Debt (Tables)

6 Months Ended

Jun. 30, 2019

Debt Disclosure [Abstract]

Schedule of Long-Term Debt

The following table presents the carrying amount of our debt as of June 30, 2019 and December 31, 2018 (in millions):

	June 30, 2019			December 31, 2018			Interest Rate as of June 30, 2019 (1)	Maturity Date
CMBS Facility	$	1,016		$	1,035		One-month LIBOR + 2.75%	June 2020	(2)
Revolving Facility		—			—		One-month LIBOR + 4.50%	May 2020	(3)
		1,016			1,035
Less deferred finance costs		(14	)		(21	)
Total debt, net	$	1,002		$	1,014

⁽¹⁾ One-month LIBOR at June 30, 2019 was 2.40%.

⁽²⁾ After maturity in 2020, includes five one-year extension options at the Company’s option, provided there is no event of default existing as of the commencement of the applicable extension period and the CorePoint CMBS Borrower (as defined below) either extends the current interest rate cap or purchases a new interest rate cap covering the extension period at a strike price as set forth in the CMBS Loan Agreement.

⁽³⁾ After maturity in 2020, includes a one-year extension option at the Company’s option, subject to certain conditions, including that the maturity of the CMBS Facility be extended to a date no earlier than the maturity of the Revolving Facility.