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Debt Obligations
 6 Months Ended
Jun. 30, 2021
Debt Obligations [Abstract]  
Debt Obligations DEBT OBLIGATIONS
In connection with the Rollup Mergers on April 1, 2021, as discussed in Note 1 above, ET entered into various supplemental indentures and assumed all the obligations of ETO under the respective indentures and credit agreements.
During the first quarter of 2021, ETO redeemed its $600 million of 4.40% senior notes due April 1, 2021 and its $800 million of 4.65% senior notes due June 1, 2021, using proceeds from the Five-Year Credit Facility.
Credit Facilities and Commercial Paper
Term Loan
As a result of the Rollup Mergers, on April 1, 2021, ET assumed all of ETO’s obligations in respect of its term loan credit agreement (the “Term Loan”) and Sunoco Logistics Operations was released as a guarantor in respect of the Term Loan. The Partnership’s Term Loan provides for a $2.00 billion three-year term loan credit facility. Borrowings under the Term Loan mature on October 17, 2022 and are available for working capital purposes and for general partnership purposes. During the three months ended June 30, 2021, the Partnership repaid $1.5 billion on the Term Loan in part through proceeds from its Series H Preferred Unit issuance. As of June 30, 2021, the Term Loan had $500 million outstanding. The weighted average interest rate on the total amount outstanding as of June 30, 2021 was 1.10%.
Five-Year Credit Facility
As a result of the Rollup Mergers, on April 1, 2021, ET assumed all of ETO’s obligations in respect of its revolving credit facility (the “Five-Year Credit Facility”) and Sunoco Logistics Operations was released as a guarantor in respect of the Five-Year Credit Facility. The Partnership’s Five-Year Credit Facility allows for unsecured borrowings up to $5.00 billion
and matures on December 1, 2024. The Five-Year Credit Facility contains an accordion feature, under which the total aggregate commitment may be increased up to $6.00 billion under certain conditions.
As of June 30, 2021, the Five-Year Credit Facility had $886 million of outstanding borrowings, of which $795 million consisted of commercial paper. The amount available for future borrowings was $4.02 billion, after accounting for outstanding letters of credit in the amount of $90 million. The weighted average interest rate on the total amount outstanding as of June 30, 2021 was 0.52%.
364-Day Facility
As a result of the Rollup Mergers, on April 1, 2021, ET assumed all of ETO’s obligations in respect of its 364-day revolving credit facility (the “364-Day Facility”) and Sunoco Logistics Operations was released as a guarantor in respect of the 364-Day Facility. The Partnership’s 364-Day Facility allows for unsecured borrowings up to $1.00 billion and matures on November 26, 2021. As of June 30, 2021, the 364-Day Facility had no outstanding borrowings.
Sunoco LP Credit Facility
Sunoco LP maintains a $1.50 billion revolving credit facility (the “Sunoco LP Credit Facility”). As of June 30, 2021, the Sunoco LP Credit Facility had $361 million of outstanding borrowings and $8 million in standby letters of credit and matures in July 2023. The amount available for future borrowings at June 30, 2021 was $1.13 billion. The weighted average interest rate on the total amount outstanding as of June 30, 2021 was 2.08%.
USAC Credit Facility
USAC maintains a $1.60 billion revolving credit facility (the “USAC Credit Facility”), which matures on April 2, 2023 and permits up to $400 million of future increases in borrowing capacity. As of June 30, 2021, USAC had $473 million of outstanding borrowings and no outstanding letters of credit under the USAC Credit Facility. As of June 30, 2021, USAC had $1.13 billion of availability under the USAC Credit Facility. The weighted average interest rate on the total amount outstanding as of June 30, 2021 was 2.91%.
Energy Transfer Canada Credit Facilities
Energy Transfer Canada is party to a credit agreement providing for a C$350 million (US$282 million at the June 30, 2021 exchange rate) senior secured term loan facility (the “Energy Transfer Canada Term Loan A”), a C$525 million (US$424 million at the June 30, 2021 exchange rate) senior secured revolving credit facility (the “Energy Transfer Canada Revolving Credit Facility”), and a C$300 million (US$242 million at the June 30, 2021 exchange rate) senior secured construction loan facility (the “KAPS Facility”). The Energy Transfer Canada Term Loan A and the Energy Transfer Canada Revolving Credit Facility mature on February 25, 2024. The KAPS Facility matures on June 13, 2024. Energy Transfer Canada may incur additional term loans and revolving commitments in an aggregate amount not to exceed C$250 million (US$202 million at the June 30, 2021 exchange rate), subject to receiving commitments for such additional term loans or revolving commitments from either new lenders or increased commitments from existing lenders. As of June 30, 2021, the Energy Transfer Canada Term Loan A and the Energy Transfer Canada Revolving Credit Facility had outstanding borrowings of C$323 million and C$102 million, respectively (US$261 million and US$82 million, respectively, at the June 30, 2021 exchange rate). As of June 30, 2021, the KAPS Facility had no outstanding borrowings.
Compliance with our Covenants
We and our subsidiaries were in compliance with all requirements, tests, limitations, and covenants related to our debt agreements as of June 30, 2021. For the quarter ended June 30, 2021, our leverage ratio, as calculated pursuant to the covenant related to our revolving credit facility, was 3.14x.