Debt

3 Months Ended

Mar. 31, 2021

4. DEBT

Public Debt

During the three months ended March 31, 2021 and 2020, there was no issuance or redemption activity related to our public debt.

Credit Facilities

Summary of Credit Facilities

We had outstanding borrowings, letters of credit issued, and availability under our credit facilities as follows (amounts in millions and currency in U.S. dollars, except as noted):


				March 31, 2021
	Facility Amount		Maturity Date	Outstanding Borrowings		Letters of Credit Issued (a)		Availability
Committed facilities:
Valero Revolver	$	4,000	March 2024	$	—	$	118	$	3,882
364-day Revolving Credit Facility (b)	$	875	April 2021	$	—	n/a		$	875
Canadian Revolver	C$	150	November 2021	C$	—	C$	5	C$	145
Accounts receivable sales facility	$	1,000	July 2021	$	—	n/a		$	1,000
Letter of credit facility	$	50	November 2021	n/a		$	—	$	50
Committed facilities of VIEs (c):
DGD Revolver	$	400	March 2024	$	—	$	—	$	400
IEnova Revolver (d)	$	660	February 2028	$	606	n/a		$	54
Uncommitted facilities:
Letter of credit facilities	n/a		n/a	n/a		$	330	n/a

________________________

(a)Letters of credit issued as of March 31, 2021 expire at various times in 2021 through 2023.

(b)This facility matured on April 12, 2021 and was not renewed.

(c)Creditors of our VIEs do not have recourse against us.

(d)As of March 31, 2021 and December 31, 2020, the variable interest rate on the IEnova Revolver was 3.888 percent and 3.870 percent, respectively.

Activities under our credit facilities were as follows (in millions):


	Three Months Ended March 31,
	2021		2020
Borrowings:
Accounts receivable sales facility	$	—	$	300
IEnova Revolver	8		70

DGD Revolver

In March 2021, DGD (as described in Note 6) entered into a $400 million unsecured revolving credit facility (the DGD Revolver) that matures in March 2024. DGD has the option to increase the aggregate commitments under the DGD Revolver to $550 million, subject to certain restrictions. The DGD Revolver also provides for the issuance of letters of credit of up to $10 million. The DGD Revolver is available only to the operations of DGD, and the creditors of DGD do not have recourse against us.

Outstanding borrowings under the DGD Revolver generally bear interest, at DGD’s option, at either (i) an alternate base rate plus the applicable margin or (ii) an adjusted LIBOR rate for the applicable interest period in effect from time to time plus the applicable margin. The DGD Revolver also requires payments for customary fees, including unused commitment fees, letter of credit fees, and administrative agent fees.

During the three months ended March 31, 2021, there were no borrowings or repayments under the DGD Revolver.

Other Disclosures

“Interest and debt expense, net of capitalized interest” is comprised as follows (in millions):


	Three Months Ended March 31,
	2021		2020
Interest and debt expense	$	164	$	145
Less: Capitalized interest	15		20
Interest and debt expense, net of capitalized interest	$	149	$	125