Long-Term Debt

3 Months Ended

Mar. 31, 2020

Long-term debt consisted of the following at March 31, 2020 and December 31, 2019 (in millions):



	March 31, 2020		December 31, 2019
Credit Facility	$	586.0	$	557.0
2023 Senior Notes	700.0		700.0
2025 Senior Notes	500.0		500.0
2027 Senior Notes	600.0		600.0
Other	0.6		0.6
Less: deferred financing costs, net	27.5		29.1
Total debt	2,359.1		2,328.5
Less: current portion	0.2		0.2
Total long-term debt, less current portion	$	2,358.9	$	2,328.3

Credit Facility

At March 31, 2020, Crestwood Midstream had $636.0 million of available capacity under its credit facility considering the most restrictive debt covenants in its credit agreement. At March 31, 2020 and December 31, 2019, Crestwood Midstream’s outstanding standby letters of credit were $28.0 million and $31.7 million. Borrowings under the credit facility accrue interest at prime or Eurodollar based rates plus applicable spreads, which resulted in interest rates between 2.96% and 4.50% at March 31, 2020 and 3.96% and 6.00% at December 31, 2019. The weighted-average interest rate on outstanding borrowings as of March 31, 2020 and December 31, 2019 was 3.16% and 4.00%.

Crestwood Midstream is required under its credit agreement to maintain a net debt to consolidated EBITDA ratio (as defined in its credit agreement) of not more than 5.50 to 1.0, a consolidated EBITDA to consolidated interest expense ratio (as defined in its credit agreement) of not less than 2.50 to 1.0, and a senior secured leverage ratio (as defined in its credit agreement) of not more than 3.75 to 1.0. At March 31, 2020, the net debt to consolidated EBITDA ratio was approximately 4.02 to 1.0, the consolidated EBITDA to consolidated interest expense ratio was approximately 4.53 to 1.0, and the senior secured leverage ratio was 0.99 to 1.0.