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DEBT (Tables)

3 Months Ended

Mar. 31, 2020

Summary of Carrying Values Debt Obligations

The carrying values of our debt obligations are as follows:

	March 31,			December 31,
	2020			2019
	(In millions)
Debtor-in-Possession Term Facility	$	2,032		$	-
New Term Facility		-			800
Discount on New Term Facility		(37	)		(54	)
Structured equipment financing		35			32
North Ocean 105 construction financing		8			8
Term Facility		-			2,220
10.625% senior notes		-			1,300
Revolving credit facility		-			801
Debt	$	2,038		$	5,107

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:

	March 31, 2020				December 31, 2019
	Uncommitted Line Capacity		Utilized		Uncommitted Line Capacity		Utilized
	(In millions)
Bank Guarantee and Bilateral Letter of Credit ⁽¹⁾	$	1,688	$	1,098	$	1,842	$	1,293
Surety Bonds ⁽²⁾		747		625		835		601

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

⁽²⁾

Excludes approximately $272 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, and we are entitled to an indemnity from CSVC for the surety bonds and guarantees.

DIP Credit Agreement [Member]

Debt Instrument [Line Items]

Schedule of Minimum Adjusted Earnings Before Interest Taxes Depreciation and Amortization

Test Period End Date		Adjusted EBITDA (In millions)
June 30, 2020	$		230
September 30, 2020			410
December 31, 2020			640

Schedule of Maximum Project Charges

Test Period End Date	Maximum Project Charges (In millions)
December 31, 2019	$	260
March 31, 2020		50
June 30, 2020		50
September 30, 2020		40
December 31, 2020		30

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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+ Details