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Long-term Debt
 6 Months Ended
Jun. 30, 2020
Debt Disclosure [Abstract]  
Long-term Debt Long-term Debt
Long-term debt consisted of the following:
(In millions, except rates)June 30, 2020December 31, 2019Interest rate %
Recourse debt:
Senior Notes, due 2026$1,000  $1,000  7.250
Senior Notes, due 20271,230  1,230  6.625
Senior Notes, due 2028821  821  5.750
Senior Notes, due 2029733  733  5.250
Convertible Senior Notes, due 2048(a)
575  575  2.750
Senior Secured First Lien Notes, due 2024600  600  3.750
Senior Secured First Lien Notes, due 2029500  500  4.450
Revolving Credit Facility(b)
—  83  
L+ 1.750
Tax-exempt bonds466  466  
1.30 - 6.00
Subtotal recourse debt5,925  6,008  
Non-recourse debt:
Other 32  34  various
Subtotal all non-recourse debt32  34  
Subtotal long-term debt (including current maturities)
5,957  6,042  
Less current maturities(7) (88) 
Less debt issuance costs(61) (65) 
Discounts(79) (86) 
Total long-term debt$5,810  $5,803  
(a)As of July 31, 2020, the Convertible Notes were convertible at a price of $46.65, which is equivalent to a conversion rate of approximately 21.44 shares of common stock per $1,000 principal amount.
(b)As of December 31, 2019, the Company had drawn under its Revolving Credit Facility at 1-week LIBOR + 1.750

Recourse Debt
Revolving Credit Facility
The Company had $83 million outstanding under its Revolving Credit Facility as of December 31, 2019, which was used to repay the outstanding indebtedness on the Agua Caliente Borrower 1 notes on a leverage-neutral basis during the fourth quarter of 2019. Due to market conditions, primarily as a result of COVID-19, the Company drew upon the facility in the first quarter of 2020 as a precaution and to proportionally increase cash on hand, and fully repaid the outstanding borrowings during the second quarter of 2020.
Tax-Exempt Bonds
On March 11, 2020, NRG issued $59 million in aggregate principal amount of NRG Dunkirk 2020 1.30% tax-exempt refinancing bonds due 2042 ("the Bonds"). The Bonds are guaranteed on a first-priority basis by each of NRG’s current and future subsidiaries that guarantee indebtedness under its credit agreement. The Bonds are secured by a first priority security interest in the same collateral that is pledged for the benefit of the lenders under NRG’s credit agreement, which consists of a substantial portion of the property and assets owned by NRG and the guarantors. The collateral securing the Bonds will, at the request of NRG, be released if NRG satisfies certain conditions, including receipt of an investment grade rating on its senior, unsecured debt securities from two out of the three rating agencies, subject to reversion if those rating agencies withdraw their investment grade rating of the Bonds or any of NRG’s senior, unsecured debt securities or downgrade such rating below investment grade. The Bonds are subject to mandatory tender and purchase on April 3, 2023 and have a final maturity date of April 1, 2042.
NRG used the net proceeds from the offering to redeem the existing principal amount of outstanding Dunkirk Power LLC 5.875% tax exempt bonds due 2042.
Non-Recourse Debt
Cottonwood - Letters of Credit
On January 4, 2019, the Company entered into an $80 million credit agreement to issue letters of credit, which is currently supporting the Cottonwood facility lease. Annual fees of 1.33% on the facility are paid quarterly in advance. As of June 30, 2020, the full $80 million was issued.