Debt (Tables)

3 Months Ended

Mar. 31, 2020

Debt Disclosure [Abstract]

Schedule of Long-Term Debt

Debt

The following table presents the carrying amount of our debt as of March 31, 2020 and December 31, 2019 (in millions):

	March 31, 2020			December 31, 2019			Interest Rate (1)	Maturity Date
CMBS Facility	$	871		$	921		One-month LIBOR + 2.75%	June 2020(2)
Revolving Facility	110			—			One-month LIBOR + 4.50%	May 2020(3)
	981			921
Less deferred finance costs	(2		)	(6		)
Total debt, net	$	979		$	915

____________________ 

(1) One-month LIBOR at March 31, 2020 and December 31, 2019 was 0.99% and 1.76%, respectively.

(2) After maturity in June 2020, includes five one-year extension options at our 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 (as defined below).

(3)

After maturity in May 2020, includes a one-year extension option at our 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 (as defined below).