DEBT (Tables)

9 Months Ended

Sep. 30, 2019

Debt Disclosure [Abstract]

Summary of Long-Term Debt Obligations

The carrying values of our debt obligations are as follows:

	September 30, 2019				December 31, 2018
	(In millions)
Current
Revolving credit facility	$	801			$	-
Term Facility	$	2,226			$	23
10.625% senior notes		1,300				-
Structured equipment financing		32				-
North Ocean 105 construction financing		12				8
Less: unamortized debt issuance costs		(120	)			(1	)
Current debt, net of unamortized debt issuance costs	$	3,450		$		30
Long-term
Term Facility	$	-			$	2,243
10.625% senior notes		-				1,300
North Ocean 105 construction financing		-				16
Less: current maturities of long-term debt		-				(30	)
Less: unamortized debt issuance costs		-				(136	)
Long-term debt, net of unamortized debt issuance costs	$	-			$	3,393

Summary of Future Contractually Scheduled Maturities of the Term Facility

The future contractually scheduled maturities of the Term Facility are:

	(In millions)
2019	$	6
2020		23
2021		23
2022		23
2023		23
Thereafter		2,128
	$	2,226

Schedule of Minimum Adjusted EBITDA

Test Period End Date	Adjusted EBITDA (In millions)
December 31, 2019	$	430
March 31, 2020		470
June 30, 2020		530
September 30, 2020		880
December 31, 2020		960
March 31, 2021		1,090
June 30, 2021		1,210

Summary of Redemption Prices Expressed as Percentage

However, at any time or from time to time on or after May 1, 2021, we may redeem the Senior Notes, in whole or in part, at the redemption prices (expressed as percentages of principal amount of the Senior Notes to be redeemed) set forth below, together with accrued and unpaid interest to (but excluding) the redemption date (subject to the right of holders of record on the relevant record date to receive interest due on the relevant interest payment date), if redeemed during the 12-month period beginning on May 1 of the years indicated:

Year	Optional redemption price
2021		105.313	%
2022		102.656	%
2023 and thereafter		100.000	%

Schedule of Uncommitted Bilateral Credit Facilities and Surety Bond Arrangements

Uncommitted Facilities—We are party to a number of short-term uncommitted bilateral credit facilities and surety bond arrangements (the “Uncommitted Facilities”) across several geographic regions, as follows:

	September 30, 2019				December 31, 2018
	Uncommitted Line Capacity		Utilized		Uncommitted Line Capacity		Utilized
	(In millions)
Bank Guarantee and Bilateral Letter of Credit (1)	$	1,850	$	1,380	$	1,669	$	1,060
Surety Bonds (2)		842		588		842		475

^{(1) Approximately $175 million of this capacity is available only upon provision of an equivalent amount of cash collateral.}  

^{(2) Excludes approximately $326 million of surety bonds maintained on behalf of CB&I’s former Capital Services Operations, which were sold to CSVC Acquisition Corp (“CSVC”) in June 2017. We also continue to maintain guarantees on behalf of CB&I’s former Capital Services Operations business in support of approximately $28 million of RPOs. We are entitled to an indemnity from CSVC for both the surety bonds and guarantees.}

The financial institutions that provide the Uncommitted Facilities have no obligation to issue letters of credit or bank guarantees, or to post surety bonds, on our behalf, and they may be able to demand that we provide them with cash or other collateral to backstop these liabilities.