Debt

Our debt at March 31, 2020 and December 31, 2019, was as follows (in millions):



	March 31, 2020		December 31, 2019
First Lien Term Loans	$	3,161	$	3,167
Senior Unsecured Notes	3,041		3,663
First Lien Notes	2,407		2,835
Project financing, notes payable and other	840		879
CCFC Term Loan	964		967
Finance lease obligations	68		73
Revolving facilities	572		122
Subtotal	11,053		11,706
Less: Current maturities	217		1,268
Total long-term debt	$	10,836	$	10,438

Our effective interest rate on our consolidated debt, excluding the effects of capitalized interest and mark-to-market gains (losses) on interest rate hedging instruments, decreased to 5.3% for the three months ended March 31, 2020, from 5.9% for the same period in 2019.

First Lien Term Loans

The amounts outstanding under our First Lien Term Loans are summarized in the table below (in millions):



	March 31, 2020		December 31, 2019
2024 First Lien Term Loan	$	1,511	$	1,514
2026 First Lien Term Loans	1,650		1,653
Total First Lien Term Loans	$	3,161	$	3,167

Senior Unsecured Notes

The amounts outstanding under our Senior Unsecured Notes are summarized in the table below (in millions):



	March 31, 2020		December 31, 2019
2023 Senior Unsecured Notes⁽¹⁾	$	—	$	623
2024 Senior Unsecured Notes	479		479
2025 Senior Unsecured Notes	1,174		1,174
2028 Senior Unsecured Notes⁽¹⁾	1,388		1,387
Total Senior Unsecured Notes	$	3,041	$	3,663

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(1)

On January 21, 2020, we redeemed the outstanding $623 million in aggregate principal amount of our 2023 Senior Unsecured Notes, which was included in debt, current portion on our Consolidated Condensed Balance Sheet at December 31, 2019, with the proceeds from the 2028 Senior Unsecured Notes, which was included in cash and cash equivalents on our Consolidated Condensed Balance Sheet at December 31, 2019.

First Lien Notes

The amounts outstanding under our First Lien Notes are summarized in the table below (in millions):



	March 31, 2020		December 31, 2019
2022 First Lien Notes⁽¹⁾	$	—	$	245
2024 First Lien Notes⁽²⁾	—		184
2026 First Lien Notes	1,173		1,172
2028 First Lien Notes	1,234		1,234
Total First Lien Notes	$	2,407	$	2,835

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(1)	On January 21, 2020, we redeemed the outstanding $245 million in aggregate principal amount of our 2022 First Lien Notes, which was included in debt, current portion on our Consolidated Condensed Balance Sheet at December 31, 2019, with the proceeds from the 2028 First Lien Notes, which was included in cash and cash equivalents on our Consolidated Condensed Balance Sheet at December 31, 2019.


(2)	On January 21, 2020, we redeemed the outstanding $184 million in aggregate principal amount of our 2024 First Lien Notes, which was included in debt, current portion on our Consolidated Condensed Balance Sheet at December 31, 2019, with the proceeds from the 2028 First Lien Notes which was included in cash and cash equivalents on our Consolidated Condensed Balance Sheet at December 31, 2019.

Project Financing, Notes Payable and Other

On January 29, 2019, PG&E and PG&E Corporation each filed voluntary petitions for relief under Chapter 11. Our power plants that sell energy and energy-related products to PG&E through PPAs, include Russell City Energy Center and Los Esteros Critical Energy Facility. Since the bankruptcy filing, we have received all material payments under the PPAs, either directly or through the application of collateral. As a result of PG&E’s bankruptcy, we are currently unable to make distributions from our Russell City and Los Esteros projects in accordance with the terms of the project debt agreements associated with each related project. In July 2019, we executed forbearance agreements associated with the Russell City and Los Esteros project debt agreements, under which the lenders have agreed to forbear enforcement of their rights and remedies, including the ability to accelerate the repayment of borrowings outstanding, otherwise arising because PG&E did not assume our PPAs during the first 180 days of PG&E’s bankruptcy proceeding. The forbearance agreements are effective for rolling 90-day periods, so long as we continue to meet certain conditions, including that the PPAs have not been rejected and there are no other defaults under the project debt agreements or the forbearance agreements. We may be required to reclassify $276 million of Russell City and Los Esteros long-term project debt outstanding at March 31, 2020 to a current liability in a future period. We continue to monitor the bankruptcy proceedings and are assessing our options.

Corporate Revolving Facility and Other Letter of Credit Facilities

The table below represents amounts issued under our letter of credit facilities at March 31, 2020 and December 31, 2019 (in millions):



	March 31, 2020		December 31, 2019
Corporate Revolving Facility⁽¹⁾	$	636	$	604
CDHI	3		3
Various project financing facilities	185		184
Other corporate facilities⁽²⁾	295		294
Total	$	1,119	$	1,085

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(1)	The Corporate Revolving Facility represents our primary revolving facility and matures on March 8, 2023.


(2)	On April 9, 2020, we amended one of our unsecured letter of credit facilities to partially extend the maturity of $100 million in commitments from June 20, 2020 to June 20, 2022.

Fair Value of Debt

We record our debt instruments based on contractual terms, net of any applicable premium or discount and debt issuance costs. The following table details the fair values and carrying values of our debt instruments at March 31, 2020 and December 31, 2019 (in millions):



	March 31, 2020				December 31, 2019
	Fair Value		Carrying Value		Fair Value		Carrying Value
First Lien Term Loans	$	2,920	$	3,161	$	3,238	$	3,167
Senior Unsecured Notes	2,827		3,041		3,764		3,663
First Lien Notes	2,313		2,407		2,929		2,835
Project financing, notes payable and other⁽¹⁾	777		778		822		817
CCFC Term Loan	850		964		982		967
Revolving facilities	572		572		122		122
Total	$	10,259	$	10,923	$	11,857	$	11,571

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

Our First Lien Term Loans, Senior Unsecured Notes, First Lien Notes and CCFC Term Loan are categorized as level 2 within the fair value hierarchy. Our revolving facilities and project financing, notes payable and other debt instruments are categorized as level 3 within the fair value hierarchy. We do not have any debt instruments with fair value measurements categorized as level 1 within the fair value hierarchy.