Debt

12 Months Ended

Dec. 31, 2019

Revolving Credit Facility

In September 2019, we entered into a fourth amendment to our unsecured revolving credit facility (the “Credit Facility”) to reduce the maximum borrowing from $3.4 billion to $3.0 billion and extended the maturity date by one year to May 28, 2023. As of December 31, 2019, we had no borrowings against our $3.0 billion Credit Facility or under our U.S. commercial paper program that is backed by the Credit Facility.

The Credit Facility includes a covenant requiring that our ratio of total debt to total capitalization not exceed 65% as of the last day of each fiscal quarter. If an event of default occurs, the lenders holding more than half of the commitments may terminate the commitments under the Credit Facility and require the immediate repayment of all outstanding borrowings and the cash collateralization of all outstanding letters of credit under the Credit Facility. As of December 31, 2019, we were in compliance with this covenant with a debt-to-capitalization ratio of 31%.

Long-term debt

The following table details our long-term debt:



	December 31,
(In millions)	2019			2018
Senior unsecured notes:
2.700% notes due 2020^(a)	$	—		$	600
2.800% notes due 2022^(a)	1,000			1,000
9.375% notes due 2022^(b)	32			32
Series A notes due 2022^(b)	3			3
8.500% notes due 2023^(b)	70			70
8.125% notes due 2023^(b)	131			131
3.850% notes due 2025^(a)	900			900
4.400% notes due 2027^(a)	1,000			1,000
6.800% notes due 2032^(a)	550			550
6.600% notes due 2037^(a)	750			750
5.200% notes due 2045^(a)	500			500
Bonds:^(c)
2.00% bonds due 2037	200			—
2.10% bonds due 2037	200			—
2.20% bonds due 2037	200			—
Total^(b)	5,536			5,536
Unamortized discount	(7		)	(8		)
Unamortized debt issuance cost	(28		)	(29		)
Total long-term debt	$	5,501		$	5,499


^(a)	These notes contain a make-whole provision allowing us to repay the debt at a premium to market price.


^(b)	In the event of a change in control, as defined in the related agreements, debt obligations totaling $236 million at December 31, 2019 may be declared immediately due and payable.


^(c)	Mandatory purchase dates for these bonds: April 1, 2023 for the 2.00% bonds; July 1, 2024 for the 2.10% bonds; and July 1, 2026 for the 2.20% bonds. Subsequent to the various mandatory purchase dates, we will also have the right to convert and remarket these any time up to the 2037 maturity date.

On October 3, 2019, we redeemed our $600 million 2.7% senior unsecured notes due June 2020.

The following table shows future debt payments:



(In millions)
2020	$	—
2021	—
2022	1,035
2023	401
2024	200
Thereafter	3,900
Total long-term debt, including current portion	$	5,536

Debt Issuance

On October 1, 2019, we closed a $600 million remarketing to investors of sub-series A bonds which are part of the $1.0 billion St. John the Baptist, State of Louisiana revenue refunding bonds originally issued and purchased in December 2017. The $600 million in proceeds from the conversion and remarketing were used to pay the purchase price of our converted 2017 bonds on the closing date. We continue to own the remaining $400 million of the revenue refunding bonds and have the right to convert and remarket them to investors at any time up to the 2037 maturity date.