Debt

Debt, net of unamortized original issue discounts or premiums, and unamortized debt issuance costs, consists of the following:



	September 30, 2018			December 31, 2017
Accounts Receivable Securitization Facility expiring 2018 (1)	$	865		$	695
$3.0 billion ABL Facility expiring 2021 (2)	2,120			1,670
4 ⁵/₈ percent Senior Secured Notes due 2023	993			992
5 ³/₄ percent Senior Notes due 2024	842			841
5 ¹/₂ percent Senior Notes due 2025	794			793
4 ⁵/₈ percent Senior Notes due 2025	741			740
5 ⁷/₈ percent Senior Notes due 2026	999			998
5 ¹/₂ percent Senior Notes due 2027	991			990
4 ⁷/₈ percent Senior Notes due 2028 (3)	1,650			1,648
4 ⁷/₈ percent Senior Notes due 2028 (3)	4			6
Capital leases	79			67
Total debt	10,078			9,440
Less short-term portion (4)	(896		)	(723		)
Total long-term debt	$	9,182		$	8,717

___________________

(1)

In June 2018, the accounts receivable securitization facility was amended, primarily to increase the facility size and to extend the maturity date which may be further extended on a 364-day basis by mutual agreement with the purchasers under the facility. The size of the facility, which expires on June 29, 2019, was increased to $875. At September 30, 2018, $9 was available under our accounts receivable securitization facility. The interest rate applicable to the accounts receivable securitization facility was 3.0 percent at September 30, 2018. During the nine months ended September 30, 2018, the monthly average principal amount outstanding under the accounts receivable securitization facility was $788, and the weighted-average interest rate thereon was 2.8 percent. The maximum month-end principal amount outstanding under the accounts receivable securitization facility during the nine months ended September 30, 2018 was $870. Borrowings under the accounts receivable securitization facility are permitted only to the extent that the face amount of the receivables in the collateral pool, net of applicable reserves and other deductions, exceeds the outstanding loans. As of September 30, 2018, there were $1.024 billion of receivables, net of applicable reserves and other deductions, in the collateral pool.

(2)

At September 30, 2018, $836 was available under our ABL facility, net of $37 of letters of credit. The interest rate applicable to the ABL facility was 3.7 percent at September 30, 2018. During the nine months ended September 30, 2018, the monthly average principal amount outstanding under the ABL facility was $1.485 billion, and the weighted-average interest rate thereon was 3.4 percent. The maximum month-end principal amount outstanding under the ABL facility during the nine months ended September 30, 2018 was $2.127 billion.


(3)	URNA separately issued 4 ⁷/₈ percent Senior Notes in August 2017 and in September 2017. Following the issuances, we consummated an exchange offer pursuant to which most of the 4 ⁷/₈ percent Senior Notes issued in September 2017 were exchanged for additional notes fungible with the 4 ⁷/₈ percent Senior Notes issued in August 2017.


(4)	As of September 30, 2018, our short-term debt primarily reflects $865 of borrowings under our accounts receivable securitization facility.

Loan Covenants and Compliance

As of September 30, 2018, we were in compliance with the covenants and other provisions of the ABL facility, the accounts receivable securitization facility and the senior notes. Any failure to be in compliance with any material provision or covenant of these agreements could have a material adverse effect on our liquidity and operations.

The only financial maintenance covenant that currently exists under the ABL facility is the fixed charge coverage ratio. Subject to certain limited exceptions specified in the ABL facility, the fixed charge coverage ratio covenant under the ABL facility will only apply in the future if specified availability under the ABL facility falls below 10 percent of the maximum revolver amount under the ABL facility. When certain conditions are met, cash and cash equivalents and borrowing base collateral in excess of the ABL facility size may be included when calculating specified availability under the ABL facility. As of September 30, 2018, specified availability under the ABL facility exceeded the required threshold and, as a result, this financial maintenance covenant was inapplicable. Under our accounts receivable securitization facility, we are required, among other things, to maintain certain financial tests relating to: (i) the default ratio, (ii) the delinquency ratio, (iii) the dilution ratio and (iv) days sales outstanding. The accounts receivable securitization facility also requires us to comply with the fixed charge coverage ratio under the ABL facility, to the extent the ratio is applicable under the ABL facility.