v3.26.1
DEBT
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
DEBT DEBT
Debt Issuance, Repurchases and Extinguishment
In April 2026, Guardian entered into a credit agreement and borrowed $150 million under the Guardian Term Loan. The Guardian Term Loan matures on April 30, 2033 and bears interest at a variable rate equal to SOFR plus 1.95%. The proceeds were used to repurchase $150 million aggregate principal amount of DT Midstream's outstanding senior unsecured notes in open-market transactions, consisting of $130 million of the 2029 Notes and $20 million of the 2031 Notes.
The repurchases were completed at a discount and accounted for as partial extinguishments of debt. As a result, the Company recognized a gain on extinguishment of debt of approximately $1 million during the three months ended June 30, 2026, which was recorded as a Gain from financing activities on DT Midstream's Consolidated Statements of Operations for the three and six months ended June 30, 2026.
Long-Term Debt
The following is a summary of long-term debt:
MaturityJune 30,December 31,
TitleTypeInterest RateDate20262025
(millions)
2029 Notes
Senior Unsecured Notes (a)
4.125%2029$970 $1,100 
2031 Notes
Senior Unsecured Notes (a)
4.375%2031980 1,000 
2032 Notes
Senior Unsecured Notes (b)
4.300%2032600 600 
2034 Notes
Senior Unsecured Notes (a)
5.800%2034650 650 
Guardian Term LoanUnsecured Term Loan
Variable (c)
2033150 — 
Long-term debt principal3,350 3,350 
Unamortized debt discount(1)(1)
Unamortized debt issuance costs (23)(25)
Long-term debt, net$3,326 $3,324 
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(a) Interest payable semi-annually in arrears each June 15 and December 15.
(b) Interest payable semi-annually in arrears each April 15 and October 15.
(c) Variable interest rate based on one-month SOFR plus 1.95%.
Short-Term Credit Arrangements and Borrowings
The following table presents the availability under the Revolving Credit Facility:
June 30,
2026
(millions)
Total availability
Revolving Credit Facility, expiring December 2029
$1,000 
Amounts outstanding
Revolving Credit Facility borrowings
— 
Letters of credit (a)
17 
17 
Net availability $983 
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(a) This amount includes $16 million of letters of credit issued to third-party creditors on behalf of Millennium to support its outstanding debt obligations.
Borrowings under the Revolving Credit Facility, if any, are used for general corporate purposes, acquisitions, and letter of credit issuances to support our operations and liquidity. Revolving Credit Facility issuance and amendment costs, net of amortization, of $5 million and $6 million as of June 30, 2026 and December 31, 2025, respectively, are included in other noncurrent assets in our Consolidated Statements of Financial Position and are being amortized over the remaining term of the Revolving Credit Facility.
The credit agreements governing the Revolving Credit Facility and Guardian Term Loan include financial covenants that must be maintained. The Revolving Credit Facility requires DT Midstream to maintain a maximum consolidated net leverage ratio of 5 to 1, except that the Company may elect to temporarily increase the maximum consolidated net leverage ratio to 5.5 to 1 for a period of up to three fiscal quarters following the consummation of an acquisition or investment involving consideration exceeding $50 million. The Guardian Term Loan requires Guardian to maintain a maximum leverage ratio of 4.5 to 1. As of June 30, 2026, DT Midstream and Guardian were in compliance with these financial covenants.