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Debt (Tables)
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12 Months Ended |
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Dec. 31, 2012
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| Debt Disclosure [Abstract] |
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| Schedule of Long-term Debt Instruments |
Our debt at December 31, 2012 and 2011, was as follows (in millions): | | | | | | | | | | 2012 | | 2011 | First Lien Notes(1) | $ | 5,303 |
| | $ | 5,892 |
| First Lien Term Loans(1) | 2,463 |
| | 1,646 |
| Project financing, notes payable and other(1) | 1,789 |
| | 1,691 |
| CCFC Notes | 978 |
| | 972 |
| Capital lease obligations | 217 |
| | 224 |
| Total debt | 10,750 |
| | 10,425 |
| Less: Current maturities | 115 |
| | 104 |
| Debt, net of current portion | $ | 10,635 |
| | $ | 10,321 |
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_____________ | | (1) | During the fourth quarter of 2012, we redeemed 10% of the aggregate principal amount of our First Lien Notes and repaid project debt with proceeds received from the issuance of our 2019 First Lien Term Loan. |
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| Schedule of Maturities of Long-term Debt |
Contractual annual principal repayments or maturities of debt instruments as of December 31, 2012, are as follows (in millions): | | | | | 2013 | $ | 115 |
| 2014 | 188 |
| 2015 | 153 |
| 2016 | 1,162 |
| 2017 | 1,597 |
| Thereafter | 7,580 |
| Total debt | 10,795 |
| Less: Discount | 45 |
| Total | $ | 10,750 |
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| First Lien Notes |
Our First Lien Notes are summarized in the table below (in millions, except for interest rates): | | | | | | | | | | | | | | | | Outstanding at December 31, | | Weighted Average Effective Interest Rates(1) | | 2012 | | 2011 | | 2012 | | 2011 | 2017 First Lien Notes | $ | 1,080 |
| | $ | 1,200 |
| | 7.5 | % | | 7.5 | % | 2019 First Lien Notes | 360 |
| | 400 |
| | 8.2 |
| | 8.2 |
| 2020 First Lien Notes | 983 |
| | 1,092 |
| | 8.1 |
| | 8.1 |
| 2021 First Lien Notes | 1,800 |
| | 2,000 |
| | 7.7 |
| | 7.7 |
| 2023 First Lien Notes | 1,080 |
| | 1,200 |
| | 8.0 |
| | 8.0 |
| Total First Lien Notes | $ | 5,303 |
| | $ | 5,892 |
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____________ | | (1) | Our weighted average interest rate calculation includes the amortization of deferred financing costs and debt discount. |
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| First Lien Term Loans |
The 2019 First Lien Term Loan carries substantially the same terms as the 2018 First Lien Term Loans and matures on October 9, 2019. The 2019 First Lien Term Loan also contains substantially similar covenants, qualifications, exceptions and limitations as the 2018 First Lien Term Loans and First Lien Notes. We recorded debt extinguishment costs of approximately $18 million associated with the redemption premium, the write-off of unamortized deferred financing costs and debt premium and discount during the fourth quarter of 2012. | | | | | | | | | | | | | | | | Outstanding at December 31, | | Weighted Average Effective Interest Rates(1) | | 2012 | | 2011 | | 2012 | | 2011 | 2018 First Lien Term Loans | $ | 1,630 |
| | $ | 1,646 |
| | 4.7 | % | | 4.7 | % | 2019 First Lien Term Loan | 833 |
| | — |
| | 4.7 |
| | — |
| Total First Lien Term Loans | $ | 2,463 |
| | $ | 1,646 |
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____________ | | (1) | Our weighted average interest rate calculation includes the amortization of deferred financing costs and debt discount. |
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| Project Financing Notes Payable and Other |
The components of our project financing, notes payable and other are (in millions, except for interest rates): | | | | | | | | | | | | | | | | Outstanding at December 31, | | Weighted Average Effective Interest Rates(1) | | 2012 | | 2011 | | 2012 | | 2011 | Russell City Project Debt due 2023 | $ | 507 |
| | $ | 244 |
| | 3.6 | % | | 4.1 | % | Steamboat due 2017 | 428 |
| | 437 |
| | 6.8 |
| | 6.6 |
| OMEC due 2019 | 345 |
| | 355 |
| | 6.8 |
| | 6.8 |
| Los Esteros Project Debt due 2023 | 209 |
| | 83 |
| | 3.5 |
| | 3.8 |
| Pasadena(2) | 160 |
| | 185 |
| | 8.9 |
| | 8.8 |
| Bethpage Energy Center 3 due 2020-2025(3) | 93 |
| | 98 |
| | 7.0 |
| | 7.0 |
| Gilroy note payable due 2014 | 33 |
| | 49 |
| | 10.8 |
| | 10.6 |
| Calpine BRSP due 2014(4) | — |
| | 232 |
| | — |
| | 5.7 |
| Other | 14 |
| | 8 |
| | — |
| | — |
| Total | $ | 1,789 |
| | $ | 1,691 |
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_____________ | | (1) | Our weighted average interest rate calculation includes the amortization of deferred financing costs and debt discount or premium. |
| | (2) | Represents a sale-leaseback transaction that is accounted for as financing transaction under U.S. GAAP. |
| | (3) | Represents a weighted average of first and second lien loans for the weighted average effective interest rates. |
| | (4) | During the fourth quarter of 2012, we repaid the Calpine BRSP project debt with proceeds received from the issuance of our 2019 First Lien Term Loan. |
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| Schedule of Future Minimum Lease Payments for Capital Leases |
The following is a schedule by year of future minimum lease payments under capital leases and failed sale-leaseback transactions together with the present value of the net minimum lease payments as of December 31, 2012 (in millions): | | | | | | | | | | | | | | Sale-Leaseback Transactions(1) | | Capital Lease | | Total | 2013 | $ | 37 |
| | $ | 42 |
| | $ | 79 |
| 2014 | 25 |
| | 43 |
| | 68 |
| 2015 | 25 |
| | 38 |
| | 63 |
| 2016 | 25 |
| | 41 |
| | 66 |
| 2017 | 17 |
| | 38 |
| | 55 |
| Thereafter | 127 |
| | 161 |
| | 288 |
| Total minimum lease payments | 256 |
| | 363 |
| | 619 |
| Less: Amount representing interest | 96 |
| | 146 |
| | 242 |
| Present value of net minimum lease payments | $ | 160 |
| | $ | 217 |
| | $ | 377 |
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____________ | | (1) | Amounts are accounted for as financing transactions under U.S. GAAP and are included in our project financing, notes payable and other amounts above. |
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| Schedule of Line of Credit Facilities |
The table below represents amounts issued under our letter of credit facilities at December 31, 2012 and 2011 (in millions): | | | | | | | | | | 2012 | | 2011 | Corporate Revolving Facility | $ | 243 |
| | $ | 440 |
| CDHI | 253 |
| | 193 |
| Various project financing facilities | 130 |
| | 130 |
| Total | $ | 626 |
| | $ | 763 |
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| Fair Value, by Balance Sheet Grouping |
The following table details the fair values and carrying values of our debt instruments at December 31, 2012 and 2011 (in millions): | | | | | | | | | | | | | | | | | | 2012 | | 2011 | | Fair Value | | Carrying Value | | Fair Value | | Carrying Value | First Lien Notes | $ | 5,863 |
| | $ | 5,303 |
| | $ | 6,219 |
| | $ | 5,892 |
| First Lien Term Loans | 2,489 |
| | 2,463 |
| | 1,615 |
| | 1,646 |
| Project financing, notes payable and other(1) | 1,599 |
| | 1,629 |
| | 1,467 |
| | 1,504 |
| CCFC Notes | 1,075 |
| | 978 |
| | 1,070 |
| | 972 |
| Total | $ | 11,026 |
| | $ | 10,373 |
| | $ | 10,371 |
| | $ | 10,014 |
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____________ | | (1) | Excludes a lease that is accounted for as a failed sale-leaseback transaction under U.S. GAAP. |
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