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Debt (Tables) | 9 Months Ended
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Sep. 30, 2020
Debt Disclosure [Abstract] |
Schedule of Debt |
| September 30, 2020 |  | December 31, 2019
Debt classified as current liabilities: |  |  |
Hawesville Term Loan - current portion(1) | $ | 20.0 |  |  | $ | 20.0 |
Hancock County industrial revenue bonds ("IRBs") due April 1, 2028, interest payable quarterly (variable interest rates (not to exceed 12%)) (2) | 7.8 |  |  | 7.8 |
U.S. Revolving Credit Facility(3) | 5.0 |  |  | 4.0 |
Debt classified as non-current liabilities: |  |  |
Iceland Revolving Credit Facility (4) | 45.0 |  |  | — |
7.5% senior secured notes due June 2021, net of debt discount of $0.8 million at December 31, 2019 | — |  |  | 249.2 |
12.0% senior secured notes due June 2025, net of debt discount of $2.4 million and financing fees of $4.8 million at September 30, 2020, interest payable semiannually | 242.8 |  |  | — |
Hawesville Term Loan - less current portion(1), principal and interest payable monthly | 5.0 |  |  | 20.0 |
Total | $ | 325.6 |  |  | $ | 301.0 |
(1) See "Hawesville Term Loan" below. At September 30, 2020, the applicable interest rate was LIBOR of 0.3% plus margin of 5.375% and there is no interest payable outstanding. As of September 30, 2020, we have made $15.0 million of principal payments and $1.6 million of interest payments. (2) 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 September 30, 2020 was 0.34%. (3) We have elected to incur interest at a base rate plus applicable margin as defined within the agreement. The interest rate at September 30, 2020 was 4.0%. (4) We have elected to incur interest at a base rate plus applicable margin as defined within the agreement. The interest rate at September 30, 2020 was 3.2%.
Schedule of Debt Redemption Rights | Prior to July 1, 2021, we may redeem the 2025 Notes, in whole or in part, at a redemption price equal to 100% of the principal amount plus a make-whole premium and accrued and unpaid interest, and if redeemed during the twelve-month period beginning on July 1 of the years indicated below, at the following redemption prices plus accrued and unpaid interest:
Year | Percentage
2021 | 105.0%
2022 | 102.5%
2023 | 101.25%
2024 | 100.0%
Schedule of Line of Credit Facilities |
Status of our U.S. revolving credit facility: | September 30, 2020
Credit facility maximum amount | $ | 175.0 |
Borrowing availability | 124.6 |
Outstanding letters of credit issued | 36.6 |
Outstanding borrowings | 5.0 |
Borrowing availability, net of outstanding letters of credit and borrowings | 83.0 |
Status of our Iceland revolving credit facility: | September 30, 2020
Credit facility maximum amount | $ | 50.0 |
Borrowing availability | 50.0 |
Outstanding letters of credit issued | — |
Outstanding borrowings | 45.0 |
Borrowing availability, net of borrowings | 5.0 |

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- Definition Tabular disclosure of debt instruments or arrangements with redemption features. Includes, but is not limited to, description of debt redemption features, percentage price at which debt can be redeemed by the issuer, and period start and end for debt maturity or redemption. + References No definition available. + Details
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- Definition Tabular disclosure of short-term or long-term contractual arrangements with lenders, including letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19(b),22(b)) -URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(e),(f)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 + Details
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