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Debt (Tables)
 6 Months Ended
Jun. 30, 2013
Debt Disclosure [Abstract]  
Schedule of Debt
Offsetting of financial instruments and derivatives
 
 
 
 
Balance sheet location
June 30, 2013
December 31, 2012
E.ON Loan
Other liabilities
$
(12,902
)
$
(12,902
)
E.ON Loan - Accrued Interest
Other liabilities
(3,173
)
(2,467
)
E.ON Contract Derivative Asset
Other liabilities
16,075

—

 
 
$
—

$
(15,369
)
Debt
 
June 30, 2013
December 31, 2012
Debt classified as current liabilities:
 
 
Hancock County industrial revenue bonds ("IRBs") due 2028, interest payable quarterly (variable interest rates (not to exceed 12%)) (1)
$
7,815

$
7,815

Debt classified as non-current liabilities:
 
 
7.5% senior secured notes payable due June 1, 2021, net of debt discount of $3,642, interest payable semiannually
246,358

—

8.0% senior secured notes payable due May 15, 2014, net of debt discount of $1,626, interest payable semiannually
—

247,979

7.5% senior unsecured notes payable due August 15, 2014, interest payable semiannually
2,603

2,603

E.ON contingent obligation, principal and accrued interest, contingently payable monthly, annual interest rate of 10.94% (2)
—

15,369

TOTAL
$
256,776

$
273,766

(1)
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 IRB interest rate at June 30, 2013 was 0.26%.
(2)
E.ON contingent obligation principal and interest payments are payable based on CAKY’s operating level and the LME price for primary aluminum. See E.ON contingent obligation below and Note 4 Fair value measurements for additional information.
Redemption Rights.  Prior to June 1, 2016, we may redeem the 7.5% Notes, in whole or in part, at a redemption price equal to 100% of the principal amount plus a make-whole premium, and if redeemed during the twelve-month period beginning on June 1 of the years indicated below, at the following redemption prices plus accrued and unpaid interest:

Year
Percentage
2016
105.625%
2017
103.750%
2018
101.875%
2019 and thereafter
100.000%
Schedule of Line of Credit Facilities
Status of our Credit Facility:
 
June 30, 2013
New Credit Facility amount
$
137,500

Borrowing availability, net of outstanding letters of credit
63,955

Outstanding borrowings on Credit Facility
—

Letter of credit sub-facility amount
80,000

Outstanding letters of credit issued under the Credit Facility
73,545