Debt (Tables)

12 Months Ended

Dec. 31, 2014



	December 31,
	2014		2013
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
7.5% senior unsecured notes due August 15, 2014, interest payable semiannually (2)(3)	—		2,603
Iceland revolving credit facility (3)(4)	—		6,000
Debt classified as non-current liabilities:
7.5% senior secured notes due June 1, 2021, net of debt discount of $3,112 and $3,472, respectively, interest payable semiannually	246,888		246,528
Total	$	254,703	$	262,946


(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 December 31, 2014 was 0.24%.


(2)	The amount outstanding was repaid upon maturity.


(3)	These items are recorded in accrued and other current liabilities based on the repayment terms and expected maturity.


(4)	Borrowings under the Iceland revolving credit facility bear variable interest based on LIBOR plus the applicable margin per annum. The interest rate at December 31, 2013 was 3.92%.

Schedule of line of credit facilities

Status of our Iceland revolving credit facility:



	December 31, 2014
Credit Facility maximum amount	$	50,000
Borrowing availability	49,940
Outstanding borrowings	—

Status of our U.S. revolving credit facility:



	December 31, 2014
Credit facility maximum amount	$	150,000
Borrowing availability, net of outstanding letters of credit	38,617
Outstanding borrowings	—
Letter of credit sub-facility amount (1)	130,000
Outstanding letters of credit issued	111,383


(1)	In connection with the acquisition of Mt. Holly, the U.S. revolving credit facility was amended to increase the letter of credit sub-facility from $80,000 to $100,000. On December 1, 2014, we entered into an additional amendment to the U.S. revolving credit facility, increasing our letter of credit sub-facility to $130,000 for the period from December 1, 2014 through March 1, 2015.

Debt Instrument Redemption

Redemption Rights. Prior to June 1, 2016, we may redeem the 7.5% Notes due 2021, 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%

Offsetting of financial instruments and derivatives

The following table provides information about the balance sheet location and gross amounts offset:



Offsetting of financial instruments and derivatives
	Balance sheet location	December 31, 2014			December 31, 2013
E.ON contingent obligation – principal	Other liabilities	$	(12,902	)	$	(12,902	)
E.ON contingent obligation – accrued interest	Other liabilities	(5,291		)	(3,879		)
E.ON contingent obligation – derivative asset	Other liabilities	18,193			16,781
		$	—		$	—