Long-Term Debt

6 Months Ended

Jun. 30, 2020

Long-term debt consisted of the following:



	June 30, 2020		December 31, 2019
	(in millions)
Sale leaseback financing obligation	$	100	$	103
2018 Revolver	158		162
4.875% Senior Notes Due 2023	1,000		1,000
5.500% Senior Notes Due 2026	800		800
6.000% Senior Notes Due 2027	600		600
5.875% Senior Notes Due 2028	400		400
Finance leases	29		32
Total debt	3,087		3,097
Less: current maturities	12		11
Less: debt issuance costs	23		26
Long-term debt, net	$	3,052	$	3,060

Revolving Credit Agreement

The Partnership is party to an Amended and Restated Credit Agreement among the Partnership, as borrower, the lenders from time to time party thereto and Bank of America, N.A., as administrative agent, collateral agent, swingline lender and a line of credit issuer (the “2018 Revolver”). As of June 30, 2020, the balance on the 2018 Revolver was $158 million, and $8 million in standby letters of credit were outstanding. The unused availability on the 2018 Revolver at June 30, 2020 was $1.3 billion. The weighted average interest rate on the total amount outstanding at June 30, 2020 was 2.19%. The Partnership was in compliance with all financial covenants at June 30, 2020.

2018 Private Offering of Senior Notes

Effective May 1, 2020, all of Sunoco LP common units owned by ETC M-A Acquisition LLC ("ETC M-A") and the related guarantees of Sunoco LP’s $1 billion principal amount of 4.875% senior notes due 2023, $800 million principal amount of 5.5% senior notes due 2026 and $400 million principal amount of 5.875% senior notes due 2028 were assigned to ETO.

Fair Value of Debt

The estimated fair value of debt is calculated using Level 2 inputs. The fair value of debt as of June 30, 2020 is estimated to be approximately $3.1 billion, based on outstanding balances as of the end of the period using current interest rates for similar securities.