Long-Term Debt

6 Months Ended

Jun. 30, 2021

NOTE 8 — LONG-TERM DEBT

A summary of long-term debt at June 30, 2021 and December 31, 2020, including related interest rates at June 30, 2021, follows (dollars in millions):


	June 30, 2021			December 31, 2020
Senior secured asset-based revolving credit facility (effective interest rate of 2.2%)	$	800		$	—
Senior secured revolving credit facility		—			—
Senior secured term loan facilities (effective interest rate of 3.1%)		2,000			3,671
Senior secured notes (effective interest rate of 4.8%)		16,200			13,850
Other senior secured debt (effective interest rate of 4.3%)		875			767

Senior secured debt		19,875			18,288
Senior unsecured notes (effective interest rate of 5.5%)		12,952			12,952
Debt issuance costs and discounts		(255	)		(236	)

Total debt (average life of 9.7 years, rates averaging 4.9%)		32,572			31,004
Less amounts due within one year		253			209

	$	32,319		$	30,795

During June 2021, we issued $2.350 billion aggregate principal amount of senior secured notes comprised of $850 million aggregate principal amount of

2 3/8

% notes due 2031 and $1.500 billion aggregate principal amount of

3 1/2

% notes due 2051 (the “June 2021 Notes”). We also amended and restated our senior secured revolving credit facility and our senior secured asset-based revolving credit facility, including increasing availability under the asset-based revolving credit facility to

$4.500

billion, extending the maturity date on both facilities to June 30, 2026 and entering into a new $

1.500

billion term loan A-7 facility and a new

$500

million term loan B-14 facility (the “Credit Agreement Transactions”). We used the net proceeds from the June 2021 Notes and the Credit Agreement Transactions to retire the existing

$1.071

billion term loan A-6 facility, the existing

$1.455

billion term loan B-12 facility and the existing

$1.131

billion term loan B-13 facility. The pretax loss on retirement of debt was

$12 million