v3.25.2
Long-Term Debt and Other Credit Facilities
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Long-Term Debt and Other Credit Facilities
10. Long-Term Debt and Other Credit Facilities
TES is the borrower/issuer under all the Company’s debt and credit facilities. As of June 30, 2025, TES was not in default under any of its debt or credit agreements.
Long-Term Debt
Interest Rate (a)
June 30,
2025		December 31,
2024
TLB-1
6.81 %$853 $857 
TLB-26.81 %846 850 
Secured Notes8.63 %1,200 1,200 
PEDFA 2009B Bonds
5.25 %50 50 
PEDFA 2009C Bonds
5.25 %81 81 
Total principal3,030 3,038 
Unamortized deferred financing costs and original issuance discounts(41)(34)
Total carrying value2,989 3,004 
Less: long-term debt, due within one year17 17 
Long-term debt$2,972 $2,987 
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(a)Computed interest rate as of June 30, 2025.
Revolving Credit and Other Facilities
June 30, 2025December 31, 2024
Maturity
Committed Capacity (a)
Direct Cash BorrowingsLCs IssuedUnused CapacityDirect Cash BorrowingsLCs IssuedUnused Capacity
RCF
December 2029$700 $70 $— $630 $— $— $700 
LCFDecember 2026900 — 413 487 — 374 526 
Total$1,600 $70 $413 $1,117 $— $374 $1,226 
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(a)RCF committed capacity can be used for direct cash borrowings and (or) LCs. Direct cash borrowings are not permitted under the LCF, which can only be used for LCs.

In December 2024, the TLC LCF and Bilateral LCF were terminated. However, as certain LCs remained outstanding under these facilities pending their transition to the LCF, corresponding backstop LCs were issued under the LCF. As of June 30, 2025 and December 31, 2024, the amounts of such backstop LCs issued under the LCF were $13 million and $297 million, respectively (which are included in the totals above).
Debt Commitment Letters
In connection with the Freedom and Guernsey Acquisitions, TES entered into debt commitment letters, dated July 17, 2025, pursuant to which Citigroup Global Markets Inc. and RBC Capital Markets have agreed to provide TES with: (i) senior secured bridge facilities in an aggregate principal amount of up to $1.2 billion; and (ii) senior unsecured bridge facilities in an aggregate principal amount of up to $2.6 billion. The funding is contingent upon the satisfaction of certain conditions set forth in the debt commitment letters. See Note 17 for additional information on the Freedom and Guernsey Acquisitions.
Other Material Terms; Security Interests
See Note 13 to the Annual Financial Statements for a description of the other material terms of the obligations outlined above and for additional information on the security interests and guarantees supporting these obligations. In addition to the obligations outlined under “Long-Term Debt” and “Revolving Credit and Other Facilities” above, secured obligations included approximately $102 million under Secured ISDAs as of June 30, 2025.