	2018			2017
	(In millions)
Debt - Hess Corporation:
Fixed-rate public notes:
8.1% due 2019	$	—		$	349
3.5% due 2024		298			297
4.3% due 2027		992			991
7.9% due 2029		463			500
7.3% due 2031		627			679
7.1% due 2033		537			596
6.0% due 2040		740			740
5.6% due 2041		1,234			1,234
5.8% due 2047		493			493
Total fixed-rate public notes		5,384			5,879
Capital lease obligations		269			—
Financing obligations associated with floating production system		40			118
Fair value adjustments - interest rate hedging		(2	)		—
Total Debt - Hess Corporation	$	5,691		$	5,997

Debt - Midstream:
Fixed-rate notes: 5.6% due 2026 - HIP	$	787		$	785
Term loan A facility - HIP		194			195
Total Debt - Midstream	$	981		$	980

Total Debt:
Current maturities of long-term debt	$	67		$	580
Long-term debt		6,605			6,397
Total Debt	$	6,672		$	6,977

	Total		Hess Corporation		Midstream
	(In millions)
2019	$	67	$	56	$	11
2020		32		17		15
2021		34		18		16
2022		171		19		152
2023		21		21		—
Thereafter		6,347		5,560		787
Total debt (excluding interest)	$	6,672	$	5,691	$	981

At December 31, 2018, Hess Corporation’s fixed-rate public notes had a gross principal amount of $5,438 million (2017: $5,938 million) and a weighted average interest rate of 5.9% (2017: 6.0%). Our long‑term debt agreements, including the revolving credit facility, contain financial covenants that restrict the amount of total borrowings and secured debt. The most restrictive of these covenants allow us to borrow up to an additional $3,098 million of secured debt at December 31, 2018. Capitalized interest was $20 million in 2018 (2017: $86 million; 2016: $61 million).

In 2018, we paid $553 million to redeem $350 million principal amount of 8.125% notes due 2019 and to purchase other notes with a carrying value of $150 million. As a result, we recorded total losses on debt extinguishment of $53 million in 2018 (2017: $0 million; 2016: $148 million). Concurrent with the redemption of the 2019 notes, we terminated interest rate swaps with a notional amount of $350 million.

In 2018, we entered into a sale and lease-back arrangement for a floating storage and offloading vessel (FSO) to handle produced condensate at North Malay Basin, offshore Peninsular Malaysia (Hess operated – 50%). Pursuant to the sale agreement, we received total proceeds of approximately $260 million, including our partner’s share of the proceeds which is reported in Accounts Payable on our Consolidated Balance Sheet. No gain or loss was recognized from the sale transaction. The lease agreement is for 16 years with four consecutive twelve-month renewal options that may be exercised at our discretion. At December 31, 2018, the carrying value of the lease asset is $264 million and the carrying value of the lease obligation is $269 million, which represents 100% of the present value of future minimum lease payments, of which $15 million is included in Current maturities of long-term debt and $254 million is included in Long-term debt on our Consolidated Balance Sheet. As the payments under the lease agreement become due, we will bill our partner their proportionate share for reimbursement pursuant to the terms of our joint operating agreement.

Hess Corporation’s $4 billion syndicated revolving credit facility expires in January 2021, with commitments of $3.7 billion available for the final year. Borrowings on the facility will generally bear interest at 1.30% above the London Interbank Offered Rate (LIBOR). The interest rate will be higher if our credit rating is lowered. The facility contains a financial covenant that limits the amount of the total borrowings on the last day of each fiscal quarter to 60% of the Corporation’s total capitalization, defined as total debt plus stockholders’ equity. At December 31, 2018, Hess Corporation had no outstanding borrowings or letters of credit under this facility and was in compliance with this financial covenant.

In November 2017, HIP issued $800 million of 5.625% senior notes, due in February 2026 and concurrently amended its senior unsecured credit facilities. HIP used a portion of the proceeds from the note issuance to repay borrowings under HIP’s credit facilities and to fund a distribution to the partners. Under the amended credit facilities, the 5-year Term Loan A facility was reduced to $200 million and the 5-year syndicated revolving credit facility increased to $600 million from $400 million previously, with the maturity of both facilities extended to November 2022. The amended facilities are secured by first-priority perfected liens on substantially all of HIP’s and certain of its wholly-owned subsidiaries’ directly owned assets, including its equity interests in certain subsidiaries, subject to customary exclusions. The 5-year syndicated revolving credit facility is expected to continue to fund the joint venture’s operating activities and capital expenditures. Borrowings under the 5-year Term Loan A facility will generally bear interest at LIBOR plus an applicable margin ranging from 1.55% to 2.50%, while the applicable margin for the 5-year syndicated revolving credit facility ranges from 1.275% to 2.000%. The interest rate continues to be subject to adjustment based on the joint venture’s leverage ratio, which is calculated as total debt to Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA). If HIP obtains an investment grade credit rating, as defined in the amended credit agreement, pricing levels will be based on the credit ratings in effect from time to time. The joint venture is subject to customary covenants in the credit agreement that include financial covenants that generally require a leverage ratio of no more than 5.0 to 1.0 for the prior four fiscal quarters and an interest coverage ratio, which is calculated as EBITDA to cash interest expense, of no less than 2.25 to 1.0 for the prior four fiscal quarters. The amended credit agreement includes a secured leverage ratio test not to exceed 3.75 to 1.00 for so long as the facilities remain secured. HIP is in compliance with all debt covenants at December 31, 2018, and its financial covenants do not currently impact its ability to issue indebtedness to fund future capital expenditures. At December 31, 2018, HIP’s revolving credit facility was undrawn and borrowings under the Term Loan A facility amounted to $197.5 million, excluding deferred issuance costs.

The Partnership has a $300 million 4-year senior secured syndicated revolving credit facility through March 2021 that can be used for borrowings and letters of credit to fund operating activities and capital expenditures of the Partnership. Borrowings on the credit facility will generally bear interest at LIBOR plus an applicable margin of 1.275%. The interest rate is subject to adjustment based on the Partnership’s leverage ratio, which is calculated as total debt to EBITDA. If the Partnership obtains credit ratings, pricing levels will be based on the credit ratings in effect from time to time. The Partnership is subject to customary covenants in the credit agreement, including financial covenants that generally require a leverage ratio of no more than 4.5 to 1.0 for the prior four fiscal quarters. The credit facility is secured by first priority perfected liens on substantially all directly owned assets of the Partnership and its wholly-owned subsidiaries, including equity interests in subsidiaries, subject to certain customary exclusions. Outstanding borrowings under this credit facility are non-recourse to Hess Corporation. At December 31, 2018, this facility was undrawn.