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Long-Term Debt and Finance Lease Obligations (Tables)
 6 Months Ended
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, 2022December 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 portion45 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 obligations6 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 CapacityAmount Borrowed as of June 30, 2022Outstanding Letters of CreditAvailable Capacity as of June 30, 2022Maturity 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.