XML 26 R13.htm IDEA: XBRL DOCUMENT v3.23.1
Debt Obligations
 3 Months Ended
Mar. 31, 2023
Debt Obligations [Abstract]  
Debt Obligations DEBT OBLIGATIONS
Senior Notes
In the first quarter of 2023, the Partnership redeemed $350 million aggregate principal amount of its 3.45% Senior Notes due January 2023, $800 million aggregate principal amount of its 3.60% Senior Notes due February 2023 and $1.00 billion aggregate principal amount of its 4.25% Senior Notes due March 2023 using proceeds from its Five-Year Credit Facility (defined below).
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 in April 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 March 31, 2023, the Five-Year Credit Facility had $1.96 billion of outstanding borrowings, of which $757 million consisted of commercial paper. The amount available for future borrowings was $3.01 billion, after accounting for outstanding letters of credit in the amount of $32 million. The weighted average interest rate on the total amount outstanding as of March 31, 2023 was 6.05%.
Sunoco LP Credit Facility
As of March 31, 2023, Sunoco LP’s credit facility had $800 million of outstanding borrowings and $7 million in standby letters of credit and matures in April 2027. The amount available for future borrowings at March 31, 2023 was $693 million. The weighted average interest rate on the total amount outstanding as of March 31, 2023 was 6.61%.
USAC Credit Facility
As of March 31, 2023, USAC’s credit facility, which matures in December 2026, had $709 million of outstanding borrowings and no outstanding letters of credit. As of March 31, 2023, USAC had $891 million of availability under its credit facility, and subject to compliance with applicable financial covenants, available borrowing capacity of $375 million. The weighted average interest rate on the total amount outstanding as of March 31, 2023 was 7.38%.
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, 2023. For the quarter ended March 31, 2023, our leverage ratio, as calculated pursuant to the covenant related to our revolving credit facility, was 3.26x.