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Debt | 9 Months Ended
--- | ---
Jun. 30, 2014
Debt Disclosure [Abstract] |
Debt | Debt The Company’s consolidated debt consists of the following:
|  | June 30, 2014 |  | September 30, 2013
|  | Amount |  | Rate |  | Amount |  | Rate
HGI: |  |  |  |  |  |  |  |
7.875% Senior Secured Notes, due July 15, 2019 |  | $ | 604.4 |  |  | 7.9 | % |  | $ | 925.0 |  |  | 7.9 | %
7.75% Senior Unsecured Notes, due January 15, 2022 |  | 550.0 |  |  | 7.8 | % |  | — |  |  | — | %
Spectrum Brands: |  |  |  |  |  |  |  |
CAD Term Loan, due December 17, 2019 |  | 59.4 |  |  | 5.1 | % |  | 81.4 |  |  | 5.1 | %
Term Loan, due September 4, 2017 (Tranche A) |  | 818.1 |  |  | 3.0 | % |  | 850.0 |  |  | 3.0 | %
Term Loan, due September 4, 2019 (Tranche C) |  | 512.4 |  |  | 3.6 | % |  | 300.0 |  |  | 3.6 | %
Term Loan, due December 17, 2019 (Tranche B) |  | — |  |  | — |  |  | 513.3 |  |  | 4.6 | %
Euro Term Loan, due September 4, 2019 |  | 305.5 |  |  | 3.8 | % |  | — |  |  | — |
6.75% Senior Notes, due March 15, 2020 |  | 300.0 |  |  | 6.8 | % |  | 300.0 |  |  | 6.8 | %
6.375% Senior Notes, due November 15, 2020 |  | 520.0 |  |  | 6.4 | % |  | 520.0 |  |  | 6.4 | %
6.625% Senior Notes, due November 15, 2022 |  | 570.0 |  |  | 6.6 | % |  | 570.0 |  |  | 6.6 | %
ABL Facility, expiring May 24, 2017 |  | 110.0 |  |  | 2.0 | % |  | — |  |  | 5.7 | %
Other notes and obligations |  | 52.1 |  |  | 8.3 | % |  | 28.5 |  |  | 8.5 | %
Capitalized lease obligations |  | 96.6 |  |  | 6.1 | % |  | 67.4 |  |  | 6.2 | %
FGL |  |  |  |  |  |  |  |
6.375% Senior Notes, due April 1, 2021 |  | 300.0 |  |  | 6.4 | % |  | 300.0 |  |  | 6.4 | %
Compass |  |  |  |  |  |  |  |
Compass Credit Agreement, due February 14, 2018 |  | 250.6 |  |  | 2.7 | % |  | 271.2 |  |  | 2.7 | %
Salus |  |  |  |  |  |  |  |
Unaffiliated long-term debt of consolidated variable-interest entity |  | 191.9 |  |  | 6.6 | % |  | 182.9 |  |  | 6.6 | %
Secured borrowings under non-qualifying loan participations |  | 100.0 |  |  | 11.0 | % |  | — |  |  | — |
Total |  | 5,341.0 |  |  |  |  | 4,909.7 |  |  |
Original issuance (discounts) premiums on debt, net |  | (37.6 | ) |  |  |  | (13.6 | ) |  |
Total debt |  | 5,303.4 |  |  |  |  | 4,896.1 |  |  |
Less current maturities |  | 121.5 |  |  |  |  | 102.9 |  |  |
Non-current portion of debt |  | $ | 5,181.9 |  |  |  |  | $ | 4,793.2 |  |  |
HGI In January 2014, the Company issued $200.0 aggregate principal amount of 7.75% senior unsecured notes due 2022 (the "7.75% Notes"). The 7.75% Notes were priced at 100% of par plus accrued interest from January 21, 2014. Interest on the 7.75% Notes is payable semi-annually, in January and July. In connection with the 7.75% Note offering, the Company recorded $5.6 of fees during the nine months ended June 30, 2014. These fees are classified as "Other assets" in the accompanying Condensed Consolidated Balance Sheets as of June 30, 2014, and are being amortized to interest expense utilizing the effective interest method over the term of the 7.75% Notes. In May 2014, HGI exchanged $320.6 of its outstanding Senior Secured Notes for $350.0 aggregate principal amount of Additional 7.75% Notes. On May 30, 2014, participating holders received $1,091.71 principal amount of Additional 7.75% Notes for each $1,000 principal amount of Senior Secured Notes. As part of the exchange the Company also received modifications to the indenture governing the Senior Secured Notes, increasing the Company’s ability to make certain restricted payments, such as repurchases of the Company's common stock. Following settlement, HGI has $604.4 in aggregate principal amount of the Senior Secured Notes outstanding and $550.0 in aggregate principal amount of 7.75% Notes due 2022 outstanding. The Company has the option to redeem the 7.75% Notes prior to January 15, 2017 at a redemption price equal to 100% of the principal amount plus a make-whole premium and accrued and unpaid interest, if any, to the date of redemption. At any time on or after January 15, 2017, the Company may redeem some or all of the 7.75% Notes at certain fixed redemption prices expressed as percentages of the principal amount, plus accrued and unpaid interest. At any time prior to January 15, 2017, the Company may redeem up to 35% of the original aggregate principal amount of the 7.75% Notes with net cash proceeds received by us from certain equity offerings at a price equal to 107.75% of the principal amount of the 7.75% Notes redeemed, plus accrued and unpaid interest, if any, to the date of redemption, provided that redemption occurs within 90 days of the closing date of such equity offering, and at least 65% of the aggregate principal amount of the 7.75% Notes remains outstanding immediately thereafter. At June 30, 2014, the Company was in compliance with all covenants under the indentures governing the 7.875% Senior Secured Notes and the 7.75% Notes. Spectrum Brands Term Loan In December 2013, Spectrum Brands amended the senior term loan facility (the "Term Loan"), issuing two tranches maturing September 4, 2019 which provide for borrowings in aggregate principal amounts of $215.0 and €225.0 (the "Euro Term Loan Debt"). The proceeds from the amendment were used to refinance a portion of the Term Loan (formerly Tranche B) which was scheduled to mature December 17, 2019 and had an aggregate amount outstanding of $513.3 prior to refinancing. The $215.0 additional U.S. dollar denominated portion was combined with the existing Tranche C maturing September 4, 2019. Spectrum Brands recorded accelerated amortization of portions of the unamortized discount and unamortized debt issuance costs related to the refinancing of the Term Loan totaling $9.2 as an adjustment to interest expense during the nine month period ended June 30, 2014. The additional Tranche C and Euro Term Loan debt were issued at a 0.125% discount and recorded net of the discount incurred. Of this discount, $0.5 is reflected as an adjustment to the carrying value of principal, and is being amortized with a corresponding charge to interest expense over the remaining life of the debt, and the remainder of $0.1 is reflected as an increase to interest expense during the nine month period ended June 30, 2014. In connection with the refinancing of a portion of the Term Loan, Spectrum Brands recorded $0.2 and $7.2 of fees during the three and nine month periods ended June 30, 2014, respectively, of which $5.2 is classified as debt issuance costs within the accompanying Condensed Consolidated Balance Sheets and is being amortized as an adjustment to interest expense over the remaining life of the Term Loan, with the remainder of $2.1 reflected as an increase to interest expense during the nine month period ended June 30, 2014. ABL Facility In connection with the December 2013 amendment of the Term Loan, Spectrum Brands amended its asset based lending revolving credit facility (the “ABL Facility”) to obtain certain consents to the amendment of the senior credit agreement. In connection with the amendment, Spectrum Brands incurred fees and expenses that are included in the amounts recorded above related to the amendment of the Term Loan. As a result of borrowings and payments under the ABL Facility, at June 30, 2014, Spectrum Brands had aggregate borrowing availability of approximately $193.8, net of lender reserves of $6.4 and outstanding letters of credit of $54.1. Compass Credit Agreement As of June 30, 2014, Compass had a borrowing base of $400.0 with $337.0 of outstanding indebtedness. Our proportionate share of the obligation was $250.6. The borrowing base is redetermined semi-annually, with Compass and the lenders having the right to request interim unscheduled redeterminations in certain circumstances. Salus Salus acts as co-lender under some of the asset-based loans that it originates, and such loans are structured to meet the definition of a "participating interest" as defined under ASC 860-10, Transfers and Servicing. For loans originated with co-lenders that have terms that result in such a co-lender not having a qualifying "participating interest", Salus recognizes the whole, undivided loan. Salus also reflects a secured borrowing owing to the co-lender representing their share in the undivided whole loan. As of June 30, 2014, Salus had $100.0 of such secured borrowings to co-lenders outstanding related to non-qualifying "participating interests".

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19, 20, 22 -Article 5 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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