Debt

Our debt at March 31, 2018 and December 31, 2017, was as follows (in millions):



	March 31, 2018		December 31, 2017
Senior Unsecured Notes	$	3,419	$	3,417
First Lien Term Loans	2,990		2,995
First Lien Notes	2,396		2,396
Project financing, notes payable and other	1,461		1,498
CCFC Term Loan	980		984
Capital lease obligations	111		115
Corporate Revolving Facility	325		—
Subtotal	11,682		11,405
Less: Current maturities	227		225
Total long-term debt	$	11,455	$	11,180

Our effective interest rate on our consolidated debt, excluding the effects of capitalized interest and mark-to-market gains (losses) on interest rate hedging instruments, increased to 5.6% for the three months ended March 31, 2018, from 5.4% for the same period in 2017.

Senior Unsecured Notes

The amounts outstanding under our Senior Unsecured Notes are summarized in the table below (in millions):



	March 31, 2018		December 31, 2017
2023 Senior Unsecured Notes	$	1,240	$	1,239
2024 Senior Unsecured Notes	644		644
2025 Senior Unsecured Notes	1,535		1,534
Total Senior Unsecured Notes	$	3,419	$	3,417

First Lien Term Loans

The amounts outstanding under our senior secured First Lien Term Loans are summarized in the table below (in millions):



	March 31, 2018		December 31, 2017
2019 First Lien Term Loan	$	389	$	389
2023 First Lien Term Loans	1,063		1,064
2024 First Lien Term Loan	1,538		1,542
Total First Lien Term Loans	$	2,990	$	2,995

First Lien Notes

The amounts outstanding under our senior secured First Lien Notes are summarized in the table below (in millions):



	March 31, 2018		December 31, 2017
2022 First Lien Notes	$	742	$	741
2024 First Lien Notes	485		485
2026 First Lien Notes	1,169		1,170
Total First Lien Notes	$	2,396	$	2,396

Corporate Revolving Facility and Other Letter of Credit Facilities

The table below represents amounts issued under our letter of credit facilities at March 31, 2018 and December 31, 2017 (in millions):



	March 31, 2018		December 31, 2017
Corporate Revolving Facility⁽¹⁾	$	953	$	629
CDHI	235		244
Various project financing facilities	181		196
Total	$	1,369	$	1,069

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(1)	The Corporate Revolving Facility represents our primary revolving facility.

On September 15, 2017, we amended our Corporate Revolving Facility to, among other things, provide that the Merger does not constitute a “Change of Control” thereunder, effective upon consummation of the Merger. On October 20, 2017, we further amended our Corporate Revolving Facility to extend the maturity of most revolving commitments (totaling $1.3 billion in the aggregate) to March 8, 2023, and reduce the capacity thereunder from $1.79 billion to $1.47 billion. Both amendments to the Corporate Revolving Facility became effective upon consummation of the Merger on March 8, 2018. See Note 2 for further information related to the Merger. On March 8, 2018, we further amended our Corporate Revolving Facility to increase the letter of credit facility from $1.15 billion to $1.3 billion and increased the Incremental Revolving Facilities (as defined in the credit agreement) amount to $500 million.

Short Term Credit Facility — On April 11, 2018, we entered into a credit agreement which allows us access to $300 million in aggregate available borrowings until August 31, 2018. Any cash draws from the Short Term Credit Facility are unsecured but will be converted to first lien senior secured term loans if not repaid within 21 days of the initial draw date. Any borrowings converted into first lien senior secured loans have a 364-day maturity from the initial draw date and will contain substantially similar interest rates, covenants, qualifications, exceptions and limitations as our 2019 First Lien Term Loan.

Fair Value of Debt

We record our debt instruments based on contractual terms, net of any applicable premium or discount and debt issuance costs. The following table details the fair values and carrying values of our debt instruments at March 31, 2018 and December 31, 2017 (in millions):



	March 31, 2018				December 31, 2017
	Fair Value		Carrying Value		Fair Value		Carrying Value
Senior Unsecured Notes	$	3,203	$	3,419	$	3,294	$	3,417
First Lien Term Loans	3,047		2,990		3,043		2,995
First Lien Notes	2,398		2,396		2,437		2,396
Project financing, notes payable and other⁽¹⁾	1,397		1,372		1,439		1,409
CCFC Term Loan	998		980		1,000		984
Corporate Revolving Facility	325		325		—		—
Total	$	11,368	$	11,482	$	11,213	$	11,201

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(1)	Excludes a lease that is accounted for as a failed sale-leaseback transaction under U.S. GAAP.

Our Senior Unsecured Notes, First Lien Term Loans, First Lien Notes, CCFC Term Loan and Corporate Revolving Facility are categorized as level 2 within the fair value hierarchy. Our project financing, notes payable and other debt instruments are categorized as level 3 within the fair value hierarchy. We do not have any debt instruments with fair value measurements categorized as level 1 within the fair value hierarchy.