v2.4.1.9

Debt (Tables)

12 Months Ended

Dec. 31, 2014

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

Our debt at December 31, 2014 and 2013, was as follows (in millions):

	2014				2013
First Lien Notes	$	2,075			$	4,989
Senior Unsecured Notes	2,800				—
First Lien Term Loans	2,799				2,828
Project financing, notes payable and other	1,810				1,901
CCFC Term Loans	1,596				1,191
Capital lease obligations	202				203
Subtotal	11,282				11,112
Less: Current maturities	199				204
Total long-term debt	$	11,083			$	10,908

Schedule of Maturities of Long-term Debt

Contractual annual principal repayments or maturities of debt instruments as of December 31, 2014, are as follows (in millions):

2015	$	199
2016	205
2017	562
2018	1,730
2019	1,217
Thereafter	7,393
Subtotal	11,306
Less: Discount	24
Total debt	$	11,282

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(3)
	2014				2013				2014			2013
2019 First Lien Notes(1)	$	—			$	320			—	%		8.2	%
2020 First Lien Notes(1)	—				875				—			8.2
2021 First Lien Notes(1)	—				1,600				—			7.7
2022 First Lien Notes	745				744				6.3			6.2
2023 First Lien Notes(2)	840				960				8.0			8.0
2024 First Lien Notes	490				490				6.0			5.9
Total First Lien Notes	$	2,075			$	4,989

____________

(1) The 2019 First Lien Notes, 2020 First Lien Notes and 2021 First Lien Notes were repaid during the third quarter of 2014 with the proceeds from the issuance of our Senior Unsecured Notes, together with cash on hand, which are described in further detail below.

(2) In December 2014, we used cash on hand to redeem 10% of the original aggregate principal amount of our 2023 First Lien Notes, plus accrued and unpaid interest. On February 3, 2015, we additionally repurchased approximately $150 million of our 2023 First Lien Notes with the proceeds from our 2024 Senior Unsecured Notes, which is described in further detail below.

(3) Our weighted average interest rate calculation includes the amortization of deferred financing costs and debt discount.

Senior Unsecured Notes [Table Text Block]

Our Senior Unsecured Notes are summarized in the table below (in millions, except for interest rates):

	Outstanding at December 31,								Weighted Average Effective Interest Rates(1)
	2014				2013				2014			2013
2023 Senior Unsecured Notes	$	1,250			$	—			5.6	%		—	%
2025 Senior Unsecured Notes	1,550				—				5.9			—
Total Senior Unsecured Notes	$	2,800			$	—

____________

(1) Our weighted average interest rate calculation includes the amortization of deferred financing costs and debt discount.

First Lien Term Loans

Our First Lien Term Loans are summarized in the table below (in millions, except for interest rates):

	Outstanding at December 31,								Weighted Average Effective Interest Rates(1)
	2014				2013				2014			2013
2018 First Lien Term Loans	$	1,597			$	1,614			4.3	%		4.3	%
2019 First Lien Term Loan	816				824				4.4			4.5
2020 First Lien Term Loan	386				390				4.3			4.3
Total First Lien Term Loans	$	2,799			$	2,828

____________

(1) Our weighted average interest rate calculation includes the amortization of deferred financing costs and debt discount.

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)
	2014				2013				2014			2013
Russell City due 2023	$	591			$	593			6.2	%		4.9	%
Steamboat due 2017	407				418				6.9			6.8
OMEC due 2019	325				335				6.9			6.9
Los Esteros due 2023	275				305				3.1			3.4
Pasadena(2)	122				135				8.9			8.9
Bethpage Energy Center 3 due 2020-2025(3)	82				88				7.0			7.0
Gilroy note payable due 2014	—				15				—			11.2
Other	8				12				—			—
Total	$	1,810			$	1,901

_____________

(1) Our weighted average interest rate calculation includes the amortization of deferred financing costs and debt discount or premium.

(2) Represents a failed 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.

CCFC Notes and CCFC Term Loans [Table Text Block]

Our CCFC Term Loans are summarized in the table below (in millions, except for interest rates):

	Outstanding at December 31,								Weighted Average Effective Interest Rates(1)
	2014				2013				2014			2013
CCFC Term Loans	$	1,596			$	1,191			3.4	%		3.3	%

____________

(1) Our weighted average interest rate calculation includes the amortization of deferred financing costs and debt discount.

Schedule of Future Minimum Lease Payments for Capital Leases

The following is a schedule by year of future minimum lease payments under capital leases and a failed sale-leaseback transaction related to our Pasadena Power Plant together with the present value of the net minimum lease payments as of December 31, 2014 (in millions):

	Sale-Leaseback Transactions(1)				Capital Lease				Total
2015	$	25			$	47			$	72
2016	25				41				66
2017	17				39				56
2018	21				38				59
2019	21				20				41
Thereafter	85				151				236
Total minimum lease payments	194				336				530
Less: Amount representing interest	72				134				206
Present value of net minimum lease payments	$	122			$	202			$	324

____________

(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 at December 31, 2014 and 2013 (in millions):

	2014				2013
Corporate Revolving Facility	$	223			$	242
CDHI	214				218
Various project financing facilities	207				170
Total	$	644			$	630

Fair Value, by Balance Sheet Grouping

The following table details the fair values and carrying values of our debt instruments at December 31, 2014 and 2013 (in millions):

	2014								2013
	Fair Value				Carrying Value				Fair Value				Carrying Value
First Lien Notes	$	2,247			$	2,075			$	5,317			$	4,989
Senior Unsecured Notes	2,832				2,800				—				—
First Lien Term Loans	2,769				2,799				2,845				2,828
Project financing, notes payable and other(1)	1,734				1,688				1,772				1,766
CCFC Term Loans	1,540				1,596				1,179				1,191
Total	$	11,122			$	10,958			$	11,113			$	10,774

____________

(1) Excludes a lease that is accounted for as a failed sale-leaseback transaction under U.S. GAAP.

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