v2.4.0.6

Debt (Tables) | 12 Months Ended
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Dec. 31, 2011
Debt [Abstract] |
Schedule of Long-term Debt Instruments | Our debt at December 31, 2011 and 2010, was as follows (in millions):
| 2011 |  | 2010
First Lien Notes(1) | $ | 5,892 |  |  | $ | 4,691 |
Project financing, notes payable and other(2)(3) | 1,691 |  |  | 1,922 |
Term Loan and New Term Loan(2)(4) | 1,646 |  |  | — |
CCFC Notes | 972 |  |  | 965 |
Capital lease obligations | 224 |  |  | 236 |
NDH Project Debt(4) | — |  |  | 1,258 |
First Lien Credit Facility(1) | — |  |  | 1,184 |
Total debt | 10,425 |  |  | 10,256 |
Less: Current maturities | 104 |  |  | 152 |
Debt, net of current portion | $ | 10,321 |  |  | $ | 10,104 |
_____________
(1) | On January 14, 2011, we repaid and terminated the First Lien Credit Facility with the issuance of the 2023 First Lien Notes as discussed below.
(2) | On June 17, 2011, we repaid approximately $340 million of project debt with the proceeds received from $360 million in borrowings under the New Term Loan as further described below.
(3) | On June 24, 2011, we closed on the approximately $845 million Russell City Project Debt to fund the construction of Russell City and on August 23, 2011, we closed on the $373 million Los Esteros Project Debt to fund the upgrade of our Los Esteros Critical Energy Facility, both further described below.
(4) | On March 9, 2011, we borrowed $1.3 billion under the Term Loan and repaid and terminated the NDH Project Debt as discussed below.
Schedule of Maturities of Long-term Debt | Contractual annual principal repayments or maturities of debt instruments as of December 31, 2011, are as follows (in millions):
2012 | $ | 104 |
2013 | 135 |
2014 | 392 |
2015 | 164 |
2016 | 1,177 |
Thereafter | 8,496 |
Total debt | 10,468 |
Less: Discount | 43 |
Total | $ | 10,425 |
First Lien Notes | Our First Lien Notes are summarized in the table below (in millions, except for interest rates):
| Outstanding at December 31, |  | Weighted Average Effective Interest Rates(1)
| 2011 |  | 2010 |  | 2011 |  | 2010
2017 First Lien Notes | $ | 1,200 |  |  | $ | 1,200 |  |  | 7.5 | % |  | 7.5 | %
2019 First Lien Notes | 400 |  |  | 400 |  |  | 8.2 |  |  | 8.2 |
2020 First Lien Notes | 1,092 |  |  | 1,091 |  |  | 8.1 |  |  | 8.1 |
2021 First Lien Notes | 2,000 |  |  | 2,000 |  |  | 7.7 |  |  | 7.7 |
2023 First Lien Notes(2) | 1,200 |  |  | — |  |  | 8.0 |  |  | — |
Total First Lien Notes | $ | 5,892 |  |  | $ | 4,691 |  |  |  |  |
____________
(1) | Our weighted average interest rate calculation includes the amortization of deferred financing costs and debt discount.
(2) | On January 14, 2011, we issued $1.2 billion in aggregate principal amount of 7.875% senior secured notes due 2023 in a private placement. Interest on the 2023 First Lien Notes is payable semi-annually on January 15 and July 15 of each year, beginning on July 15, 2011. The 2023 First Lien Notes will mature on January 15, 2023.
Project Financing Notes Payable and Other | The components of our project financing, notes payable and other are (in millions, except for interest rates):
| Outstanding at December 31, |  | Weighted Average Effective Interest Rates(1) |
| 2011 |  | 2010 |  | 2011 |  | 2010 |
Steamboat due 2017 | $ | 437 |  |  | $ | 445 |  |  | 6.6 | % |  | 6.6 | % |
OMEC due 2019 | 355 |  |  | 364 |  |  | 6.8 |  |  | 6.8 |  |
Russell City | 244 |  |  | — |  |  | 4.1 |  |  | — |  |
Calpine BRSP due 2014 | 232 |  |  | 297 |  |  | 5.7 |  |  | 5.7 |  |
Pasadena(2) | 185 |  |  | 208 |  |  | 8.8 |  |  | 8.6 |  |
Bethpage Energy Center 3, LLC due 2020-2025(3) | 98 |  |  | 103 |  |  | 7.0 |  |  | 7.0 |  |
Los Esteros | 83 |  |  | — |  |  | 3.8 |  |  | — |  |
Gilroy note payable due 2014 | 49 |  |  | 64 |  |  | 10.6 |  |  | 10.6 |  |
Metcalf(4) | — |  |  | 251 |  |  | — |  |  | 6.9 |  |
Deer Park(4) | — |  |  | 99 |  |  | — |  |  | 7.7 |  |
Gilroy Energy Center, LLC | — |  |  | 38 |  |  | — |  |  | 7.3 |  |
Whitby Holdings(5) | — |  |  | 26 |  |  | — |  |  | 9.1 |  |
GEC Holdings, LLC preferred interest | — |  |  | 14 |  |  | — |  |  | 16.6 |  |
Other | 8 |  |  | 13 |  |  | — |  |  | — |  |
Total | $ | 1,691 |  |  | $ | 1,922 |  |  |  |  |  |
_____________
(1) | Our weighted average interest rate calculation includes the amortization of deferred financing costs and debt discount.
(2) | Represents a sale-leaseback transaction that is accounted for as financing transaction under U.S. GAAP.
(3) | Represents a weighted average of first and second lien loans for the weighted average effective interest rates.
(4) | On June 17, 2011, we repaid Metcalf and Deer Park project debt with the proceeds received from $360 million in borrowings under the New Term Loan as further described above.
(5) | The Whitby Holdings debt was purchased from a third party in 2011.
Schedule of Future Minimum Lease Payments for Capital Leases | act. The total contractual future minimum lease receipts for these contracts are as follows (in millions The following is a schedule by year of future minimum lease payments under capital leases and failed sale-leaseback transactions together with the present value of the net minimum lease payments as of December 31, 2011 (in millions):
| Sale-Leaseback Transactions(1) |  | Capital Lease |  | Total
2012 | $ | 41 |  |  | $ | 40 |  |  | $ | 81 |
2013 | 38 |  |  | 38 |  |  | 76 |
2014 | 26 |  |  | 39 |  |  | 65 |
2015 | 25 |  |  | 37 |  |  | 62 |
2016 | 25 |  |  | 40 |  |  | 65 |
Thereafter | 143 |  |  | 200 |  |  | 343 |
Total minimum lease payments | 298 |  |  | 394 |  |  | 692 |
Less: Amount representing interest | 110 |  |  | 170 |  |  | 280 |
Present value of net minimum lease payments | $ | 188 |  |  | $ | 224 |  |  | $ | 412 |
____________
(1) | Amounts are accounted for as financing transactions under U.S. GAAP and are included in our project financing, notes payable and other amounts above.
Schedule of Line of Credit Facilities | The table below represents amounts issued under our letter of credit facilities as of December 31, 2011 and 2010 (in millions):
| 2011 |  | 2010
Corporate Revolving Facility(1) | $ | 440 |  |  | $ | 443 |
CDHI(2) | 193 |  |  | 165 |
NDH Project Debt credit facility(3) | — |  |  | 34 |
Various project financing facilities | 130 |  |  | 69 |
Total | $ | 763 |  |  | $ | 711 |
__________
(1) | When we entered into our $1.0 billion Corporate Revolving Facility on December 10, 2010, the letters of credit issued under our First Lien Credit Facility were either replaced with letters of credit issued under our Corporate Revolving Facility or back-stopped by an irrevocable standby letter of credit issued by a third party. Our letters of credit under our Corporate Revolving Facility at December 31, 2010 include those that were back-stopped of approximately $83 million. The back-stopped letters of credit were returned and extinguished during 2011.
(2) | On January 10, 2012, we increased the CDHI letter of credit facility to $300 million and extended the maturity date to January 2, 2016.
(3) | We repaid and terminated the NDH Project Debt on March 9, 2011
Fair Value, by Balance Sheet Grouping |
| 2011 |  | 2010
| Fair Value |  | Carrying Value |  | Fair Value |  | Carrying Value
First Lien Notes | $ | 6,219 |  |  | $ | 5,892 |  |  | $ | 4,695 |  |  | $ | 4,691 |
Project financing, notes payable and other(1) | 1,467 |  |  | 1,504 |  |  | 1,673 |  |  | 1,708 |
Term Loan and New Term Loan | 1,615 |  |  | 1,646 |  |  | — |  |  | — |
CCFC Notes | 1,070 |  |  | 972 |  |  | 1,067 |  |  | 965 |
NDH Project Debt | — |  |  | — |  |  | 1,303 |  |  | 1,258 |
First Lien Credit Facility | — |  |  | — |  |  | 1,182 |  |  | 1,184 |
Total | $ | 10,371 |  |  | $ | 10,014 |  |  | $ | 9,920 |  |  | $ | 9,806 |
____________
(1) | Excludes leases that are accounted for as failed sale-leaseback transactions under U.S. GAAP and included in our project financing, notes payable and other balance

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