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Debt Obligations
 9 Months Ended
Sep. 30, 2022
Debt Obligations [Abstract]  
Debt Obligations DEBT OBLIGATIONS
Senior Notes
In February 2022, the Partnership redeemed $300 million aggregate principal amount of its 4.65% Senior Notes due February 2022 using proceeds from its Five-Year Credit Facility (defined below).
In April 2022, Dakota Access redeemed $650 million aggregate principal amount of its 3.625% Senior Notes due April 2022 using proceeds from contributions made by its members. The Partnership indirectly owns 36.4% of the ownership interests in Dakota Access.
In August 2022, the Partnership exercised its par call option and fully redeemed $700 million aggregate principal amount of its 5.00% Senior Notes due October 2022 with proceeds from its Five-Year Credit Facility.
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 matures on April 11, 2027. The 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 September 30, 2022, the Five-Year Credit Facility had $2.65 billion of outstanding borrowings, of which $825 million consisted of commercial paper. The amount available for future borrowings was $2.32 billion, after accounting for outstanding letters of credit in the amount of $38 million. The weighted average interest rate on the total amount outstanding as of September 30, 2022 was 4.29%.
Sunoco LP Credit Facility
As of September 30, 2022, Sunoco LP’s credit facility had $704 million of outstanding borrowings and $7 million in standby letters of credit and, as amended in April 2022, matures in April 2027. The amount available for future borrowings at September 30, 2022 was $789 million. The weighted average interest rate on the total amount outstanding as of September 30, 2022 was 5.11%.
USAC Credit Facility
As of September 30, 2022, USAC’s credit facility had $618 million of outstanding borrowings and no outstanding letters of credit. As of September 30, 2022, USAC had $982 million of availability under its credit facility, and subject to compliance with applicable financial covenants, available borrowing capacity of $287 million. The weighted average interest rate on the total amount outstanding as of September 30, 2022 was 5.54%.
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 September 30, 2022. For the quarter ended September 30, 2022, our leverage ratio, as calculated pursuant to the covenant related to our revolving credit facility, was 3.35x.