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Debt | 12 Months Ended
--- | ---
Dec. 31, 2017
Debt Disclosure [Abstract] |
Debt | Note 12. Debt The following table presents debt balances as of December 31, 2017 and 2016.
|  | As of December 31, |
|  | 2017 |  |  | 2016 |
$545.0 million Senior Secured Term Loan B (“Senior Secured Term Loan”) bearing interest at the greater of 0.75% or one-month LIBOR (1.56% at December 31, 2017), plus an applicable margin of 3.75% at December 31, 2017, expiring October 19, 2022 |  | $ | 534,250 |  |  | $ | 543,563 |
$300.0 million Incremental Term Loan (“Incremental Term Loan”) bearing interest at one-month LIBOR (1.56% at December 31, 2017), plus an applicable margin of 3.25% at December 31, 2017, expiring April 3, 2021 |  |  | 291,000 |  |  |  | — |
$143.0 million Senior Secured Revolver (“Senior Secured Revolver”) bearing interest at one-month LIBOR (1.56% at December 31, 2017) plus an applicable margin of 3.5% at December 31, 2017, expiring October 19, 2020 |  |  | — |  |  |  | 27,977 |
$250.0 million Senior Notes (“Senior Notes”) bearing interest at 10.25% |  |  | — |  |  |  | 250,000 |
French Safeguard Obligations |  |  | 290 |  |  |  | 358 |
Brazilian lines of credit and equipment notes |  |  | 257 |  |  |  | 573 |
Chinese line of credit |  |  | 2,768 |  |  |  | 2,619 |
Total |  |  | 828,565 |  |  |  | 825,090 |
Less current maturities of long-term debt |  |  | 17,283 |  |  |  | 12,751 |
Principal, net of current portion |  |  | 811,282 |  |  |  | 812,339 |
Less unamortized debt issuance costs |  |  | 20,477 |  |  |  | 26,626 |
Long-term debt, net of current portion |  | $ | 790,805 |  |  | $ | 785,713 |
We capitalized interest costs amounting to $1.1 million, $1.6 million, and $1.4 million in the years ended December 31, 2017, 2016, and 2015, related to construction in progress. On April 3, 2017, we redeemed the Senior Notes for $281.6 million resulting in a loss on debt extinguishment of $36.3 million, including $31.6 million cash paid for the call premium and a $4.7 million non-cash write-off of unamortized debt issuance costs. The Senior Notes were redeemed and the call premium was paid with the proceeds of a new $300.0 million Incremental Term Loan that was added by amendment to the existing credit facility. The Incremental Term Loan matures on April 3, 2021, with payments of $3.0 million due quarterly. The amendment also reduced the principal available under the Senior Secured Revolver from $143.0 million to $100.0 million until such time as a leverage ratio covenant threshold has been met for four consecutive fiscal quarters. Upon satisfaction of the ratio threshold, the Senior Secured Revolver may be restored to $143.0 million. In connection with the amendment, we paid $6.5 million in debt issuance costs of which we recorded $4.0 million as a direct reduction to the carrying amount of the associated debt and $2.5 million as a loss on modification of the Senior Secured Term Loan. Debt issuance costs related to the amendment were paid with proceeds from the Incremental Term Loan. Also in connection with the amendment, we wrote off $0.8 million of unamortized debt issuance costs related to the modification of the Senior Secured Revolver. On November 24, 2017, we further amended our existing credit facility to reduce the interest rate by 50 basis points on the Senior Secured Term Loan and the Incremental Term Loan. The interest rate on the Senior Secured Term Loan decreased from LIBOR plus 4.25% to LIBOR plus 3.75%. The interest rate on the Incremental Term loan decreased from LIBOR plus 3.75% to LIBOR plus 3.25%. In connection with the amendment, we paid $2.1 million in debt issuance costs which we recorded as a loss on modification of debt. Debt issuance costs related to the amendment were paid with cash on hand. Also in connection with the amendment, we wrote off $0.3 million of unamortized debt issuance costs related to the modification. We used cash generated from operations and a portion of the cash proceeds from the sale of the PBC Business to pay down the Senior Secured Revolver on August 17, 2017, which had a balance of $33.2 million outstanding at that time. We continue to utilize the Senior Secured Revolver for daily working capital needs. Our credit facility established the Senior Secured Term Loan, the Incremental Term Loan, and the Senior Secured Revolver. All other debt is subordinated in favor of obligations outstanding under the credit facility. The credit facility is collateralized by all of our assets. We pay a quarterly commitment fee at an annual rate of 0.5% on the Senior Secured Revolver for unused capacity. As of December 31, 2017, we were in compliance with all covenants under our credit facility. We have foreign credit facilities with financial institutions in France, Brazil, and China. These facilities are used to fund working capital and equipment purchases for our manufacturing plants in those countries. Our French operation has liabilities with certain creditors subject to Safeguard protection. The liabilities are being paid annually over a 10-year period until 2019 and carry a zero percent interest rate. Amounts due as of December 31, 2017, to those creditors opting to be paid over a 10-year period totaled $0.3 million, of which $0.1 million is classified as current maturities of long-term debt and $0.2 million is included in the “Long-term debt, net of current portion” line on the Consolidated Balance Sheet. The Brazilian equipment notes represent borrowings from certain Brazilian banks to fund equipment purchases for our Brazilian plants. These credit facilities have annual interest rates ranging from 2.5% to 6.0%. The Chinese line of credit is a working capital line of credit with a Chinese bank bearing an annual interest rate of 4.6%. The following table lists aggregate maturities of long-term debt for the next five years and thereafter.
Year Ending December 31, |  | Aggregate Maturities Principal Amounts |
2018 |  | $ | 17,283 |
2019 |  |  | 17,968 |
2020 |  |  | 17,752 |
2021 |  |  | 260,750 |
2022 |  |  | 514,812 |
Thereafter |  |  | — |
Total outstanding principal |  | $ | 828,565 |

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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 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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