Long-term debt and interest expense, net

3 Months Ended

Mar. 31, 2020

Long-term debt and interest expense, net

Long-term debt and interest expense, net

10.  LONG-TERM DEBT AND INTEREST EXPENSE, NET

	March 31,		December 31,
	2020		2019
Syndicated Credit facility:
Revolving credit facility	$	15	$	—
Term Loan B		1,955		1,960
2023 Notes		1,000		1,000
Deferred financing		32		33
Debt discount and issuance costs		(52)		(54)
Obligations under finance leases and other		5		6
Total long-term debt		2,955		2,945
Current portion of long-term debt		(29)		(30)
Non-current portion of long-term debt	$	2,926	$	2,915

The Company’s senior secured syndicated credit facility (the “Syndicated Credit Facility”) is composed of: (i) a senior secured first lien revolving credit facility in an aggregate capacity of up to $500 million maturing in December 2023 (the “Revolving Credit Facility”) and (ii) a senior secured first lien term B facility in an original aggregate principal amount of $2.0 billion maturing in October 2024 (the “Term Loan B”).

The Revolving Credit Facility includes an aggregate $200 million sub limit under which letters of credit can be issued. As of March 31, 2020 and December 31, 2019, the Company had $18 million of issued and undrawn letters of credit outstanding under the Revolving Credit Facility.

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

	Three Months Ended March 31,
	2020		2019
Interest on long-term debt	$	54	$	45
Interest expense on advance payments from customers		2		5
Interest on orbital securitization liability		1		2
Capitalized interest		(8)		(3)
Interest expense, net	$	49	$	49