	2019		2018
	(In millions)
Debt - Hess Corporation:
Fixed-rate public notes:
3.5% due 2024	$	298	$	298
4.3% due 2027		992		992
7.9% due 2029		463		463
7.3% due 2031		628		627
7.1% due 2033		537		537
6.0% due 2040		741		740
5.6% due 2041		1,235		1,234
5.8% due 2047		494		493
Total fixed-rate public notes		5,388		5,384
Capital lease obligations (a)		—		269
Financing obligations associated with floating production system (a)		—		40
Fair value adjustments - interest rate hedging		1		(2	)
Total Debt - Hess Corporation	$	5,389	$	5,691

Debt - Midstream:
Fixed-rate notes: 5.6% due 2026 - Hess Midstream Operations LP	$	787	$	—
Fixed-rate notes: 5.1% due 2028 - Hess Midstream Operations LP		540		—
Fixed-rate notes: 5.6% due 2026 - HIP		—		787
Term loan A facility - Hess Midstream Operations LP		394		—
Term loan A facility - HIP		—		194
Revolving credit facility - Hess Midstream Operations LP		32		—
Total Debt - Midstream	$	1,753	$	981

Total Debt:
Current maturities of long-term debt	$	—	$	67
Long-term debt		7,142		6,605
Total Debt	$	7,142	$	6,672

	Total			Hess Corporation			Midstream
	(In millions)
2020	$	—		$	—		$	—
2021		10			—			10
2022		20			—			20
2023		30			—			30
2024		672			300			372
Thereafter		6,488			5,138			1,350
Total Borrowings		7,220			5,438			1,782
Less: Deferred issuance costs		(78	)		(49	)		(29	)
Total Debt (excluding interest)	$	7,142		$	5,389		$	1,753

At December 31, 2019, Hess Corporation’s fixed-rate public notes had a gross principal amount of $5,438 million (2018: $5,438 million) and a weighted average interest rate of 5.9% (2018: 5.9%). 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 $2,384 million of secured debt at December 31, 2019. Capitalized interest was $38 million in 2019 (2018: $20 million; 2017: $86 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. 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 an 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. No gain or loss was recognized from the sale transaction. The 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 capital lease asset was $264 million and the carrying value of the capital lease obligation was $269 million, of which $15 million was included in Current maturities of long-term debt and $254 million was included in Long-term debt on our Consolidated Balance Sheet.

In 2019, the Corporation entered into a new $3.5 billion revolving credit facility with a maturity date of May 15, 2023, which replaced the Corporation’s previous revolving credit facility that was scheduled to mature on January 21, 2021. The new facility can be used for borrowings and letters of credit. Borrowings on the new facility will generally bear interest at 1.30% above LIBOR, though the interest rate is subject to adjustment if the Corporation’s credit rating changes. The facility is subject to customary representations, warranties and covenants, including a financial covenant limiting the ratio of Total Consolidated Debt to Total Capitalization (as such terms are defined in the credit agreement for the facility) of the Corporation and its consolidated subsidiaries to 65%, and customary events of default. At December 31, 2019, 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 unsecured notes due in 2026. In December 2019, in connection with the acquisition of HIP and corporate restructuring described in Note 6, Hess Midstream, HESM Opco assumed $800 million of outstanding HIP senior notes in a par-for-par exchange. The senior notes are guaranteed by certain subsidiaries of HESM Opco.

In addition, in December 2019, HESM Opco issued $550 million of 5.125% senior unsecured notes due in 2028. The notes are guaranteed by HESM Opco’s direct and indirect wholly owned material domestic subsidiaries. Proceeds of the new notes were used to finance the acquisition of HIP and repay outstanding borrowings under HIP’s credit facilities.

Prior to the closing of the December 2019 transaction described in Note 6, Hess Midstream, HIP had a $600 million 5-year senior secured revolving credit facility and a $200 million senior secured Term Loan A facility, while Hess Midstream Partners LP had a $300 million 4-year senior secured syndicated revolving credit facility. In connection with the acquisition of HIP, both HIP and Hess Midstream Partners LP retired their existing senior secured revolving credit facilities and HESM Opco entered into a new 5-year senior secured syndicated revolving credit facility in the amount of $1.0 billion. HIP also retired its senior secured Term Loan A facility, which had borrowings of $190 million excluding deferred issuance costs, and HESM Opco entered into a fully drawn $400 million 5-year Term Loan A facility, receiving cash of $210 million at closing. The new revolving credit facility can be used for borrowings and letters of credit to fund HESM Opco’s operating activities, capital expenditures, distributions and for other general corporate purposes. 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%. Pricing levels for the facility fee and interest-rate margins are based on HESM Opco’s ratio of total debt to EBITDA as defined in the credit facilities. If HESM Opco obtains an investment grade credit rating, the pricing levels will be based on HESM Opco’s credit ratings in effect from time to time.

The credit facilities contain covenants that require HESM Opco to maintain a ratio of total debt to EBITDA for the prior four fiscal quarters of not greater than 5.00 to 1.00 as of the last day of each fiscal quarter (5.50 to 1.00 during the specified period following certain acquisitions) and, prior to HESM Opco obtaining an investment grade credit rating, a ratio of secured debt to EBITDA for the prior four fiscal quarters of not greater than 4.00 to 1.00 as of the last day of each fiscal quarter. The credit facilities are secured by first-priority perfected liens on substantially all the presently owned and after-acquired assets of HESM Opco and its direct and indirect wholly owned material domestic subsidiaries, including equity interests directly owned by such entities, subject to certain customary exclusions. At December 31, 2019, borrowings of $32 million were drawn under HESM Opco’s revolving credit facility, and borrowings of $400 million, excluding deferred issuance costs, were drawn under HESM Opco’s Term Loan A facility. Borrowings under these credit facilities are non-recourse to Hess Corporation.