(7) Long-Term Debt

Long-term debt consists of the following:



(in millions)	March 31, 2019			December 31, 2018
CVR Partners:
9.25% Senior Secured Notes due 2023 (1)	$	645		$	645
6.50% Senior Notes due 2021	2			2
Unamortized discount and debt issuance costs	(17		)	(18		)
Total CVR Partners Debt	$	630		$	629

6.50% Senior Notes due 2022 (2)	$	500		$	500
Finance lease obligations	69			44
Unamortized debt issuance cost	(3		)	(3		)
Current portion of finance lease obligations	(5		)	(3		)
Total Other Debt	$	561		$	538

Total Long-Term Debt	$	1,191		$	1,167


(1)	This debt was issued at a $16 million discount which is being amortized, as interest expense, over the remaining term of the debt. Debt issuance costs associated with this debt totaled $9 million.

(2)

Debt issuance costs associated with this debt totaled $9 million. On January 29, 2019, the 2022 Senior Notes were amended such that the CVR Refining was replaced by CVR Energy Inc. as the primary guarantor, on a senior unsecured basis, of the 2022 Senior Notes. The CVR Energy Inc. guarantee is full and unconditional and joint and several. See Note 14 ("Supplemental Cash Flow Information") for further discussion and implications of this change to guarantor.

Credit Facilities




(in millions)	Total Capacity		Amount Borrowed as of March 31, 2019		Outstanding Letters of Credit		Available Capacity as of March 31, 2019		Maturity Date

Amended and Restated Asset Based (ABL) Credit Facility (3)	$	400	$	—	$	7	$	393	November 14, 2022
Asset Based (ABL) Credit Facility (4)	50		—		—		50		September 30, 2021


(3)	Loans under the Amended and Restated ABL Credit Facility initially bear interest at an annual rate equal to (i) 1.50% plus LIBOR or (ii) 0.50% plus a base rate, subject to quarterly excess availability.


(4)	Loans under the ABL Credit Facility initially bear interest at an annual rate equal to (i) 2.00% plus LIBOR or (ii) 1.00% plus a base rate, subject to a 0.50% step-down based on the previous quarter’s excess availability.

Credit Agreement

On January 29, 2019, the Company entered into a credit agreement (the “Credit Agreement”) with Jefferies Finance LLC to provide a term loan credit facility with a maturity date of March 10, 2019. Borrowings under the Credit Agreement were used to fund a portion of the CVRR Unit Purchase. All amounts borrowed were repaid on February 11, 2019.

Covenant Compliance

The Company is in compliance with all covenants of the ABL credit facilities and the senior notes as of March 31, 2019.