XML 26 R12.htm IDEA: XBRL DOCUMENT ﻿
v2.3.0.11

Debt | 6 Months Ended
--- | ---
Jun. 30, 2011
Notes to Financial Statements [Abstract] |
Debt |
|  | June 30, 2011 |  |  | December 31, 2010 |
Debt classified as current liabilities: |  |  |  |  |  |
1.75% convertible senior notes due 2024 (the “1.75% Notes”), net of debt discount of $1,584 at December 31, 2010, interest payable semiannually (1) |  | $ | — |  |  | $ | 45,483 |
Hancock County industrial revenue bonds due 2028, interest payable quarterly (variable interest rates (not to exceed 12%))(1) |  |  | 7,815 |  |  |  | 7,815 |
Debt classified as non-current liabilities: |  |  |  |  |  |  |  |
8.0% senior secured notes payable due May 15, 2014, net of debt discount of $3,196 and $3,677, respectively, interest payable semiannually |  |  | 246,408 |  |  |  | 245,927 |
7.5% senior unsecured notes payable due August 15, 2014, interest payable semiannually |  |  | 2,603 |  |  |  | 2,603 |
E.ON contingent obligation –principal and interest payments, contingently payable monthly, annual interest rate of 10.94% (2) |  |  | 13,256 |  |  |  | 13,091 |
Total debt |  | $ | 270,082 |  |  | $ | 314,919 |
(1) | The 1.75% Notes, which were redeemed in May 2011, were classified as current because they were convertible at any time by the holder. The Hancock County industrial revenue bonds due 2028 (the “IRBs”) are classified as current liabilities because they are remarketed weekly and could be required to be repaid upon demand if there is a failed remarketing. The IRBs interest rate at June 30, 2011 was 0.39%.
(2) | E.ON contingent obligation principal and interest payments are payable based on CAKY’s operating level and the LME price for primary aluminum. When both conditions are satisfied, and for so long as those conditions continue to be met, we are obligated to pay principal and interest, in up to 72 monthly payments, to E.ON. Interest accrues monthly at an annual rate of 10.94%. The E.ON contingent obligation amount is included in other liabilities on our consolidated balance sheets.
Revolving credit facility We have a $100,000 senior secured revolving credit facility with Wells Fargo Capital Finance, LLC, as lender and agent (the "Credit Facility"), a portion of which was later syndicated to Credit Suisse AG. The Credit Facility provides for borrowings of up to $100,000 in the aggregate, including up to $50,000 under a letter of credit sub-facility. Any letters of credit issued and outstanding under the Credit Facility reduce our borrowing availability on a dollar-for-dollar basis. As of June 30, 2011, no amounts have been borrowed under the Credit Facility, although we may in the future use the Credit Facility to repay existing indebtedness, to issue standby or commercial letters of credit, to finance capital expenditures and for ongoing working capital needs and other general corporate purposes. As of June 30, 2011, the borrowing availability was approximately $58,549 net of $41,451 for outstanding letters of credit under the Credit Facility. The availability of funds under the revolving credit facility is limited by a specified borrowing base consisting of a portion of eligible accounts receivable not owed by Glencore plus a portion of the net amount of eligible accounts receivable owed by Glencore and a portion of eligible inventory balance. Our obligations under the Credit Facility are guaranteed by certain of our domestic subsidiaries and secured by a first priority security interest in all of the domestic accounts receivable, inventory and certain bank accounts. The guarantees for any and all obligations under the Credit Facility are on a joint and several basis. Any amounts outstanding under the Credit Facility will bear interest, at our option, at LIBOR or a base rate, plus, in each case, an applicable interest margin. In addition, we pay a commitment fee on undrawn amounts, less the amount of our letters of credit exposure. For standby letters of credit, we are required to pay a fee on the face amount of such letters of credit. The Credit Facility will expire on July 1, 2014. 1.75% convertible senior notes redemption On May 19, 2011, we redeemed all outstanding 1.75% Notes at 100% of the principal amount plus accrued and unpaid interest to that date. We funded the redemption of the 1.75% Notes with available cash on hand. E.ON contingent obligation General. The E.ON contingent obligation consists of the aggregate E.ON payments made on CAKY’s behalf under the Big Rivers Agreement in excess of the agreed upon base amount of $81,500. Interest accrues at an annual rate equal to 10.94%. The term of the agreement is through December 31, 2028. The aggregate excess payments, plus accrued interest, totaled $13,256 and $13,091 at June 30, 2011 and December 31, 2010, respectively. Our obligation to make repayments is contingent upon certain operating criteria for Hawesville and the LME price of primary aluminum. Based on the LME forward market and our expectation of Hawesville’s future operations, we classified the E.ON contingent obligation within noncurrent liabilities, which includes accrued interest on the obligation. When the conditions for repayment are met, and for so long as those conditions continue to be met, we will be obligated to make principal and interest payments, in up to 72 monthly payments. We made a $563 principal and interest payment for the E.ON contingent obligation during the second quarter of 2011.

X
- Details
Name: | cenx_NotesToFinancialStatementsAbstract
Namespace Prefix: | cenx
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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, 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://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19, 20, 22 -Article 5 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 129 -Paragraph 2, 4 + Details
Name: | us-gaap_DebtDisclosureTextBlock
Namespace Prefix: | us-gaap
Data Type: | us-types:textBlockItemType
Balance Type: | na
Period Type: | duration