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Debt (Tables) | 12 Months Ended
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Dec. 31, 2022
Debt Disclosure [Abstract] |
Schedule of debt |
| December 31,
| 2022 |  | 2021
Debt classified as current liabilities: |  |  |
Hancock County industrial revenue bonds ("IRBs") due April 2028, interest payable quarterly (variable interest rates (not to exceed 12%)) (1) | $ | 7.8 |  |  | $ | 7.8 |
U.S. Revolving Credit Facility (2) | 90.0 |  |  | 63.6 |
Iceland Revolving Credit Facility (3) | 35.0 |  |  | 50.0 |
Iceland Term Facility (5) | 13.3 |  |  | — |
Debt classified as non-current liabilities: |  |  |
Grundartangi casthouse facility, net of financing fees of $0.6 million at December 31, 2022 (4) | 49.4 |  |  | — |
Iceland Term Facility, net of financing fees of $0.0 million and current portion at December 31, 2022 (5) | 1.2 |  |  | — |
7.5% senior secured notes due April 1, 2028, net of financing fees of $3.4 million at December 31, 2022, interest payable semiannually | 246.6 |  |  | 245.8 |
2.75% convertible senior notes due May 1, 2028, net of financing fees of $1.9 million at December 31, 2022, interest payable semiannually | 84.4 |  |  | 84.0 |
Total | $ | 527.7 |  |  | $ | 451.2 |
(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 interest rate at December 31, 2022 was 3.80%. (2)We incur interest at a base rate plus applicable margin as defined within the agreement. The interest rate at December 31, 2022 was 8.00%. (3)We incur interest at a base rate plus applicable margin as defined within the agreement. The interest rate at December 31, 2022 was 7.41%. (4)We incur interest at a base rate plus applicable margin as defined within the agreement. The interest rate at December 31, 2022 was 7.73%. (5)We incur interest at a rate equal to 3.2% plus EUR EURIBOR 1 month as published by the European Money Markets Institute as defined within the agreement. The interest rate at December 31, 2022 was 4.74%.
Schedule of debt redemption rights | 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:
| December 31, 2022
Credit facility maximum amount | $ | 250.0 |
Borrowing availability | 165.5 |
Outstanding letters of credit issued | 34.9 |
Outstanding borrowings | 90.0 |
Borrowing availability, net of outstanding letters of credit and borrowings | 40.6 |
Status of our Iceland revolving credit facility:
| December 31, 2022
Credit facility maximum amount | $ | 100.0 |
Borrowing availability | 95.1 |
Outstanding letters of credit issued | — |
Outstanding borrowings | 35.0 |
Borrowing availability, net of outstanding letters of credit and borrowings | 60.1 |

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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 https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682 + Details
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