Long-Term Debt

9 Months Ended

Sep. 30, 2020

Long-term debt consisted of the following at September 30, 2020 and December 31, 2019 (in millions):


	September 30, 2020		December 31, 2019
Credit Facility	$	779.8	$	557.0
2023 Senior Notes	693.2		700.0
2025 Senior Notes	500.0		500.0
2027 Senior Notes	600.0		600.0
Other	0.4		0.6
Less: deferred financing costs, net	24.3		29.1
Total debt	2,549.1		2,328.5
Less: current portion	0.2		0.2
Total long-term debt, less current portion	$	2,548.9	$	2,328.3

Credit Facility

At September 30, 2020, Crestwood Midstream had $446.3 million of available capacity under its credit facility considering the most restrictive debt covenants in its credit agreement. At September 30, 2020 and December 31, 2019, Crestwood Midstream’s outstanding standby letters of credit were $23.9 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 2.40% and 4.50% at September 30, 2020 and 3.96% and 6.00% at December 31, 2019. The weighted-average interest rate on outstanding borrowings as of September 30, 2020 and December 31, 2019 was 2.43% 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 September 30, 2020, the net debt to consolidated EBITDA ratio was approximately 4.13 to 1.0, the consolidated EBITDA to consolidated interest expense ratio was approximately 4.65 to 1.0, and the senior secured leverage ratio was 1.25 to 1.0.

Senior Notes

In September 2020, Crestwood Midstream paid approximately $6.7 million to repurchase and cancel approximately $6.8 million of its 2023 Senior Notes.

In April 2019, Crestwood Midstream issued $600 million of 5.625% unsecured senior notes due 2027 (the 2027 Senior Notes). The 2027 Senior Notes mature on May 1, 2027, and interest is payable semi-annually in arrears on May 1 and November 1 of each year, beginning on November 1, 2019. The net proceeds from this offering of approximately $591.1 million were used to repay a portion of the outstanding borrowings under our credit facility, including approximately $250 million which was used to fund the acquisition of the remaining 50% equity interest in Jackalope.