Debt (Tables)

12 Months Ended

Dec. 31, 2019

Debt

Our debt at December 31, 2019 and 2018, was as follows (in millions):



	2019		2018
Senior Unsecured Notes	$	3,663	$	3,036
First Lien Term Loans	3,167		2,976
First Lien Notes	2,835		2,400
Project financing, notes payable and other	879		1,264
CCFC Term Loan	967		974
Finance lease obligations	73		105
Revolving facilities	122		30
Subtotal	11,706		10,785
Less: Current maturities	1,268		637
Total long-term debt	$	10,438	$	10,148

Schedule of Maturities of Long-term Debt

Annual Debt Maturities

Contractual annual principal repayments or maturities of debt instruments as of December 31, 2019, are as follows (in millions):



2020	$	1,269
2021	347
2022	230
2023	198
2024	2,030
Thereafter	7,771
Subtotal	11,845
Less: Debt issuance costs	114
Less: Discount	25
Total debt	$	11,706

Senior Unsecured Notes

Our Senior Unsecured Notes are summarized in the table below (in millions, except for interest rates):



	Outstanding at December 31,				Weighted Average Effective Interest Rates⁽¹⁾
	2019		2018		2019		2018
2023 Senior Unsecured Notes⁽²⁾	$	623	$	1,227	5.7	%	5.6	%
2024 Senior Unsecured Notes	479		599		5.7		5.7
2025 Senior Unsecured Notes	1,174		1,210		5.8		6.0
2028 Senior Unsecured Notes⁽²⁾	1,387		—		5.3		—
Total Senior Unsecured Notes	$	3,663	$	3,036

____________


(1)	Our weighted average interest rate calculation includes the amortization of debt issuance costs.

(2)

On December 27, 2019, we used the proceeds from the issuance of our 2028 Senior Unsecured Notes (discussed below) to redeem approximately $613 million in aggregate principal amount of our 2023 Senior Unsecured Notes, plus accrued and unpaid interest. On January 21, 2020, we redeemed the remaining $623 million in aggregate principal amount of our 2023 Senior Unsecured Notes, which was included in debt, current portion on our Consolidated Balance Sheet at December 31, 2019, with the proceeds from the 2028 Senior Unsecured Notes, which was included in cash and cash equivalents on our Consolidated Balance Sheet at December 31, 2019. We recorded approximately $24 million in loss on extinguishment of debt which is comprised of approximately $18 million of prepayment premiums and approximately $6 million associated with the write-off of unamortized debt issuance costs during the fourth quarter of 2019 associated with the redemption.

Debt Instrument Redemption [Table Text Block]



	Year Ended December 31, 2019							Year Ended December 31, 2018
	Principal Repurchased		Cash Paid		Gain (loss) on Extinguishment of Debt			Principal Repurchased		Cash Paid		Gain on Extinguishment of Debt
	(in million)

2023 Senior Unsecured Notes	$	—	$	—	$	—		$	14	$	13	$	1
2024 Senior Unsecured Notes	122		123		(1		)	46		42		4
2025 Senior Unsecured Notes	38		35		3			330		300		30
Total	$	160	$	158	$	2		$	390	$	355	$	35

First Lien Term Loans

Our First Lien Term Loans are summarized in the table below (in millions, except for interest rates):



	Outstanding at December 31,				Weighted Average Effective Interest Rates⁽¹⁾
	2019		2018		2019		2018
2019 First Lien Term Loan	$	—	$	389	—	%	4.9	%
2023 First Lien Term Loans	—		1,059		—		5.4
2024 First Lien Term Loan⁽²⁾	1,514		1,528		5.3		5.0
2026 First Lien Term Loans	1,653		—		5.4		—
Total First Lien Term Loans	$	3,167	$	2,976

____________


(1)	Our weighted average interest rate calculation includes the amortization of debt issuance costs and debt discount.


(2)	Our 2024 First Lien Term Loan, which matures on January 15, 2024, carries substantially similar terms as our $950 million first lien senior secured term loan as discussed below.

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⁾
	2019		2018		2019		2018
2022 First Lien Notes⁽²⁾	$	245	$	743	6.4	%	6.4	%
2024 First Lien Notes⁽³⁾	184		486		6.1		6.1
2026 First Lien Notes	1,172		1,171		5.5		5.5
2028 First Lien Notes⁽²⁾⁽³⁾	1,234		—		4.7		—
Total First Lien Notes	$	2,835	$	2,400

____________


(1)	Our weighted average interest rate calculation includes the amortization of debt issuance costs and debt discount.

(2)

On December 20, 2019, we used the proceeds from the issuance of our 2028 First Lien Notes (discussed below) to redeem approximately $505 million in aggregate principal amount of our 2022 First Lien Notes, plus accrued and unpaid interest. On January 21, 2020, we redeemed the remaining $245 million in aggregate principal amount of our 2022 First Lien Notes, which was included in debt, current portion on our Consolidated Balance Sheet at December 31, 2019, with the proceeds from the 2028 First Lien Notes, which was included in cash and cash equivalents on our Consolidated Balance Sheet at December 31, 2019. We recorded approximately $6 million in loss on extinguishment of debt which is comprised of approximately $1 million of prepayment premiums and approximately $5 million associated with the write-off of unamortized discount and debt issuance costs during the fourth quarter of 2019 associated with the redemption.

(3)

On December 20, 2019, we used the proceeds from the issuance of our 2028 First Lien Notes (discussed below) to redeem approximately $306 million of the total aggregate debt amount of 2024 First Lien Notes, plus accrued and unpaid interest. On January 21, 2020, we redeemed the remaining $184 million in aggregate principal amount of our 2024 First Lien Notes, which was included in debt, current portion on our Consolidated Balance Sheet at December 31, 2019, with the proceeds from the 2028 First Lien Notes which was included in cash and cash equivalents on our Consolidated Balance Sheet at December 31, 2019. We recorded approximately $14 million in loss on extinguishment of debt which is comprised of approximately $11 million of prepayment premiums and approximately $3 million associated with the write-off of unamortized debt issuance costs during the fourth quarter of 2019 associated with the redemption.

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⁾
	2019		2018		2019		2018
Russell City due 2023	$	272	$	341	6.6	%	6.5	%
Steamboat due 2025	351		384		4.6		4.5
OMEC due 2024⁽²⁾	—		218		—		7.1
Los Esteros due 2023	135		163		5.2		4.7
Pasadena⁽³⁾	62		76		8.9		8.9
Bethpage Energy Center 3 due 2020-2025⁽⁴⁾	45		53		7.0		7.1
Other	14		29		—		—
Total	$	879	$	1,264

_____________


(1)	Our weighted average interest rate calculation includes the amortization of debt issuance costs and debt discount.


(2)	On August 14, 2019, we repaid the project debt associated with OMEC from a portion of the proceeds received from the issuance of our 2026 First Lien Term Loans (as discussed above), together with cash on hand.


(3)	Represents a failed sale-leaseback transaction that is accounted for as financing transaction under U.S. GAAP.


(4)	Represents a weighted average of first and second lien loans for the weighted average effective interest rates.

CCFC Term Loans

CCFC Term Loan

Our CCFC Term Loan is summarized in the table below (in millions, except for interest rates):



	Outstanding at December 31,				Weighted Average Effective Interest Rates⁽¹⁾
	2019		2018		2019		2018
CCFC Term Loan	$	967	$	974	5.2	%	4.9	%

____________


(1)	Our weighted average interest rate calculation includes the amortization of debt issuance costs and debt discount.

Schedule of Line of Credit Facilities

Corporate Revolving Facility and Other Letters of Credit Facilities

The table below represents amounts issued under our letter of credit facilities at December 31, 2019 and 2018 (in millions):



	2019		2018
Corporate Revolving Facility	$	604	$	693
CDHI	3		251
Various project financing facilities	184		228
Other corporate facilities	294		193
Total	$	1,085	$	1,365

Fair Value, by Balance Sheet Grouping

The following table details the fair values and carrying values of our debt instruments at December 31, 2019 and 2018 (in millions):



	2019				2018
	Fair Value		Carrying Value		Fair Value		Carrying Value
Senior Unsecured Notes	$	3,764	$	3,663	$	2,803	$	3,036
First Lien Term Loans	3,238		3,167		2,877		2,976
First Lien Notes	2,929		2,835		2,299		2,400
Project financing, notes payable and other⁽¹⁾	822		817		1,209		1,188
CCFC Term Loan	982		967		938		974
Revolving facilities	122		122		30		30
Total	$	11,857	$	11,571	$	10,156	$	10,604

____________


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