In addition to that and in order to address the value of our services, we will charge for special services according to pay-per-use principal. To adapt to market dynamics, pricing cycles will be revised. A close price follow-up will ensure a consistent approach throughout the organization.
A revision of the sales reward systems and training program is launched in order to support the implementation. On the financing side, we have announced an exchange offered and consent request to the participants under the financing agreement, which will expire on August 20.
Some of the key elements of this offer are: a 3-year extension of the final maturity until February 2017; the offer includes an exchange of up to $500 million into new high-yield bonds maturing in June 2018; an upfront fee and revised margin; a $1 billion pay down in March 2013; an enhanced guarantor package and revised operational and financial covenants.
It is too early to provide feedback on this process, but as you know, we have long-standing relationships with the participants in the financing agreement, and this has been noticeable in the conversations that we have been having with them. We continue to maintain sufficient liquidity to support our operations and expect to remain in compliance with our financial obligations.Our consolidated funded debt-to-EBITDA ratio as of the end of June was 6.15x, well inside the covenant [ph] level. We remain focused on our transformation program. We continue to anticipate an incremental improvement of $200 million in our steady-state EBITDA during 2012. During the first half of the year, we achieved about $180 million of this improvement. We expect to reach the run rate of $400 million by the end of the year. Another important driver of our transformation process is our efforts to increase the use of alternative fuels. The substitution rate will reach 26% during the second quarter and 29% during the month of June.
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