| Schedule of Outstanding Debt |
The following table reflects our outstanding debt (in order of Priority and Maturity): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of | | September 30, 2020 | | December 31, 2019 | | Final Maturity | | Rate(s) | | Face value | | Unamortized debt discount/premium and deferred financing costs, net | | Book value | | Book value | | Senior Secured Credit Facilities: | | | | | | | | | | | | | SGI Revolver | 2024 | | variable | | $ | 635 | | | $ | — | | | $ | 635 | | | $ | 195 | | | SGI Term Loan B-5 | 2024 | | variable | | 4,070 | | | (51) | | | 4,019 | | | 4,042 | | | SciPlay Revolver | 2024 | | variable | | — | | | — | | | — | | | — | | | SGI Senior Notes: | | | | | | | | | | | | 2025 Secured Notes(1) | 2025 | | 5.000% | | 1,250 | | | (14) | | | 1,236 | | | 1,235 | | 2026 Secured Euro Notes(2) | 2026 | | 3.375% | | 381 | | | (4) | | | 377 | | | 359 | | | 2025 Unsecured Notes | 2025 | | 8.625% | | 550 | | | (8) | | | 542 | | | — | | 2026 Unsecured Euro Notes(2) | 2026 | | 5.500% | | 293 | | | (3) | | | 290 | | | 276 | | | 2026 Unsecured Notes | 2026 | | 8.250% | | 1,100 | | | (13) | | | 1,087 | | | 1,085 | | | 2028 Unsecured Notes | 2028 | | 7.000% | | 700 | | | (9) | | | 691 | | | 690 | | | 2029 Unsecured Notes | 2029 | | 7.250% | | 500 | | | (7) | | | 493 | | | 493 | | | SGI Subordinated Notes: | | | | | | | | | | | | | 2021 Notes | 2021 | | 6.625% | | — | | | — | | | — | | | 339 | | Finance lease obligations as of September 30, 2020 payable monthly through 2023 and other(3) | 2023 | | 4.652% | | 8 | | | — | | | 8 | | | 11 | | | Total long-term debt outstanding | | | | | $ | 9,487 | | | $ | (109) | | | $ | 9,378 | | | $ | 8,725 | | | Less: current portion of long-term debt | | | | | | | | | (44) | | | (45) | | | Long-term debt, excluding current portion | | | | | | | | | $ | 9,334 | | | $ | 8,680 | | Fair value of debt(4) | | | | | $ | 9,292 | | | | | | | | | | | | | | | | | | | | (1) In connection with the February 2018 Refinancing (see Note 15 in our 2019 Form 10-K), we entered into certain cross-currency interest rate swap agreements to achieve more attractive interest rates by effectively converting $460 million of the fixed-rate, U.S. Dollar-denominated 2025 Secured Notes, including the semi-annual interest payments through October 2023, to a fixed-rate Euro-denominated debt, with a fixed annual weighted average interest rate of approximately 2.946%. These cross-currency swaps have been designated as a hedge of our net investment in certain subsidiaries. | (2) We designated a portion of our 2026 Secured Euro Notes as a net investment non-derivative hedge of our investments in certain of our international subsidiaries that use the Euro as their functional currency in order to reduce the volatility in our operating results caused by the change in foreign currency exchange rates of the Euro relative to the U.S. Dollar (see Note 12 for additional information). The total change in the face value of the 2026 Secured Euro Notes and 2026 Unsecured Euro Notes due to changes in foreign currency exchange rates since the issuance was a reduction of $39 million, of which a $24 million and $26 million loss were recognized on remeasurement of debt in the Consolidated Statements of Operations for the three and nine months ended September 30, 2020, respectively. | (3) Includes $7 million related to certain revenue transactions presented as debt in accordance with ASC 470. | | (4) Fair value of our fixed rate and variable interest rate debt is classified within Level 2 in the fair value hierarchy and has been calculated based on the quoted market prices of our securities. |
Debt Maturities
Maturities for our outstanding debt were as follows as of September 30, 2020: | | | | | | | | | | | | | | | | | | | | | | | | Due | | Total Principal Due | | | | Series of Debt | | Principal Due per Series of Debt | | Remainder of 2020 | | $ | 10 | | | | | Term Loan B-5 | | $ | 10 | | | | | | | | | | | | 2021 | | 42 | | | | | Term Loan B-5 | | 42 | | | | | | | | | 2022 | | 42 | | | | | Term Loan B-5 | | 42 | | | 2023 | | 42 | | | | | Term Loan B-5 | | 42 | | | 2024 | | 4,569 | | | | | Term Loan B-5 | | 3,934 | | | | | Drawn Revolving Credit Facility | | 635 | | | 2025 and beyond | | 4,774 | | | | | 2025 Secured Notes | | 1,250 | | | | | | 2025 Unsecured Notes | | 550 | | | | | | 2026 Secured Euro Notes | | 381 | | | | | | 2026 Unsecured Euro Notes | | 293 | | | | | | 2026 Unsecured Notes | | 1,100 | | | | | | 2028 Unsecured Notes | | 700 | | | | | | 2029 Unsecured Notes | | 500 | | |
|
| Schedule of Components of Extinguishment and Modification of Debt |
The following are components of the loss on debt financing transactions resulting from debt extinguishment and modification accounting for the three and nine months ended September 30, 2020 and 2019: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | 2020 | | 2019 | | 2020 | | 2019 | | Repayment and cancellation of principal balance at premium | $ | — | | | $ | — | | | $ | — | | | $ | 50 | | | Unamortized debt (premium) discount and deferred financing costs, net | 1 | | | — | | | 1 | | | 10 | | | | | | | | | | | Total loss on debt financing transactions | $ | 1 | | | $ | — | | | $ | 1 | | | $ | 60 | |
|