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LONG-TERM DEBT AND LEASE FINANCING OBLIGATION | 3 Months Ended
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Mar. 31, 2014
LONG-TERM DEBT AND LEASE FINANCING OBLIGATION |
LONG-TERM DEBT AND LEASE FINANCING OBLIGATION | 8. LONG-TERM DEBT AND LEASE FINANCING OBLIGATION As of March 31, 2014 and December 31, 2013, our long-term debt consisted of the following:
(In millions) |  | Maturity Date |  | March 31, 2014 |  | December 31, 2013 |
--- | --- | --- | --- | --- | --- | --- | ---
4.625 Notes |  |  | February 15, 2021 |  | $ | 688.0 |  | $ | 688.0 |
4.875 Notes |  |  | May 15, 2023 |  |  | 450.0 |  |  | 450.0 |
Term Loan (net of $2.4 million debt issuance costs) |  |  | January 28, 2017 |  |  | 194.1 |  |  | 194.8 |
ABL revolver |  |  | January 28, 2018 |  |  | - |  |  | - |
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Total debt |  |  |  |  | $ | 1,332.1 |  | $ | 1,332.8 |
Less current portion of long-term debt |  |  |  |  |  | (2.8 | ) |  | (2.8 | )
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Long-term debt, net |  |  |  |  | $ | 1,329.3 |  | $ | 1,330.0 |
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Term Loan and ABL Revolver At March 31, 2014, outstanding borrowings under the Company's term loan facility (the "Term Loan") had a stated interest rate of 3.50 percent per annum. The Company's asset based revolving credit facility (the "ABL Revolver") provides for a maximum of $500.00 million of revolving credit. The ABL Credit Agreement contains customary covenants (subject to certain exceptions), including certain restrictions on the Company and its subsidiaries to pay dividends. In addition, the Company is subject to a fixed charge coverage ratio (as defined in the ABL Credit Agreement) of 1.10 to 1.00 if excess availability is less than $62.5 million for three consecutive business days. At March 31, 2014 and December 31, 2013, we had no outstanding balance in our ABL Revolver. Our availability under the ABL Revolver at March 31, 2014 was approximately $418.2 million, net of outstanding letters of credit totaling $81.8 million. As of March 31, 2014, we were in compliance with the covenants for our ABL Revolver, the Term Loan agreement and the indentures governing $688.0 million in aggregate principal amount of 4.625 percent senior notes of Eagle Spinco Inc. ("Spinco") due 2021 (the "4.625 Notes") and $450.0 million in aggregate principal amount of 4.875 percent senior notes of Axiall Corporation due 2023 (the "4.875 Notes"). Lease Financing Obligation As of March 31, 2014 and December 31, 2013, we had a lease financing obligation of $100.6 million and $104.7 million, respectively. The change from the December 31, 2013 balance is due to the change in the Canadian dollar exchange rate as of March 31, 2014. The lease financing obligation is the result of the sale and concurrent leaseback of certain land and buildings in Canada in 2007 for a term of ten years. In connection with this transaction, a collateralized letter of credit was issued in favor of the buyer-lessor resulting in the transaction being recorded as a financing transaction rather than a sale for GAAP purposes. As a result, the land, building and related accounts continue to be recognized in the unaudited condensed consolidated balance sheets. The amount of the collateralized letter of credit was $1.6 million and $3.8 million as of March 31, 2014 and December 31, 2013, respectively. We are not obligated to repay the lease financing obligation amount of $100.6 million. Our obligation is for the future minimum lease payments under the terms of the related lease agreements. The future minimum lease payments under the terms of the related lease agreements as of March 31, 2014 are $5.3 million in 2014, $7.3 million in 2015, $7.3 million in 2016 and $1.8 million in 2017, the final year of the lease agreements. The change in the future minimum lease payments from such amounts disclosed as of December 31, 2013 is due to current period payments and the change in the Canadian dollar exchange rate as of March 31, 2014.

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- Definition The entire disclosure for long-term debt. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 22 -Article 5 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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