Line of Credit Facility, Fair Value of Amount Outstanding

[Table of Contents](#i0302cc7c03c44d0c8270f104de834cdb_7)CF INDUSTRIES HOLDINGS, INC.  
11.   Financing Agreements Revolving Credit Agreement We have a senior unsecured revolving credit agreement (the Revolving Credit Agreement), which provides for a revolving credit facility of up to $750 million with a maturity of December 5, 2024. The Revolving Credit Agreement includes a letter of credit sub-limit of $125 million. Borrowings under the Revolving Credit Agreement may be used for working capital, capital expenditures, acquisitions, share repurchases and other general corporate purposes. Borrowings under the Revolving Credit Agreement may be denominated in U.S. dollars, Canadian dollars, euros and British pounds, and bear interest at a per annum rate equal to, at our option, an applicable eurocurrency rate or base rate plus, in either case, a specified margin. We are required to pay an undrawn commitment fee on the undrawn portion of the commitments under the Revolving Credit Agreement and customary letter of credit fees. The specified margin and the amount of the commitment fee depend on CF Holdings’ credit rating at the time.As of March 31, 2022, we had unused borrowing capacity under the Revolving Credit Agreement of $750 million and no outstanding letters of credit. There were no borrowings outstanding under the Revolving Credit Agreement as of March 31, 2022 or December 31, 2021, or during the three months ended March 31, 2022. The Revolving Credit Agreement contains representations and warranties and affirmative and negative covenants, including financial covenants. As of March 31, 2022, we were in compliance with all covenants under the Revolving Credit Agreement. Letters of CreditIn addition to the letters of credit that may be issued under the Revolving Credit Agreement, as described above, we have also entered into a bilateral agreement with capacity to issue up to $250 million of letters of credit. As of March 31, 2022, approximately $197 million of letters of credit were outstanding under this agreement.Senior NotesLong-term debt presented on our consolidated balance sheets as of March 31, 2022 and December 31, 2021 consisted of the following debt securities issued by CF Industries:

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| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
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|   | Effective Interest Rate |  | March 31, 2022 |  | December 31, 2021 |
|   |  | Principal |  | Carrying Amount(1) |  | Principal |  | Carrying Amount(1) |
|  |  |  | (in millions) |
| Public Senior Notes: |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |
| 3.450% due June 2023(2) | 3.665% |  | $ | 500  |  |  | $ | 499  |  |  | $ | 500  |  |  | $ | 499  |  |
| 5.150% due March 2034 | 5.293% |  | 750  |  |  | 741  |  |  | 750  |  |  | 741  |  |
| 4.950% due June 2043 | 5.040% |  | 750  |  |  | 741  |  |  | 750  |  |  | 742  |  |
| 5.375% due March 2044 | 5.478% |  | 750  |  |  | 740  |  |  | 750  |  |  | 741  |  |
| Senior Secured Notes: |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |
| 4.500% due December 2026(3) | 4.783% |  | 750  |  |  | 741  |  |  | 750  |  |  | 742  |  |
| Total long-term debt |  |  | $ | 3,500  |  |  | $ | 3,462  |  |  | $ | 3,500  |  |  | $ | 3,465  |  |
|  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |
| Less: Current maturities of long-term debt |  |  | 500  |  |  | 499  |  |  | —  |  |  | —  |  |
| Long-term debt, net of current maturities |  |  | $ | 3,000  |  |  | $ | 2,963  |  |  | $ | 3,500  |  |  | $ | 3,465  |  |

\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_(1)Carrying amount is net of unamortized debt discount and deferred debt issuance costs. Total unamortized debt discount was $8 million as of both March 31, 2022 and December 31, 2021, and total deferred debt issuance costs were $30 million and $27 million as of March 31, 2022 and December 31, 2021, respectively.  (2)These notes were redeemed in full on April 21, 2022.(3)Effective August 23, 2021, these notes are no longer secured, in accordance with the terms of the applicable indenture.15
