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v3.22.2

Long-Term Debt and Finance Lease Obligations (Tables) | 6 Months Ended
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Jun. 30, 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) | June 30, 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 | (3) |  |  | (4) |
Total CVR Partners debt, net of current portion | $ | 547 |  |  | $ | 611 |
CVR Refining: |  |  |
Finance lease obligations, net of current portion | 45 |  |  | 48 |
Total CVR Refining debt, net of current portion | $ | 45 |  |  | $ | 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 | $ | 1,588 |  |  | $ | 1,654 |
Current portion of finance lease obligations | 6 |  |  | 6 |
Total long-term debt and finance lease obligations, including current portion | $ | 1,594 |  |  | $ | 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. Credit Agreements
(in millions) | Total Available Borrowing Capacity |  | Amount Borrowed as of June 30, 2022 |  | Outstanding Letters of Credit |  | Available Capacity as of June 30, 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) | $ | 275 |  |  | $ | — |  |  | $ | 29 |  |  | $ | 246 |  |  | June 30, 2027
(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)Beginning June 30, 2022, loans under the Petroleum ABL bear interest at an annual rate equal to, at the option of the borrowers, (i) (a) 1.50% plus the Term SOFR (as defined in the Petroleum ABL) 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 the Term SOFR or (b) 0.75% plus a base rate, otherwise.

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