Debt

9 Months Ended

Sep. 30, 2020

Debt Disclosure [Abstract]

Debt

Debt

Revolving Credit Facility

As of September 30, 2020, we had no borrowings against our $3.0 billion unsecured revolving credit facility (“Credit Facility”), as described below.

The Credit Facility includes a covenant requiring our total debt to total capitalization ratio not to exceed 65% as of the last day of each fiscal quarter. In the event of a default, the lenders holding more than half of the commitments may terminate the commitments under the Credit Facility and require the immediate repayment of all outstanding borrowings and the cash collateralization of all outstanding letters of credit under the Credit Facility. As of September 30, 2020, we were in compliance with this covenant with a ratio of 35%.

Debt Remarketing

On August 18, 2020, we closed a $400 million remarketing to investors of sub-series B bonds which are part of the $1 billion St. John the Baptist, State of Louisiana revenue refunding bonds originally issued and purchased in December 2017. The sub-series B bonds are subject to mandatory tender for purchase on the dates set forth in the table below.

The following table further summarizes this transaction.

Sub-Series B Bonds	Par Amount	Interest Rate	Mandatory Purchase Date	Maturity Date
Sub-series B-1 Bonds	$200 million	2.125%	July 1, 2024	June 1, 2037
Sub-series B-2 Bonds	$200 million	2.375%	July 1, 2026	June 1, 2037

Debt Redemption

On September 16, 2020, we commenced a cash tender offer for up to an aggregate principal amount of $500 million (the “Aggregate Maximum Tender Amount”) of our outstanding $1 billion 2.8% Senior Notes due 2022 (“2022 Notes”). The Aggregate Maximum Tender Amount was fully subscribed and we completed the early settlement on October 1, 2020, repaying the $500 million. As such, the $500 million was moved to long-term due within one year on our consolidated balance sheet as of September 30, 2020. The remaining $500 million of the 2.8% 2022 Notes remains part of long-term debt on our consolidated balance sheet as of September 30, 2020.