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Debt | 3 Months Ended
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Mar. 31, 2019
Debt Disclosure [Abstract] |
DEBT | 5. DEBT Public Debt During the three months ended March 31, 2019, the following activity occurred:
• | We issued $1 billion of 4.00 percent Senior Notes due April 1, 2029. Proceeds from this debt issuance totaled $992 million before deducting the underwriting discount and other debt issuance costs. In April 2019, the proceeds were used to redeem our 6.125 percent Senior Notes due February 1, 2020 (6.125 percent Senior Notes) for $871 million, or 102.48 percent of stated value, which includes an early redemption fee of $21 million that will be reflected in “other income, net” in our statements of income for the three and six months ended June 30, 2019.
• | In connection with the completion of the Merger Transaction as described in Note 2, Valero entered into a guarantee agreement to fully and unconditionally guarantee the prompt payment, when due, of any amount owed to the holders of VLP’s 4.375 percent Senior Notes due December 15, 2026 and 4.5 percent Senior Notes due March 15, 2028. See Note 15 for condensed consolidating financial statements.
During the three months ended March 31, 2018, VLP issued $500 million of 4.5 percent Senior Notes due March 15, 2028. Proceeds from this debt issuance totaled $498 million before deducting the underwriting discount and other debt issuance costs. The proceeds were available only to the operations of VLP and were used to repay the outstanding balance of $410 million on the VLP Revolver (defined below) and $85 million of its notes payable to us, which were eliminated in consolidation. Credit Facilities Summary of Credit Facilities We had outstanding borrowings, letters of credit issued, and availability under our credit facilities as follows (amounts in millions and currency in U.S. dollars, except as noted):
|  |  |  |  |  | March 31, 2019
|  | Facility Amount |  | Maturity Date |  | Outstanding Borrowings |  | Letters of Credit Issued (b) |  | Availability
Committed facilities: |  |  |  |  |  |  |  |  |  |
Valero Revolver |  | $ | 4,000 |  |  | March 2024 |  | $ | — |  |  | $ | 55 |  |  | $ | 3,945 |
Canadian Revolver |  | C$ | 150 |  |  | November 2019 |  | C$ | — |  |  | C$ | 5 |  |  | C$ | 145 |
Accounts receivable sales facility |  | $ | 1,300 |  |  | July 2019 |  | $ | 100 |  |  | n/a |  |  | $ | 1,200 |
Letter of credit facility |  | $ | 100 |  |  | November 2019 |  | n/a |  |  | $ | — |  |  | $ | 100 |
Committed facilities of VIE (a): |  |  |  |  |  |  |  |  |  |
IEnova Revolver |  | $ | 340 |  |  | February 2028 |  | $ | 132 |  |  | n/a |  |  | $ | 208 |
Uncommitted facilities: |  |  |  |  |  |  |  |  |  |
Letter of credit facilities |  | n/a |  |  | n/a |  | n/a |  |  | $ | 408 |  |  | n/a |
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(a) | Creditors of our VIE do not have recourse against us.
(b) | Letters of credit issued as of March 31, 2019 expire at various times in 2019 through 2020.
Valero Revolver In March 2019, we amended our revolving credit facility (the Valero Revolver) to increase the borrowing capacity from $3 billion to $4 billion and to extend the maturity date from November 2020 to March 2024. The Valero Revolver also provides for the issuance of letters of credit of up to $2.4 billion. VLP Revolver As of December 31, 2018, VLP had a $750 million senior unsecured revolving credit facility (the VLP Revolver) with a group of lenders that was scheduled to mature in November 2020. However, on January 10, 2019, in connection with the completion of the Merger Transaction as described in Note 2, the VLP Revolver was terminated. Accounts Receivable Sales Facility During the three months ended March 31, 2019, we sold and repaid $900 million of eligible receivables under our accounts receivable sales facility. As of March 31, 2019 and December 31, 2018, the variable interest rate on the accounts receivable sales facility was 3.1774 percent and 3.0618 percent, respectively. IEnova Revolver During the three months ended March 31, 2019, Central Mexico Terminals (as described in Note 8) borrowed $23 million and had no repayments under a combined $340 million unsecured revolving credit facility (IEnova Revolver) with IEnova (defined in Note 8). As of March 31, 2019 and December 31, 2018, the variable interest rate was 6.447 percent and 6.046 percent, respectively. Other Disclosures “Interest and debt expense, net of capitalized interest” is comprised of the following (in millions):
| Three Months Ended March 31,
| 2019 |  | 2018
Interest and debt expense | $ | 136 |  |  | $ | 139 |
Less capitalized interest | 24 |  |  | 18 |
Interest and debt expense, net of capitalized interest | $ | 112 |  |  | $ | 121 |

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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