Old COPPER Company, Inc. - 10-Q filing on 2015-12-09

Credit Facility	9 Months Ended
Credit Facility	Oct. 31, 2015
Credit Facility [Abstract]
Credit Facility	Credit Facility The Company has a $2,350 million asset-based senior credit facility (2014 Credit Facility) that is comprised of a $1,850 million revolving line of credit (Revolving Facility) and a $500 million term loan (2014 Term Loan). As of the end of the third quarter of 2015, we had $494 million outstanding on the 2014 Term Loan and no borrowings outstanding under the Revolving Facility. In addition, as of the end of the third quarter of 2015, based on our borrowing base, we had $1,665 million available for borrowing, of which $294 million was reserved for outstanding standby and import letters of credit, none of which have been drawn on, leaving $1,371 million for future borrowings. The applicable rate for standby and import letters of credit was 2.50% and 1.25%, respectively, while the commitment fee was 0.375% for the unused portion of the Revolving Facility. On November 16, 2015, the Company announced that it has received $500 million of incremental bank commitments to increase the size of the Revolving Facility under the 2014 Credit Facility to $2,350 million. In connection with upsizing the Revolving Facility, the Company also intends to prepay and retire the outstanding principal amount of the 2014 Term Loan.