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Debt (Tables) | 9 Months Ended
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Sep. 30, 2021
Debt Disclosure [Abstract] |
Schedule of debt |
| September 30, 2021 |  | December 31, 2020
Debt classified as current liabilities: |  |  |
Hawesville Term Loan(1) | $ | 5.0 |  |  | $ | 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) | 17.3 |  |  | — |
Iceland Revolving Credit Facility (4) | 30.0 |  |  | — |
Debt classified as non-current liabilities: |  |  |
Iceland Revolving Credit Facility (4) | — |  |  | 45.0 |
12.0% senior secured notes due July 1, 2025, net of debt discount of $2.3 million, and financing fees of $4.6 million at December 31, 2020, interest payable semiannually | — |  |  | 243.1 |
7.5% senior secured notes due April 1, 2028, net of financing fees of $4.4 million at September 30, 2021, interest payable semiannually | 245.6 |  |  | — |
2.75% convertible senior notes due May 1, 2028, net of financing fees of $2.4 million at September 30, 2021, interest payable semiannually | 83.9 |  |  | — |
Total | $ | 389.6 |  |  | $ | 315.9 |
(1) See "Hawesville Term Loan" below. At September 30, 2021, the applicable interest rate was LIBOR of 0.125% plus margin of 5.375% and there is no interest payable outstanding. As of September 30, 2021, we have made $35.0 million of principal payments and $4.6 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 IRBs interest rate at September 30, 2021 was 0.21%. (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, 2021 was 4.00%. (4) We have elected to incur interest at LIBOR plus applicable margin as defined within the agreement. The interest rate at September 30, 2021 was 3.088%.
Schedule of debt redemption rights | Prior to April 1, 2024, we may redeem the 2028 Notes, in whole or in part, at a redemption price equal to 100.00% of the principal amount plus a make-whole premium and accrued and unpaid interest, and if redeemed during the twelve-month period beginning on April 1 of the years indicated below, at the following redemption prices plus accrued and unpaid interest:
Year | Percentage
2024 | 103.750%
2025 | 101.875%
2026 and Thereafter | 100.000%
Schedule of line of credit facilities |
Status of our U.S. revolving credit facility: | September 30, 2021
Credit facility maximum amount | $ | 175.0 |
Borrowing availability | 175.0 |
Outstanding letters of credit issued | 108.5 |
Outstanding borrowings | 17.3 |
Borrowing availability, net of outstanding letters of credit and borrowings | 49.2 |
Status of our Iceland revolving credit facility: | September 30, 2021
Credit facility maximum amount | $ | 50.0 |
Borrowing availability | 50.0 |
Outstanding letters of credit issued | — |
Outstanding borrowings | 30.0 |
Borrowing availability, net of borrowings | 20.0 |

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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 + Details
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