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Long-Term Debt (Notes)
 6 Months Ended
Jun. 30, 2020
Debt Disclosure [Abstract]  
Long-Term Debt Long-Term Debt
Long-term debt consists of the following:
 
 
June 30, 2020
 
December 31, 2019
 
 
Principal
Amount
 
Unamortized
Discount
and Debt
Issuance
Costs
 
Net
Long-term
Debt
 
Principal
Amount
 
Unamortized
Discount
and Debt
Issuance
Costs
 
Net
Long-term
Debt
3.60% senior notes due 2022 (the "3.60% 2022 Senior Notes")
 
$
250

 
$
(1
)
 
$
249

 
$
250

 
$
(1
)
 
$
249

3.60% senior notes due 2026 (the "3.60% 2026 Senior Notes")
 
750

 
(7
)
 
743

 
750

 
(8
)
 
742

Loan related to tax-exempt waste disposal revenue bonds due 2027
 
11

 
—

 
11

 
11

 
—

 
11

1.625% senior notes due 2029 (the "1.625% 2029 Senior Notes")
 
786

 
(10
)
 
776

 
785

 
(11
)
 
774

6 ½% senior notes due 2029 (the "6 ½% 2029 GO Zone Senior Notes") (1)
 
100

 
—

 
100

 
100

 
(1
)
 
99

3.375% senior notes due 2030 (the "3.375% 2030 Senior Notes")
 
300

 
(4
)
 
296

 
—

 
—

 
—

3.50% senior notes due 2032 (the "3.50% 2032 GO Zone Refunding Senior Notes")
 
250

 
(1
)
 
249

 
250

 
(1
)
 
249

6 ½% senior notes due 2035 (the "6 ½% 2035 GO Zone Senior Notes")
 
89

 
(1
)
 
88

 
89

 
(1
)
 
88

6 ½% senior notes due 2035 (the "6 ½% 2035 IKE Zone Senior Notes")
 
65

 
—

 
65

 
65

 
—

 
65

5.0% senior notes due 2046 (the "5.0% 2046 Senior Notes")
 
700

 
(23
)
 
677

 
700

 
(23
)
 
677

4.375% senior notes due 2047 (the "4.375% 2047 Senior Notes")
 
500

 
(9
)
 
491

 
500

 
(9
)
 
491

Total Long-term debt
 
$
3,801

 
$
(56
)
 
$
3,745

 
$
3,500

 
$
(55
)
 
$
3,445

_____________
(1)
See the discussion below regarding the purchase of the 2029 GO Zone Bonds in lieu of optional redemption on August 1, 2020.

Credit Agreement
The Company has a $1,000 revolving credit facility that is scheduled to mature on July 24, 2023 (the "Credit Agreement"). On March 20, 2020, out of an abundance of caution, the Company borrowed $1,000 under the Credit Agreement. The Credit Agreement bears interest at either (a) LIBOR plus a spread ranging from 1.00% to 1.75% or (b) Alternate Base Rate plus a spread ranging from 0.00% to 0.75% in each case depending on the credit rating of the Company. On June 4, 2020, the Company fully repaid the $1,000 of borrowings under the Credit Agreement and, as a result, had no borrowings outstanding under its revolving credit facility as of June 30, 2020. As of June 30, 2020, the Company had no outstanding letters of credit and had $1,000 of borrowing availability under the Credit Agreement. The Credit Agreement contains certain affirmative and negative covenants, including a quarterly total leverage ratio financial maintenance covenant. As of June 30, 2020, the Company was in compliance with the total leverage ratio financial maintenance covenant. The Credit Agreement also contains certain events of default and if and for so long as certain events of default have occurred and are continuing, any overdue amounts outstanding under the Credit Agreement will accrue interest at an increased rate, the lenders can terminate their commitments thereunder and payments of any outstanding amounts could be accelerated by the lenders.
The Credit Agreement includes a $150 sub-limit for letters of credit, and any outstanding letters of credit will be deducted from availability under the facility. The Credit Agreement also provides for a discretionary $50 commitment for swingline loans to be provided on a same-day basis. The Company may also increase the size of the facility, in increments of at least $25, up to a maximum of $500, subject to certain conditions and if certain lenders agree to commit to such an increase.
3.375% Senior Notes due 2030
On June 12, 2020, the Company completed the registered public offering of $300 aggregate principal amount of its 3.375% Senior Notes due June 15, 2030 (the "3.375% 2030 Senior Notes"). There is no sinking fund and no scheduled amortization of the 3.375% 2030 Senior Notes prior to maturity. The 3.375% 2030 Senior Notes accrue interest from June 12, 2020 at a rate of 3.375% per annum, payable semi-annually in arrears on June 15 and December 15 of each year, beginning December 15, 2020. The indenture and supplemental indenture governing the 3.375% 2030 Senior Notes contain customary events of default and covenants that restrict the Company and certain of its subsidiaries' ability to (1) incur certain secured indebtedness, (2) engage in certain sale-leaseback transactions and (3) consolidate, merge or transfer all or substantially all of its assets. The Company may optionally redeem the 3.375% 2030 Senior Notes in accordance with the terms of the 3.375% 2030 Senior Notes.
6 ½% Senior Notes due 2029
During June 2020, the Company directed the Louisiana Local Government Environmental Facilities and Community Development Authority (the "Authority") to optionally redeem in full $100 aggregate principal amount of the Authority's outstanding Revenue Bonds (Westlake Chemical Corporation Projects) Series 2009A due August 1, 2029 (the "2029 GO Zone Bonds") on August 1, 2020 at a redemption price equal to 100% of the principal amount of the 2029 GO Zone Bonds plus accrued and unpaid interest to the redemption date. The 2029 GO Zone Bonds were offered by the Authority in July 2010 under the Gulf Opportunity Zone Act of 2005 for the benefit of the Company and bore interest at a rate of 6.50% per annum. In connection with the offering of the 2029 GO Zone Bonds in July 2010, the Company issued $100 aggregate principal amount of its 6 ½% senior notes due 2029 (the "6 ½% 2029 GO Zone Senior Notes") to evidence and secure the Company's obligations under the Amended and Restated Loan Agreement relating to the 2029 GO Zone Bonds. On August 1, 2020, the Company purchased the 2029 GO Zone Bonds in lieu of optional redemption. In connection with the purchase of the 2029 GO Zone Bonds by the Company in lieu of optional redemption, the Authority is required to cause the 2029 GO Zone Bonds trustee to surrender the 6 ½% 2029 GO Zone Senior Notes to the Senior Notes trustee for cancellation. A portion of the net proceeds from the issuance of the 3.375% 2030 Senior Notes was used to fund the purchase in lieu of optional redemption of the 2029 GO Zone Bonds.
As of June 30, 2020, the Company was in compliance with all of its long-term debt covenants.
Unamortized debt issuance costs on long-term debt were $31 and $30 at June 30, 2020 and December 31, 2019, respectively.