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Long-Term Debt and Finance Lease Obligations (Tables)
 9 Months Ended
Sep. 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)September 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(12)(15)
Total CVR Partners debt, net of current portion$633 $632 
CVR Refining:
6.50% Senior Notes, due November 2022 (2)
$— $500 
Finance lease obligations, net of current portion (3)56 61 
Unamortized debt issuance cost
— (3)
Total CVR Refining debt, net of current portion$56 $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 debt as of September 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 September 30, 2020 and December 31, 2019, respectively.
(4)Amounts reported in Other current liabilities.
Credit Agreements
(in millions)Total Available Borrowing CapacityAmount Borrowed as of September 30, 2020Outstanding Letters of CreditAvailable Capacity as of September 30, 2020Maturity Date
CVR Partners:
Asset Based (“Nitrogen Fertilizer ABL”) Credit Agreement (1)(2)$25 $— $— $25 September 30, 2022
CVR Refining:
Amended and Restated Asset Based (“Petroleum ABL”) Credit Agreement (3)$400 $— $7 $393 November 14, 2022

(1)Through December 31, 2020, loans under the Nitrogen Fertilizer ABL bear interest at an annual rate equal to (i) 2.00% plus LIBOR or (ii) 1.00% plus a base rate. Thereafter, loans will bear interest (i) at such rates if our quarterly excess availability is greater than 50% and (ii) (a) 2.50% plus LIBOR or (b) 1.50% plus a base rate, otherwise.
(2)The Nitrogen Fertilizer ABL was amended on September 29, 2020, to, among other things, reduce the commitments thereunder to $35 million and extend the maturity date to September 30, 2022. Deferred financing costs of less than $1 million were capitalized related to this amendment and will be amortized from Prepaid expenses and other current assets and Other long-term assets over the remaining term of the Nitrogen Fertilizer ABL.
(3)Loans under the Petroleum ABL bear interest at an annual rate equal to (i) (a) 1.50% plus LIBOR or (b) 0.50% plus a base rate, if our quarterly excess availability is greater than 50% and (ii) 1.75% plus LIBOR or (b) 0.75% plus a base rate, otherwise.