Debt

As at June 30, 2019 (Successor) and December 31, 2018 (Successor), we had the following liabilities for third party debt agreements:



	Successor		Successor
(In $ millions)	As at June 30, 2019		As at December 31, 2018
Secured credit facilities	5,662		5,662
Senior secured notes	458		769
Credit facilities contained within variable interest entities	645		655
Total debt principal	6,765		7,086
Less: debt discount and fees	(154	)	(172	)
Carrying value	6,611		6,914

This was presented in our Consolidated Balance Sheet as follows:



	Successor	Successor
(In $ millions)	As at June 30, 2019	As at December 31, 2018
Debt due within one year	185	33
Long-term debt	6,426	6,881
Total debt principal	6,611	6,914

Key changes to borrowing facilities

On April 10, 2019, we repurchased $311 million of our principal senior secured notes for $342 million. The $31 million additional cash paid represents the 7% purchase premium and settlement of accrued payment-in-kind and cash interest.

Collateral

Our credit facilities are secured by, among other things, liens on our drilling units. Our credit facility agreements contain cross-default provisions, meaning that if we defaulted and amounts became due and payable under one of our credit agreements, this would trigger a cross-default in our other facilities so that amounts outstanding under our other credit facility agreements become due and payable and capable of being accelerated.

Debt maturities

The outstanding debt as at June 30, 2019 is repayable as follows:



		Successor
(In $ millions)		Year ended June 30,
2020		185
2021		530
2022		767
2023		1,658
2024		1,349
2025 and thereafter		2,276
Total debt principal ^{(1) (2)}		6,765


⁽¹⁾	Debt principal repayments, excluding cash and payment-in-kind interest.

⁽²⁾

The above table assumes that we will make amortization payments on our secured credit facilities from 2020. Under the terms of the bank financing agreements, we have the ability to defer up to $500 million of amortization payments (Amortization Conversion Election facility or "ACE") up to 120 days before such payment becomes due. The deferred amortization then becomes part of the balloon payment for each relevant facility. Based on the amortization schedule, the ACE has capacity to defer the first five quarters of amortization.