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LONG-TERM DEBT AND LEASE FINANCING OBLIGATION | 9 Months Ended
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Sep. 30, 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 September 30, 2014 and December 31, 2013, our long-term debt consisted of the following:
(In millions) |  | Maturity Date |  | September 30, 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 debt issuance costs totaling $2.0 million at September 30, 2014 and $2.4 million at December 31, 2013) |  | January 28, 2017 |  | ​ | 193.1 |  | ​ | 194.8 |
ABL Revolver |  | January 28, 2018 |  |  | - |  |  | - |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total debt |  | ​ |  | $ | 1,331.1 |  | $ | 1,332.8 |
Less current portion of long-term debt |  |  |  |  | (2.8 | ) |  | (2.8 | )
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Long-term debt, net |  | ​ |  | $ | 1,328.3 |  | $ | 1,330.0 |
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Term Loan and ABL Revolver As of September 30, 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 $500.0 million of revolving credit. The credit agreement governing the ABL Revolver (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. As of September 30, 2014 and December 31, 2013, we had no outstanding balance on our ABL Revolver. Our availability under the ABL Revolver at September 30, 2014 was approximately $414.6 million, net of outstanding letters of credit totaling $85.4 million. As of September 30, 2014, we were in compliance with the covenants under the ABL Credit Agreement, the Term Loan agreement, 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 September 30, 2014 and December 31, 2013, we had a lease financing obligation of $97.5 million and $104.7 million, respectively. The change from the December 31, 2013 balance is due to a one-time $2.3 million payment and the change in the Canadian dollar exchange rate as of September 30, 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 September 30, 2014 and December 31, 2013, respectively. We are not obligated to repay the lease financing obligation amount of $97.5 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 September 30, 2014 are $1.4 million in 2014, $5.7 million in 2015, $5.7 million in 2016 and $1.4 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 a one-time $2.3 million payment, current period lease payments and the change in the Canadian dollar exchange rate as of September 30, 2014.

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- Definition The entire disclosure for long-term debt. + References Reference 1: 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 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 22 -Article 5 + Details
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