| Schedule of Long-term Debt Instruments |
Debt, net of unamortized discounts and deferred financing costs, consists of the following (in millions): | | | | | | | | | | | | | March 31, 2025 | | December 31, 2024 | Outstanding principal balances on Senior Notes: | | | | 2026 Senior Notes (5.000%) | $ | 400 | | | $ | 400 | | 2028 Senior Notes (8.375%) | 1,350 | | | 1,350 | | 2030 Senior Notes (8.625%) | 1,000 | | | 1,000 | | 2031 Senior Notes (8.750%) | 1,350 | | | 1,350 | | Outstanding principal balances on Senior Notes, gross | 4,100 | | | 4,100 | | | Less: unamortized discount and deferred financing costs | (54) | | | (56) | | Outstanding principal balances on Senior Notes, net | 4,046 | | | 4,044 | | Outstanding balance on Credit Facility | 1,050 | | | 450 | | | Long-term debt | 5,096 | | 4,494 | | Deferred acquisition consideration | — | | | 479 | | Total debt | $ | 5,096 | | | $ | 4,973 | |
Senior Notes The table below summarizes the face values, interest rates, maturity dates, and semi-annual interest payment dates related to our outstanding senior note obligations as of March 31, 2025 ($ in millions): | | | | | | | | | | | | | | | | | | | | | | | | | Interest Rate | | Interest Payment Dates | | Principal Amount | | Maturity Date | | 2026 Senior Notes | 5.000% | | April 15, October 15 | | $ | 400 | | | October 15, 2026 | | 2028 Senior Notes | 8.375% | | January 1, July 1 | | 1,350 | | | July 1, 2028 | | 2030 Senior Notes | 8.625% | | May 1, November 1 | | 1,000 | | | November 1, 2030 | | 2031 Senior Notes | 8.750% | | January 1, July 1 | | 1,350 | | | July 1, 2031 |
The following table presents the outstanding balance, letters of credit outstanding, and available borrowing capacity under the Credit Facility as of the dates indicated (in millions): | | | | | | | | | | | | | | | | | | | May 6, 2025 | | March 31, 2025 | | December 31, 2024 | Outstanding balance | $ | 1,450 | | | $ | 1,050 | | | $ | 450 | | | Letters of credit | 2 | | | 2 | | | 2 | | | Available borrowing capacity | 1,048 | | | 1,448 | | | 1,748 | | Total aggregate elected commitments | $ | 2,500 | | | $ | 2,500 | | | $ | 2,200 | |
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