Long-term debt and interest expense

3 Months Ended

Mar. 31, 2019

9. LONG-TERM DEBT AND INTEREST EXPENSE


	March 31,		December 31,
	2019		2018
Syndicated credit facility:
Revolving loan payable	$	734	$	595
Operating loan payable in Canadian dollars (March 31, 2019 - C$15 million; December 31, 2018 - C$0 million)		11		—
Term Loan A		500		500
Term Loan B		1,975		1,980
Debt issuance costs		(39)		(41)
Obligations under finance leases and other		12		13
Total long-term debt		3,193		3,047
Current portion		(19)		(17)
Non-current portion	$	3,174	$	3,030

The Syndicated Credit Facility is composed of: (i) a four-year senior secured first lien revolving credit facility and a four-year senior secured first lien operating facility (collectively, the “Revolving Credit Facility”), (ii) a senior secured first lien term A facility (“Term Loan A”) and (iii) a seven-year senior secured first lien term B facility (“Term Loan B”) in an aggregate principal amount of $3.75 billion. The net proceeds of the Syndicated Credit Facility were used, along with cash on hand, to consummate the acquisition of DigitalGlobe, to refinance all amounts outstanding under the Company’s existing syndicated credit facility and senior term loans, to repay DigitalGlobe’s outstanding indebtedness, to pay transaction fees and expenses, to fund working capital and for general corporate purposes.

The Revolving Credit Facility includes an aggregate $200 million sub limit under which letters of credit can be issued. As of March 31, 2019 and December 31, 2018, the Company also had $15 million and $18 million, respectively, of issued and undrawn letters of credit outstanding under the Revolving Credit Facility.

Interest expense on long-term debt and other obligations are as follows:


	Three Months Ended
	2019		2018
Interest on long-term debt	$	45	$	40
Interest expense on advance payments from customers		5		8
Interest on orbital securitization liability		2		2
Imputed interest and other		—		2
Capitalized interest		(3)		(1)
Interest expense on dissenting stockholder liability		—		2
Total interest expense	$	49	$	53