  |  | $ | (1,093.1) |  |  | $ | (311.2) |  |  | $ | 515.8 |  |  | $ | 1,367.1 |  |  | $ | (12.8) |  |  | $ | 6,515.3 |
(1)These senior notes were acquired in the Rowan Transaction. (2)The $6.5 billion aggregate principal amount of Senior Notes outstanding as well as associated $201.9 million in accrued interest as of the Petition Date are classified as Liabilities Subject to Compromise in our Consolidated Balance Sheet as of December 31, 2020. The maturity dates represent the maturity dates per the debt agreements; however, we are in default on these senior notes and are currently in chapter 11 proceedings. See "Senior Notes" above and "Note 2– Chapter 11 Proceedings and Ability to Continue as a Going Concern” for additional information for additional details regarding Chapter 11 Cases. Interest ExpenseInterest expense totaled $290.6 million, $428.3 million and $282.7 million for the years ended December 31, 2020, 2019 and 2018, respectively, which was net of capitalized interest of $1.3 million, $20.9 million and $62.6 million associated with newbuild rig construction and other capital projects. The contractual interest expense on our unsecured senior notes and revolving credit facility is in excess of recorded interest expense by $140.7 million for the year ended December 31, 2020. This excess contractual interest is not included as interest expense on the Consolidated Statements of Operations for the year ended December 31, 2020, as the Company has discontinued accruing interest on the unsecured senior notes and revolving credit facility subsequent to the Petition Date. We discontinued making interest payments on our unsecured senior notes beginning in June 2020.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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