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v3.22.1

Long-Term Debt and Finance Lease Obligations (Tables) | 3 Months Ended
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Mar. 31, 2022
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, 2022 |  | December 31, 2021
CVR Partners: |  |  |
9.25% Senior Secured Notes, due June 2023 (1) | $ | — |  |  | $ | 65 |
6.125% Senior Secured Notes, due June 2028 | 550 |  |  | 550 |
Unamortized discount and debt issuance costs | (4) |  |  | (4) |
Total CVR Partners debt, net of current portion | $ | 546 |  |  | $ | 611 |
CVR Refining: |  |  |
Finance lease obligations, net of current portion (2) | 47 |  |  | 48 |
Total CVR Refining debt, net of current portion | $ | 47 |  |  | $ | 48 |
CVR Energy: |  |  |
5.25% Senior Notes, due February 2025 | $ | 600 |  |  | $ | 600 |
5.75% Senior Notes, due February 2028 | 400 |  |  | 400 |
Unamortized debt issuance costs | (4) |  |  | (5) |
Total CVR Energy debt | 996 |  |  | 995 |
Total long-term debt and finance lease obligations, net of current portion | $ | 1,589 |  |  | $ | 1,654 |
Current portion of long-term debt and finance lease obligations (2) | 6 |  |  | 6 |
Total long-term debt and finance lease obligations, including current portion | $ | 1,595 |  |  | $ | 1,660 |
(1)The $65 million outstanding balance of the 9.25% Senior Secured Notes, due June 2023 (the “2023 UAN Notes”) was paid in full on February 22, 2022 at par, plus accrued and unpaid interest. (2)Current portion of finance lease obligations recognized was approximately $6 million as of March 31, 2022 and December 31, 2021. The current amounts are reported in Other current liabilities. Credit Agreements
(in millions) | Total Available Borrowing Capacity |  | Amount Borrowed as of March 31, 2022 |  | Outstanding Letters of Credit |  | Available Capacity as of March 31, 2022 |  | Maturity Date
CVR Partners: |  |  |  |  |  |  |  |  |
Asset Based (“Nitrogen Fertilizer ABL”) Credit Agreement (1) | $ | 35 |  |  | $ | — |  |  | $ | — |  |  | $ | 35 |  |  | September 30, 2024
CVR Refining: |  |  |  |  |  |  |  |  |
Amended and Restated Asset Based (“Petroleum ABL”) Credit Agreement (2) | $ | 400 |  |  | $ | — |  |  | $ | 29 |  |  | $ | 371 |  |  | November 14, 2022
(1)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 CVR Partners’ 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 CVR Partners’ 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. (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 CVR Refining’s 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.

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