Long-Term Debt (Tables)
 12 Months Ended
Dec. 31, 2013
Debt Disclosure [Abstract]  
Summary of Long-term Debt

Long-term debt consisted of:

 

(in $ millions)   Interest rate     Maturity (1)   December 31,
2013		     December 31,
2012		  

Secured debt

        

Senior Secured Credit Agreement

        

Revolver borrowings

        

Dollar denominated (2)

     L+4 1/4%      June 2018     —        20   

Term loans

        

Dollar denominated (2)

     L+5%      June 2019     1,525        —   

Dollar denominated (refinanced in June 2013)

     L+4 3/4%          —        1,064   

Euro denominated (refinanced in June 2013)

     L+4 3/4%          —        284   

“Tranche S” (refinanced in June 2013)

     L+4 3/4%          —        137   

2012 Secured Credit Agreement

        

Dollar denominated term loan (3)

     L+9 1/2%          —        171   

Second Lien Credit Agreement

        

Tranche 1 dollar denominated term loan (3)

     L+8%      January 2016     644        —   

Tranche 2 dollar denominated term loan (4)

     8 3/8%      December 2016     234        —   

Second Priority Secured Notes

        

Dollar denominated floating rate notes (refinanced in April 2013) (5)

     L+6%          —        225   

Unsecured debt

        

Senior Notes

        

Dollar denominated floating rate notes (refinanced in April 2013)

     L+4 5/8%          —        122   

Euro denominated floating rate notes (refinanced in April 2013)

     L+4 5/8%          —        201   

Dollar denominated notes (refinanced in April 2013)

     9 7/8%          —        429   

Dollar denominated notes (refinanced in April 2013)

     9%          —        250   

Dollar denominated notes (6)

     13 7/8%      March 2016     411        —   

Dollar denominated floating rate notes (7)

     L+8 5/8%      March 2016     188        —   

Senior Subordinated Notes

        

Dollar denominated notes

     11 7/8%      September 2016     25        —   

Dollar denominated notes

     11 7/8%      September 2016     247        247   

Euro denominated notes

     10 7/8%      September 2016     192        184   

Capital leases

         107        96   
     

 

 

    

 

 

  

Total debt

         3,573        3,430   

Less: current portion

         45        38   
     

 

 

    

 

 

  

Long-term debt

         3,528        3,392   
     

 

 

    

 

 

  

 

(1) The term loans maturing in June 2019 and the revolver availability through June 2018 are subject to a reduction in maturity to November 2015, December 2015, June 2016 or September 2016 if the Company is unable to repay or refinance its debt outstanding under the Second Lien Credit Agreement or its unsecured debt prior to their maturity dates.

 

(2) Minimum LIBOR floor of 1.25%

 

(3) Minimum LIBOR floor of 1.5%

 

(4) Cash interest of 4% and payment-in-kind interest of 4.375%

 

(5) Payable in cash or payment-in-kind

 

(6) Cash interest of 11.375% and payment-in-kind interest of 2.5%

 

(7) Cash interest of LIBOR+6.125% plus payment-in-kind interest of 2.5%
Aggregate Maturities of Debt

Aggregate maturities of debt as of December 31, 2013 are as follows:

 

(in $ millions)    Year Ending
December 31, (2)		  

2014

      45   

2015

      43   

2016

      1,978   

2017

      33   

2018

      18   

Thereafter (1)

      1,456   
  

 

 

  
     3,573   
  

 

 

  

 

(1) The term loans maturing in June 2019 and the revolver availability through June 2018 are subject to a reduction in maturity to November 2015, December 2015, June 2016 or September 2016 if the Company is unable to repay or refinance its outstanding debt under the Second Lien Credit Agreement or its unsecured debt prior to their maturity dates.

 

(2) The above table excludes (i) $70 million of payment-in-kind interest and $10 million of repayment fees for the Tranche 2 Loans and Senior Notes, of which $6 million of payment-in-kind interest has been accrued within other non-current liabilities as of December 31, 2013 and (ii) $26 million of debt discount on term loans under the Sixth Amendment and Restated Credit Agreement and Second Lien Credit Agreement.
Summary of Movement in Deferred Financing Costs

The movement in deferred financing costs is summarized below:

 

(in $ millions)    Year Ended
December 31,
2013		     Year Ended
December 31,
2012		     Year Ended
December 31,
2011		  

Balance as of January 1

      74        98        37   

Capitalization of debt finance costs

      29        13        84   

Amortization

      (24 )      (37 )      (23 ) 

Written-off as loss on extinguishment

      (39 )      —        —   
  

 

 

    

 

 

    

 

 

  

Balance as of December 31

      40        74        98