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Debt (Tables) | 12 Months Ended
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Dec. 31, 2020
Debt Disclosure [Abstract] |
Schedule of Debt and Balance Sheet Presentation | As at December 31, 2020 and 2019, we had the following liabilities for third party debt agreements:
(In $ millions) |  | December 31, 2020 |  | December 31, 2019
Secured credit facilities (a) |  | 5,662 |  |  | 5,662 |
Senior Secured Notes (b) |  | 515 |  |  | 476 |
Credit facilities contained within variable interest entities |  | — |  |  | 621 |
Total debt principal |  | 6,177 |  |  | 6,759 |
Less: debt discount and fees |  | — |  |  | (136) |
Carrying value |  | 6,177 |  |  | 6,623 |
This was presented in our Consolidated Balance Sheets as follows.
(In $ millions) |  | December 31, 2020 |  | December 31, 2019
Debt due within one year |  | 6,177 |  |  | 343 |
Long-term debt |  | — |  |  | 6,280 |
Total debt principal |  | 6,177 |  |  | 6,623 |
Schedule of Debt Maturities | The outstanding debt as at December 31, 2020 is repayable as follows:
(In $ millions) |  | December 31, 2020
2021 |  | 6,177 |
2022 and thereafter |  | — |
Total debt principal |  | 6,177 |
Schedule of Credit Facilities, and Related Covenants and Restrictions | We have summarized the key terms of our secured credit facilities as at December 31, 2020 in the table below:
Facility name | Maturity (1) |  | Total ACE drawdowns ($m) | Main facility ($m) | Total ($m) | Margin on LIBOR floating interest (2) | Collateral vessels | Book value of collateral vessels ($m) | Notes
$400 million facility | 4Q 2022 |  | 17 |  | 121 |  | 138 |  | 3.50% | West Cressida West Callisto West Leda | 142 |  |
$2,000 million facility | 1Q 2023 |  | 80 |  | 832 |  | 912 |  | 3.00% | West Alpha West Venture West Phoenix West Navigator West Elara | 548 |  |
$440 million facility | 3Q 2023 |  | 6 |  | 60 |  | 66 |  | 4.25% | West Telesto | 54 |  |
$1,450 million facility | 4Q 2023 |  | 13 |  | 316 |  | 329 |  | 3.35-4.00% | West Tellus | 79 |  | (3)
$360 million facility | 4Q 2023 |  | 18 |  | 99 |  | 117 |  | 3.75% | AOD I AOD II AOD III | 183 |  |
$300 million facility | 1Q 2024 |  | 6 |  | 141 |  | 147 |  | 4.00% | West Tucana West Castor | 97 |  |
$1,750 million facility | 1Q 2024 |  | 70 |  | 824 |  | 894 |  | 3.50-3.90% | Sevan Driller Sevan Brasil Sevan Louisiana | 8 |  | (3)
$450 million facility | 2Q 2022 |  | 24 |  | 246 |  | 270 |  | 3.50% | West Eminence | — |  |
$1,500 million facility | 4Q 2024 |  | 40 |  | 1,106 |  | 1,146 |  | 2.70-4.78% | West Saturn West Neptune West Jupiter | 206 |  | (3)
$1,350 million facility | 4Q 2024 |  | 38 |  | 923 |  | 961 |  | 3.00% | West Pegasus West Gemini West Orion | 55 |  |
$950 million facility | 4Q 2024 |  | 38 |  | 539 |  | 577 |  | 3.00-4.42% | West Eclipse West Carina | 51 |  | (3)
$450 million facility (2015) | 4Q 2024 |  | 9 |  | 96 |  | 105 |  | 3.85% | West Freedom West Vigilant West Prospero West Ariel | 82 |  |
Total secured credit facilities | 5,662 |  |  |  |  |
(1)The maturities above are based on the contractual maturities, before taking into account the event of default. (2)The margins above relate to the main facility contractual rates and do not account for the higher margins attributable to the ACE facility. (3)Certain debt facilities are split into different tranches set at different margins. Net leverage ratio: to maintain a ratio of net debt to EBITDA as set out below (which will be tested on each financial quarter commencing with the financial quarter ending on March 31, 2022 until the final maturity date of the credit facilities):
Twelve months ended |  | Net leverage ratio
March 31, 2022 |  | 4.5x
June 30, 2022 |  | 4.2x
September 30, 2022 |  | 3.9x
December 31, 2022 |  | 3.7x
March 31, 2023 |  | 3.4x
June 30, 2023 |  | 3.3x
September 30, 2023 |  | 3.1x
December 31, 2023 |  | 3.0x
March 31, 2024 |  | 2.8x
June 30, 2024 |  | 2.7x
September 30, 2024 |  | 2.4x
December 31, 2024 |  | 2.2x
Twelve months ended |  | Net leverage ratio
March 31, 2021 |  | 7.3x
June 30, 2021 |  | 6.6x
September 30, 2021 |  | 6.2x
December 31, 2021 |  | 5.8x

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- Definition Tabular disclosure of short-term or long-term contractual arrangements with lenders, including letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19(b),22(b)) -URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(e),(f)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 + Details
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