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Long-Term Debt and Finance Lease Obligations (Tables)
 6 Months Ended
Jun. 30, 2021
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, 2021December 31, 2020
CVR Partners:
9.25% Senior Secured Notes, due June 2023 (1)
$95 $645 
6.125% Senior Secured Notes, due June 2028
550 — 
Unamortized discount and debt issuance costs(5)(11)
Total CVR Partners debt, net of current portion$640 $634 
CVR Refining:
Finance lease obligations, net of current portion (2)52 55 
Total CVR Refining debt, net of current portion$52 $55 
CVR Energy:
5.25% Senior Notes, due February 2025
$600 $600 
5.75% Senior Notes, due February 2028
400 400 
Unamortized debt issuance costs(5)(6)
Total CVR Energy debt995 994 
Total long-term debt and finance lease obligations, net of current portion$1,687 $1,683 
Current portion of long-term debt and finance lease obligations (2)(3)6 8 
Total long-term debt and finance lease obligations, including current portion$1,693 $1,691 
(1)The call price of the 9.25% Senior Secured Notes, due June 2023 (the “2023 UAN Notes”) decreased to par on June 15, 2021. On June 23, 2021, CVR Partners redeemed $550 million of the 2023 UAN Notes, at par, plus accrued and unpaid interest. The remaining balance of $95 million is outstanding as of June 30, 2021.
(2)Current portion of finance lease obligations recognized was approximately $6 million as of June 30, 2021 and December 31, 2020. The current amounts are reported in Other current liabilities.
(3)The $2 million outstanding balance of the 6.50% Notes, due April 2021, was paid in full on April 15, 2021.
Credit Agreements
(in millions)Total Available Borrowing CapacityAmount Borrowed as of June 30, 2021Outstanding Letters of CreditAvailable Capacity as of June 30, 2021Maturity Date
CVR Partners:
Asset Based (“Nitrogen Fertilizer ABL”) Credit Agreement (1)$32 $— $— $32 September 30, 2022
CVR Refining:
Amended and Restated Asset Based (“Petroleum ABL”) Credit Agreement (2)$400 $— $36 $364 November 14, 2022
(1)Beginning January 1, 2021, loans under the Nitrogen Fertilizer ABL bear interest at an annual rate equal to (i) (a) 2.00% plus LIBOR, to the extent available, or (b) 1.00% plus a base rate, if our quarterly excess availability is greater than 50%, and (ii) (a) 2.50% plus LIBOR, to the extent available, or (b) 1.50% plus a base rate, otherwise.
(2)Loans under the Petroleum ABL bear interest at an annual rate equal to (i) (a) 1.50% plus LIBOR, to the extent available, or (b) 0.50% plus a base rate, if our quarterly excess availability is greater than 50%, and (ii) (a) 1.75% plus LIBOR, to the extent available, or (b) 0.75% plus a base rate, otherwise.
Debt Instrument Redemption On or after June 15, 2024, the Issuers may, on any one or more occasions, redeem all or part of the 2028 UAN Notes at the redemption prices set forth below, expressed as a percentage of the principal amount of the respective notes, plus accrued and unpaid interest to the applicable redemption date.
12-month period beginning June 15,Percentage
2024103.063%
2025101.531%
2026 and thereafter100.000%