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Debt
 3 Months Ended
Mar. 31, 2023
Debt Disclosure [Abstract]  
Debt DEBT
Long-Term Debt
DT Midstream's long-term debt outstanding included:
MaturityMarch 31,December 31,
TitleTypeInterest Rate
Date (d)
20232022
(millions)
2029 Notes
Senior Notes (b)
4.125%2029$1,100 $1,100 
2031 Notes
Senior Notes (b)
4.375%20311,000 1,000 
2032 Notes
Senior Secured Notes (c)
4.300%2032600 600 
Term Loan FacilityTerm Loan Facility
Variable (a)
2028399 399 
Long-term debt principal3,099 3,099 
Unamortized debt discount(3)(3)
Unamortized debt issuance costs (35)(37)
Long-term debt$3,061 $3,059 
______________________________
(a) Variable rate is LIBOR plus 2.00%, where LIBOR will not be less than 0.50%. The Term Loan Facility includes $399 million with a one-month LIBOR interest period which ended April 28, 2023.
(b) Interest payable semi-annually in arrears each June 15 and December 15.
(c) Interest payable semi-annually in arrears each April 15 and October 15.
(d) DT Midstream does not have any scheduled debt maturities until 2028.
Short-Term Credit Arrangements and Borrowings
The following table presents the availability under the Revolving Credit Facility:
March 31,
2023
(millions)
Total availability
Revolving Credit Facility, expiring October 2027
$1,000 
Amounts outstanding
Revolving Credit Facility borrowings410 
Letters of credit39 
449 
Net availability $551 
Borrowings under the Revolving Credit Facility are used for general corporate purposes, acquisitions, and letter of credit issuances to support DT Midstream's operations and liquidity. Revolving Credit Facility related issuance and amendment costs, net of amortization, were $7 million and $8 million, as of March 31, 2023 and December 31, 2022, respectively. These costs are included in Other noncurrent assets on DT Midstream's Consolidated Statements of Financial Position and are being amortized over the remaining term of the Revolving Credit Facility.
The Credit Agreement covering the Term Loan Facility and Revolving Credit Facility includes financial covenants that DT Midstream must maintain. These covenants restrict the ability of DT Midstream and its subsidiaries to incur additional indebtedness and guarantee indebtedness, create or incur liens, engage in mergers, consolidations, liquidations or dissolutions, sell, transfer or otherwise dispose of assets, make investments, acquisitions, loans or advances, pay dividends and distributions or repurchase capital stock, prepay, redeem or repurchase certain junior indebtedness, enter into agreements that limit the ability of the restricted subsidiaries to make distributions to DT Midstream or the ability of DT Midstream and its restricted subsidiaries to incur liens on assets and enter into certain transactions with affiliates. The Term Loan Facility requires the maintenance of a minimum debt service coverage ratio of 1.1 to 1, and the Revolving Credit Facility requires maintenance of (i) a maximum consolidated net leverage ratio of 5 to 1, and (ii) a minimum interest coverage ratio of no less than 2.5 to 1. The debt service coverage ratio means the ratio of annual consolidated EBITDA to debt service, as defined in the Credit Agreement. The consolidated net leverage ratio means the ratio of net debt determined in accordance with GAAP to annual consolidated EBITDA. The interest coverage ratio means the ratio of annual consolidated EBITDA to annual interest expense, as defined in the Credit Agreement. At March 31, 2023, the debt service coverage ratio, the consolidated net leverage ratio and the interest coverage ratio was 6.9 to 1, 3.7 to 1 and 6.0 to 1, respectively, and DT Midstream was in compliance with these financial covenants.