CONSOLIDATED DEBT (Notes)

3 Months Ended

Mar. 31, 2021

Consolidated debt is as follows (in millions, except percentages):


	Average Rate (1)	March 31, 2021		December 31, 2020
LONG-TERM DEBT:
Revolving credit facility	2.00%	$	250	$	222
Term loan, net	2.74%	372		374
Credit facilities subtotal		$	622	$	596
Senior notes, net of deferred financing costs		1,184		1,184
Tax-exempt bonds, net of deferred financing costs		540		540
Equipment financing arrangements		76		78
Finance leases (2)		7		7
China venture loan		9		9
Total long-term debt		$	2,438	$	2,414
Less: current portion		(27)		(18)
Noncurrent long-term debt		$	2,411	$	2,396

PROJECT DEBT:
Total project debt		$	124	$	125
Less: current portion		(9)		(9)
Noncurrent project debt		$	115	$	116

TOTAL CONSOLIDATED DEBT		$	2,562	$	2,539
Less: current debt		(36)		(27)
TOTAL NONCURRENT CONSOLIDATED DEBT		$	2,526	$	2,512

(1)Includes the effects of the interest rate swap agreement to swap to a fixed rate the variable portion of our interest rate expense on $200 million of notional amount of debt under the Credit Facilities. See Note 11. Derivative Instruments for further information.

(2)Excludes Union County WtE facility finance lease which is presented within project debt in our condensed consolidated balance sheets.

Our subsidiary, Covanta Energy, has the Revolving Credit Facility and the Term Loan. The nature and terms of our Credit Facilities, Senior Notes, Tax-Exempt Bonds, project debt and other long-term debt are described in detail in Note 16. Consolidated Debt in our 2020 Annual Report on Form 10-K.

Unutilized Capacity under Revolving Credit Facility

As of March 31, 2021, we had unutilized capacity under the Revolving Credit Facility as follows (in millions, except years):


	Total Facility Commitment		Expiring Year	Direct Borrowings		Outstanding Letters of Credit		Unutilized Capacity
Revolving Credit Facility	$	900	2023	$	250	$	228	$	422

Credit Agreement Covenants

The loan documentation governing the Credit Facilities contains various affirmative and negative covenants, as well as financial maintenance covenants (financial ratios), 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, 2021.