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Debt | 3 Months Ended
--- | ---
Dec. 31, 2014
Debt Disclosure [Abstract] |
Debt | Debt The Company’s consolidated debt consists of the following:
|  | December 31, 2014 |  | September 30, 2014
|  | Amount |  | Rate |  | Amount |  | Rate
HGI |  |  |  |  |  |  |  |
7.875% Senior Secured Notes, due July 15, 2019 |  | $ | 604.4 |  |  | 7.9 | % |  | $ | 604.4 |  |  | 7.9 | %
7.75% Senior Unsecured Notes, due January 15, 2022 |  | 750.0 |  |  | 7.8 | % |  | 750.0 |  |  | 7.8 | %
Spectrum Brands |  |  |  |  |  |  |  |
Term Loan, due September 4, 2017 (Tranche A)* |  | 648.4 |  |  | 3.0 | % |  | 648.4 |  |  | 3.0 | %
Term Loan, due September 4, 2019 (Tranche C)* |  | 509.9 |  |  | 3.6 | % |  | 509.9 |  |  | 3.6 | %
CAD Term Loan, due December 17, 2019* |  | 32.9 |  |  | 5.1 | % |  | 34.2 |  |  | 5.1 | %
Euro Term Loan, due September 4, 2019 (Tranche A)* |  | 272.9 |  |  | 3.8 | % |  | 283.3 |  |  | 3.8 | %
Euro Term Loan, due December 19, 2021 (Tranche B)* |  | 183.3 |  |  | 3.8 | % |  | — |  |  | — | %
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 | %
6.75% Senior Notes, due March 15, 2020 |  | 300.0 |  |  | 6.8 | % |  | 300.0 |  |  | 6.8 | %
6.125% Notes, due December 15, 2024 |  | 250.0 |  |  | 6.1 | % |  | — |  |  | — | %
ABL Facility, expiring May 24, 2017 |  | — |  |  | 2.5 | % |  | — |  |  | 2.5 | %
Other notes and obligations |  | 42.3 |  |  | 10.3 | % |  | 36.6 |  |  | 8.8 | %
Capitalized lease obligations |  | 92.0 |  |  | 6.1 | % |  | 94.7 |  |  | 6.1 | %
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 |  | 327.0 |  |  | 2.7 | % |  | 243.2 |  |  | 2.7 | %
Salus |  |  |  |  |  |  |  |
Unaffiliated long-term debt of consolidated variable-interest entity |  | 193.0 |  |  | 6.6 | % |  | 193.0 |  |  | 6.7 | %
Secured borrowings under non-qualifying loan participations |  | 105.8 |  |  | 10.8 | % |  | 106.8 |  |  | 10.8 | %
Total |  | 5,701.9 |  |  |  |  | 5,194.5 |  |  |
Original issuance discounts on debt, net of premiums |  | (35.9 | ) |  |  |  | (36.7 | ) |  |
Total debt |  | 5,666.0 |  |  |  |  | 5,157.8 |  |  |
Less current maturities |  | 105.3 |  |  |  |  | 96.7 |  |  |
Non-current portion of debt |  | $ | 5,560.7 |  |  |  |  | $ | 5,061.1 |  |  |
________________________ *Together, defined as the "Term Loan" Spectrum Brands Euro Term Loan Tranche B On December 19, 2014, Spectrum Brands amended the Term Loan, issuing the Euro Term Loan Tranche B maturing December 19, 2021, which provides for borrowings in an aggregate principal amount of €150.0. The Euro Term Loan Tranche B is guaranteed by Spectrum Brands' wholly owned subsidiary, SB/RH Holdings, LLC, as well as by existing and future domestic subsidiaries. The Euro Term Loan Tranche B was issued at a 0.25% discount and recorded net of the discount incurred. The €0.4 discount 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. In connection with the Euro Term Loan Tranche B, Spectrum Brands recorded $2.1 of fees for the three months ended December 31, 2014. The fees are classified as debt issuance costs within the accompanying unaudited Condensed Consolidated Statements of Operations and are being amortized as an adjustment to interest expense over the remaining life of the loan. 6.125% Notes On December 4, 2014, Spectrum Brands issued $250.0 aggregate principal amount of 6.125% Notes at par value, due December 15, 2024. The 6.125% Notes are guaranteed by Spectrum Brands' wholly owned subsidiary, SB/RH Holdings, LLC, as well as by existing and future domestic subsidiaries. The net proceeds from the 6.125% Notes, together with the net proceeds from the Euro Term Loan Tranche B, will be used to repay certain amounts drawn under Spectrum Brands' revolving credit facility, to fund a planned acquisition and for general corporate purposes, which may include, among other things, working capital needs, the refinancing of existing indebtedness, business expansion and possible future acquisitions. Spectrum Brands may redeem all or a part of the 6.125% Notes, upon not less than 30 or more than 60 days notice, at specified redemption prices. Further, the indenture governing the 6.125% Notes (the “2024 Indenture”) requires Spectrum Brands to make an offer, in cash, to repurchase all or a portion of the applicable outstanding notes for a specified redemption price, including a redemption premium, upon the occurrence of a change of control of Spectrum Brands, as defined in such indenture. The 2024 Indenture contains customary covenants that limit, among other things, the incurrence of additional indebtedness, payment of dividends on or redemption or repurchase of equity interests, the making of certain investments, expansion into unrelated businesses, creation of liens on assets, merger or consolidation with another company, transfer or sale of all or substantially all assets, and transactions with affiliates. In addition, the 2024 Indenture provides for customary events of default, including failure to make required payments, failure to comply with certain agreements or covenants, failure to make payments when due or on acceleration of certain other indebtedness, and certain events of bankruptcy and insolvency. Events of default under the 2024 Indenture arising from certain events of bankruptcy or insolvency will automatically cause the acceleration of the amounts due under the 6.125% Notes. If any other event of default under the 2024 Indenture occurs and is continuing, the trustee for the 2024 Indenture or the registered holders of at least 25% in the then aggregate outstanding principal amount of the 6.125% Notes, may declare the acceleration of the amounts due under those notes. Spectrum Brands recorded $4.0 of fees in connection with the offering of the 6.125% Notes for the three months ended December 31, 2014. The fees were classified as debt issuance costs within the accompanying unaudited Condensed Consolidated Financial Statements and are amortized as an adjustment to interest expense over the remaining life of the 6.125% Notes. ABL Facility As a result of borrowings and payments under Spectrum Brands' asset based lending revolving credit facility (the “ABL Facility”), at December 31, 2014, Spectrum Brands had aggregate borrowing availability of approximately $236.2, net of lender reserves of $6.4 and outstanding letters of credit of $50.3. FGL As of December 31, 2014, FGL had a borrowing base of $150.0 under their three-year unsecured revolving credit facility with no unfunded investment commitments. Compass As of December 31, 2014, Compass had a borrowing base of $400.0 with $327.0 of outstanding indebtedness under the Compass Credit Agreement. The borrowing base is redetermined semi-annually, with Compass and the lenders having the right to request interim unscheduled redeterminations in certain circumstances. In October 2014, the borrowing base of $400.0 was reaffirmed as a result of the semi-annual redetermination. The Compass Credit Agreement matures on February 14, 2018. 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 December 31, 2014, Salus had $105.8 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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