Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2019

The following chart reflects our consolidated long-term debt, including unamortized premiums, net and debt issuance costs, but excluding intercompany debt:



	Interest Rates	Maturities	December 31, 2019			December 31, 2018
			(Dollars in millions)
Level 3 Parent, LLC
Senior Notes	5.750%	2022	$	—		600
Subsidiaries
Level 3 Financing, Inc.
Senior Secured Debt:⁽¹⁾
Senior Notes ⁽²⁾	3.400% - 3.875%	2027 - 2029	1,500			—
Tranche B 2024 Term Loan ⁽³⁾	LIBOR + 2.25%	2024	—			4,611
Tranche B 2027 Term Loan ⁽⁴⁾	LIBOR + 1.75%	2027	3,111			—
Senior Notes and other debt:
Senior Notes ⁽²⁾	4.625% - 6.125%	2021 - 2027	5,515			5,315
Finance Leases	Various	Various	171			163
Unamortized premiums, net			104			155
Unamortized debt issuance costs			(34		)	—
Total long-term debt			10,367			10,844
Less current maturities			(11		)	(6	)
Long-term debt, excluding current maturities			$	10,356		10,838

_______________________________________________________________________________



(1)	See the remainder of this Note for a description of certain parent and subsidiary guarantees and liens securing this debt.
(2)	As described further below, the notes are fully and unconditionally guaranteed by certain affiliates of Level 3 Financing, Inc., including Level 3 Parent, LLC and Level 3 Communications, LLC. (subject in certain cases to pending regulatory approvals).
(3)	The Tranche B 2024 Term Loan had an interest rate of 4.754% as of December 31, 2018.
(4)	The Tranche B 2027 Term Loan had an interest rate of 3.549% as of December 31, 2019.

Schedule of aggregate future contractual maturities of long-term debt and capital leases (excluding unamortized premiums)

Set forth below is the aggregate principal amount of our long-term debt and finance leases (excluding unamortized premiums, net and unamortized debt issuance costs) maturing during the following years:



	(Dollars in millions)⁽¹⁾
2020	$	11
2021	8
2022	850
2023	1,210
2024	911
2024 and thereafter	7,307
Total long-term debt	$	10,297

_______________________________________________________________________________



(1)	Actual principal paid in any year may differ due to the possible future refinancing of outstanding debt or the issuance of new debt.

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details