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DEBT (Tables)
 12 Months Ended
Dec. 31, 2020
Debt Disclosure [Abstract]  
Schedule of debt
As of December 31, 2020, our long-term debt consisted of the following credit agreements, Second Lien Notes and Senior Notes (in millions):
Successor
Interest Rate(a)
Maturity
2020
Credit Agreements
Revolving Credit Facility$99 
LIBOR plus 3%-4%
ABR plus 2%-3%
April 29, 2024
Second Lien Notes
Second Lien Term Loan200 
LIBOR plus 9%-10.5%
ABR plus 8%-9.5%
October 27, 2025
Senior Notes
EHP Notes300 6%October 27, 2027
Long-term debt (principal amount)$599 
Unamortized debt issuance costs(2)
Total long-term debt, net$597 
(a)London Interbank Offered Rates (LIBOR) will be phased out after 2021 and replaced with the Secured Overnight Financing Rate within the United States for U.S. dollar-based LIBOR. Our credit agreements contemplate a discontinuation of LIBOR and have an alternate borrowing rate. We do not expect the discontinuation of LIBOR to have a significant impact on our interest expense.
Schedule of financial performance covenants
Financial Covenants – Our Revolving Credit Facility includes the following financial covenants:

RatioComponentsRequired LevelsTested
Consolidated Total Net Leverage Ratio
Ratio of consolidated total secured debt to consolidated EBITDAX(a)
Not greater than 3.00 to 1.00
Quarterly
Current Ratio
Ratio of consolidated current assets to consolidated current liabilities(b)
Not less than 1.00 to 1.00
Quarterly
(a)EBITDAX is calculated as defined in the credit agreement.
(b)The available credit under our Revolving Credit Facility is included in consolidated current assets as part of the calculation of the current ratio.
Principal maturities of debt outstanding
Principal maturities of debt outstanding at December 31, 2020 (Successor) are as follows:
As of
December 31, 2020
(in millions)
2021$— 
2022— 
2023— 
202499 
2025200 
Thereafter300 
Total
$599