NOTE 6. CONSOLIDATED DEBT

Consolidated debt is as follows (in millions):



	As of
	March 31, 2016			December 31, 2015
LONG-TERM DEBT:
Revolving credit facility (2.69% - 3.67%)⁽¹⁾	$	429		$	348
Term loan, net (2.44%)	200			200
Credit Facilities Sub-total	$	629		$	548
7.25% Senior notes due 2020	$	400		$	400
6.375% Senior notes due 2022	400			400
5.875% Senior notes due 2024	400			400
Less: deferred financing costs related to senior notes	(16		)	(16		)
Senior Notes Sub-total	$	1,184		$	1,184
4.00% - 5.25% Tax-exempt bonds due 2024 through 2045	$	464		$	464
Less: deferred financing costs related to tax-exempt bonds	(6		)	(6		)
Tax-Exempt Bonds Sub-total	$	458		$	458
3.48% - 4.52% Equipment financing capital leases due 2024 through 2027	$	72		$	73
Total long-term debt	$	2,343		$	2,263
Less: current portion	(9		)	(8		)
Noncurrent long-term debt	$	2,334		$	2,255
PROJECT DEBT:
North America project debt:
1.75% - 6.45% project debt related to service fee structures due 2017 through 2035	$	110		$	117
5.248% - 6.20% project debt related to tip fee structures due 2016 through 2020	22			23
Unamortized debt premium, net	5			5
Less: deferred financing costs related to North America project debt	(1		)	(1		)
Total North America project debt	$	136		$	144
Other project debt:
Dublin senior loan due 2021 (4.00% - 4.50%)	$	38		$	—
Debt discount related to Dublin senior term loan	(8		)	(8		)
Less: deferred financing cost related to Dublin senior term loan	(17		)	(15		)
Dublin senior term loan, net	$	13		$	(23	)
Dublin junior term loan due 2022 (9.23% - 9.73%)	$	60		$	57
Debt discount related to Dublin junior term loan	(1		)	(1		)
Less: deferred financing costs related to Dublin junior term loan	(1		)	(2		)
Dublin junior term loan, net	$	58		$	54
Total other project debt, net	$	71		$	31
Total project debt	$	207		$	175
Less: Current portion, includes $0 and $1 of net unamortized premium (discount), respectively)	(17		)	(16		)
Noncurrent project debt	$	190		$	159
TOTAL CONSOLIDATED DEBT	$	2,550		$	2,438
Less: Current debt	(26		)	(24		)
TOTAL NONCURRENT CONSOLIDATED DEBT	$	2,524		$	2,414
⁽¹⁾ During the three months ended March 31, 2016, 5% of the Revolving Credit Facility debt had an interest rate of 2.94% - 3.92%

Credit Facilities

Our subsidiary, Covanta Energy, has $1.2 billion in senior secured credit facilities consisting of a $1.0 billion revolving credit facility, expiring 2019 through 2020, (the “Revolving Credit Facility”) and a $200 million term loan due 2020 (the “Term Loan”) (collectively referred to as the "Credit Facilities").

Availability under Revolving Credit Facility

As of March 31, 2016, we had availability under the Revolving Credit Facility as follows (in millions):



	Total Available Under Credit Facility		Expiring ⁽¹⁾	Direct Borrowings as of March 31, 2016		Outstanding Letters of Credit as of March 31, 2016		Availability as of March 31, 2016
Revolving Credit Facility	$	1,000	2020	$	429	$	157	$	414

(1) The Tranche B commitment expires in March 2019.

Repayment Terms

As of March 31, 2016, the Term Loan has mandatory amortization payments of $4 million in 2016, $5 million in each of the years 2017 through 2019 and $181 million in 2020. The Credit Facilities are pre-payable at par at our option at any time.

Guarantees and Security

The Credit Facilities are guaranteed by us and by certain of our subsidiaries. The subsidiaries that are party to the Credit Facilities agreed to secure all of the obligations under the Credit Facilities by granting, for the benefit of secured parties, a first priority lien on substantially all of their assets, to the extent permitted by existing contractual obligations; a pledge of substantially all of the capital stock of each of our domestic subsidiaries and 65% of substantially all the capital stock of each of our foreign subsidiaries which are directly owned, in each case to the extent not otherwise pledged.

Credit Agreement Covenants

The loan documentation governing the Credit Facilities contains various affirmative and negative covenants, as well as financial maintenance covenants, that limit our ability to engage in certain types of transactions. We were in compliance with all of the affirmative and negative covenants under the Credit Facilities as of March 31, 2016.

Other Non-current Liabilities

As of March 31, 2016, the Dublin convertible preferred instrument of $89 million was included in other noncurrent liabilities in our condensed consolidated balance sheet.

Capitalized Interest

Interest expense paid and costs amortized to interest expense related to project financing are capitalized during the construction and start-up phase of the project. During the three months ended March 31, 2016 and 2015, interest expense of $6 million and zero, respectively, was capitalized.