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Long-Term Debt and Finance Lease Obligations (Tables)
 3 Months Ended
Mar. 31, 2020
Debt Disclosure [Abstract]  
Schedule of long-term debt and finance lease obligations
Long-term debt and finance lease obligations consist of the following:

(in millions)March 31, 2020December 31, 2019
CVR Partners:
9.25% Senior Secured Notes due 2023
$645  $645  
6.50% Senior Notes due 2021
2  2  
Unamortized discount and debt issuance costs(14) (15) 
Total CVR Partners Debt
$633  $632  

CVR Refining:
6.50% Senior Notes due 2022 (1)
$—  $500  
Finance lease obligations, net of current portion (2)59  61  
Unamortized debt issuance cost
—  (3) 
Total CVR Refining Debt
$59  $558  
CVR Energy:
5.25% Senior Notes due 2025
$600  $—  
5.75% Senior Notes due 2028
400  —  
Unamortized debt issuance costs(6) —  
Total CVR Energy Debt994  —  
Total Long-Term Debt and Finance Lease Obligations
$1,686  $1,190  

(1)On January 27, 2020, the Company redeemed all of the 2022 Notes for a redemption price equal to 101.083%, plus accrued and unpaid interest, on the redeemed notes.
(2)Current portion of finance lease obligations recognized was approximately $5 million and $5 million as of March 31, 2020 and December 31, 2019, respectively.
Credit Facilities
(in millions)Total CapacityAmount Borrowed as of March 31, 2020Outstanding Letters of CreditAvailable Capacity as of March 31, 2020Maturity Date
CVR Partners:
Asset Based (“AB”) Credit Facility (2)
$50  $—  $—  $50  September 30, 2021
CVR Refining:
Amended and Restated Asset Based (“Amended and Restated ABL”) Credit Facility (1)
$400  $—  $8  $392  November 14, 2022

(1)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.
(2)Loans under the AB 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.