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Debt Obligations
 3 Months Ended
Mar. 31, 2022
Debt Obligations [Abstract]  
Debt Obligations DEBT OBLIGATIONS
Senior Notes
In February 2022, the Partnership redeemed its $300 million aggregate principal amount of 4.65% Senior Notes due February 2022 using proceeds from its Five-Year Credit Facility (defined below).
In April 2022, Dakota Access redeemed its $650 million aggregate principal amount of 3.625% Senior Notes due April 2022 using proceeds from contributions made by the partners of Dakota Access. The Partnership indirectly owns 36.4% of the ownership interests in Dakota Access.
Credit Facilities and Commercial Paper
Five-Year Credit Facility
The Partnership’s revolving credit facility (the “Five-Year Credit Facility”) allows for unsecured borrowings up to $5.00 billion and, as amended in April 2022, matures on April 11, 2027. The amended Five-Year Credit Facility contains an accordion feature, under which the total aggregate commitment may be increased up to $7.00 billion under certain conditions.
As of March 31, 2022, the Five-Year Credit Facility had $2.95 billion of outstanding borrowings, of which $1.45 billion consisted of commercial paper. The amount available for future borrowings was $2.02 billion, after accounting for outstanding letters of credit in the amount of $30 million. The weighted average interest rate on the total amount outstanding as of March 31, 2022 was 1.32%.
Sunoco LP Credit Facility
As of March 31, 2022, the Sunoco LP Credit Facility (as described in the Partnership’s Form 10-K filed on February 18, 2022) had $1.00 billion of outstanding borrowings and $6 million in standby letters of credit and, as amended in April
2022, matures in April 2027. The amount available for future borrowings at March 31, 2022 was $494 million. The weighted average interest rate on the total amount outstanding as of March 31, 2022 was 2.40%.
USAC Credit Facility
As of March 31, 2022, USAC had $566 million of outstanding borrowings and no outstanding letters of credit under the USAC Credit Facility (as described in the Partnership’s Form 10-K filed on February 18, 2022). As of March 31, 2022, USAC had $1.03 billion of availability under its credit facility, and subject to compliance with applicable financial covenants, available borrowing capacity of $224 million. The weighted average interest rate on the total amount outstanding as of March 31, 2022 was 3.17%.
Energy Transfer Canada Credit Facilities
As of March 31, 2022, the Energy Transfer Canada Term Loan A and the Energy Transfer Canada Revolving Credit Facility (both as described in the Partnership’s Form 10-K filed on February 18, 2022) had outstanding borrowings of C$308 million and C$6 million, respectively (US$247 million and US$5 million, respectively, at the March 31, 2022 exchange rate). As of March 31, 2022, the KAPS Facility had outstanding borrowings of C$241 million (US$193 million at the March 31, 2022 exchange rate). The Energy Transfer Canada credit facilities are reflected in liabilities held for sale on the Partnership’s consolidated balance sheet as of March 31, 2022.
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 March 31, 2022. For the quarter ended March 31, 2022, our leverage ratio, as calculated pursuant to the covenant related to our revolving credit facility, was 3.55x.