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Long-Term Debt and Finance Lease Obligations (Tables)
 6 Months Ended
Jun. 30, 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)June 30, 2020December 31, 2019
CVR Partners:
9.25% Senior Secured Notes due June 2023
$645  $645  
6.50% Senior Notes due April 2021, net of current portion (1)
—  2  
Unamortized discount and debt issuance costs(13) (15) 
Total CVR Partners debt
$632  $632  
CVR Refining:
6.50% Senior Notes due November 2022 (2)
$—  $500  
Finance lease obligations, net of current portion (3)57  61  
Unamortized debt issuance cost
—  (3) 
Total CVR Refining debt$57  $558  
CVR Energy:
5.25% Senior Notes due February 2025
$600  $—  
5.75% Senior Notes due February 2028
400  —  
Unamortized debt issuance costs(6) —  
Total CVR Energy debt994  —  
Total long-term debt and finance lease obligations, net of current portion$1,683  $1,190  
Current portion of long-term debt and finance lease obligations (4)7  5  
Total long-term debt and finance lease obligations, including current portion$1,690  $1,195  

(1)The 6.50% Notes, due April 2021, mature within 12 months, and, therefore, the outstanding balance of $2 million has been classified as short-term as of June 30, 2020.
(2)On January 27, 2020, the Company redeemed all of the 6.50% Senior Notes due November 2022 (the “2022 Notes”) for a redemption price equal to 101.083%, plus accrued and unpaid interest on the redeemed notes.
(3)Current portion of finance lease obligations recognized was approximately $5 million and $5 million as of June 30, 2020 and December 31, 2019, respectively.
(4)Amounts reported in Other current liabilities.
Credit Facilities
(in millions)Total CapacityAmount Borrowed as of June 30, 2020Outstanding Letters of CreditAvailable Capacity as of June 30, 2020Maturity Date
CVR Partners:
Asset Based (“AB”) Credit Facility (1)
$46  $—  $—  $46  September 30, 2021
CVR Refining:
Amended and Restated Asset Based (“Amended and Restated ABL”) Credit Facility (2)
$400  $—  $7  $393  November 14, 2022

(1)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.
(2)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.