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Debt (Tables)
 3 Months Ended
Mar. 31, 2019
Debt [Abstract]  
Long-Term Debt, Net of Unamortized Discount and Debt Issuance Costs
Long-term debt, net of an unamortized discount and debt issuance costs, consisted of the following:

  
Original
Principal
  
Annual
Interest Rate
 
Maturity
Date
 
March 31,
2019
  
December 31,
2018
 
Term Loan Facility, net of unamortized discount (1) (2)
 
$
2,150
  
Variable
 
9/22/2024
 
$
2,019
  
$
2,119
 
Senior Notes due 2025
  
450
   
5.75
%
10/01/2025
  
450
   
450
 
Senior Notes due 2026
  
615
   
6.50
%
4/15/2026
  
615
   
615
 
Standard Bank Term Loan Facility
  
222
  
Variable
 
03/25/2024
  
222
   
—
 
Finance leases
           
15
   
16
 
Long-term debt
           
3,321
   
3,200
 
Less: Long-term debt due within one year
           
(58
)
  
(22
)
Debt issuance costs
           
(40
)
  
(39
)
Long-term debt, net
                
$
3,223
  
$
3,139
 



(1)
Average effective interest rate of 5.6%  and 5.5% during the three months ended March 31, 2019 and 2018, respectively.


(2)
The Term Loan Facility consists of (i) a U.S. dollar term facility in an aggregate principal amount of $1.5 billion (the “Term Loans”) with our subsidiary, Tronox Finance LLC (“Tronox Finance”) as the borrower and (ii) a U.S. dollar term facility in an aggregate principal amount of $650 million (the “Blocked Term Loan”) with our unrestricted subsidiary, Tronox Blocked Borrower LLC (the “Blocked Borrower”) as the borrower, which Blocked Term Loan was funded into a blocked account. Upon consummation of the Cristal Transaction on April 10, 2019, the Blocked Borrower merged with and into Tronox Finance, and the Blocked Term Loan became available to Tronox Finance. In the event of an asset sale, some or all of the net proceeds from the sale may be required to be used to prepay borrowings under the Term Loan Facility based on the ratio of the total combined debt outstanding under the Term Loan Facility and the Wells Fargo Revolver to the consolidated EBITDA, as defined in the Term Loan Facility, for the previous four quarters.  If this ratio is greater than 3, then all of the net proceeds from an asset sale would be required to be used to prepay borrowings under the Term Loan Facility, while if the ratio were less than 3 but greater than 2.75, 50% of the net proceeds would be required for prepayment and if the ratio were less than 2.75, no prepayment would be required.