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Long-Term Debt and Finance Lease Obligations (Tables) | 9 Months Ended
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Sep. 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) | September 30, 2021 |  | December 31, 2020
CVR Partners: |  |  |
9.25% Senior Secured Notes, due June 2023 (1) | $ | 80 |  |  | $ | 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 | $ | 625 |  |  | $ | 634 |
CVR Refining: |  |  |
Finance lease obligations, net of current portion (2) | 50 |  |  | 55 |
Total CVR Refining debt, net of current portion | $ | 50 |  |  | $ | 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 debt | 995 |  |  | 994 |
Total long-term debt and finance lease obligations, net of current portion | $ | 1,670 |  |  | $ | 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 | $ | 1,676 |  |  | $ | 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 and September 23, 2021, CVR Partners redeemed $550 million and $15 million, respectively, of the 2023 UAN Notes, at par, plus accrued and unpaid interest. The remaining balance of $80 million is outstanding as of September 30, 2021. (2)Current portion of finance lease obligations recognized was approximately $6 million as of September 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 Capacity |  | Amount Borrowed as of September 30, 2021 |  | Outstanding Letters of Credit |  | Available Capacity as of September 30, 2021 |  | Maturity Date
CVR Partners: |  |  |  |  |  |  |  |  |
Asset Based (“Nitrogen Fertilizer ABL”) Credit Agreement (1)(2) | $ | 35 |  |  | $ | — |  |  | $ | — |  |  | $ | 35 |  |  | September 30, 2024
CVR Refining: |  |  |  |  |  |  |  |  |
Amended and Restated Asset Based (“Petroleum ABL”) Credit Agreement (3) | $ | 400 |  |  | $ | — |  |  | $ | 29 |  |  | $ | 371 |  |  | November 14, 2022
(1)On September 30, 2021, CVR Partners entered into a senior secured asset based ABL Credit Facility with an aggregate principal amount of up to $35 million with a maturity date of September 30, 2024 (the “Nitrogen Fertilizer ABL”) and terminated its $35 million ABL Credit Agreement, dated as of September 30, 2016, as amended (the “UAN 2016 ABL Credit Agreement”). (2)Beginning September 30, 2021, loans under the Nitrogen Fertilizer ABL bear interest at an annual rate equal to, at the option of the borrowers, (i) (a) 1.615% plus the daily simple Secured Overnight Financing Rate (“SOFR”) or (b) 0.615% plus a base rate, if our quarterly excess availability is greater than or equal to 75%, (ii) (a) 1.865% plus SOFR or (b) 0.865% plus a base rate, if our quarterly excess availability is greater than or equal to 50% but less than 75%, or (iii) (a) 2.115% plus SOFR or (b) 1.115% plus a base rate, otherwise. (3)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
2024 |  | 103.063%
2025 |  | 101.531%
2026 and thereafter |  | 100.000%

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