| Schedule of Debt |
Debt was as follows: | | | | | | | | | | | | | | | (in millions) | | | December 31,
2020 | | December 31,
2019 | 3.360% Series 2016-1 A-1 Notes due 2021 | | | $ | 656 | | | $ | — | | 5.300% Senior Notes to affiliates due 2021 | | | — | | | 2,000 | | 7.250% Senior Notes due 2021 | | | 2,250 | | | — | | 11.500% Senior Notes due 2021 | | | 1,000 | | | — | | 4.000% Senior Notes to affiliates due 2022 | | | 1,000 | | | 1,000 | | 4.000% Senior Notes due 2022 | | | 500 | | | 500 | | 6.000% Senior Notes due 2022 | | | 2,280 | | | — | | | Incremental term loan facility to affiliates due 2022 | | | — | | | 2,000 | | 6.000% Senior Notes due 2023 | | | 1,300 | | | 1,300 | | 7.875% Senior Notes due 2023 | | | 4,250 | | | — | | | | | | | | 6.000% Senior Notes due 2024 | | | 1,000 | | | 1,000 | | 6.000% Senior Notes to affiliates due 2024 | | | — | | | 1,350 | | 6.000% Senior Notes to affiliates due 2024 | | | — | | | 650 | | 6.500% Senior Notes due 2024 | | | — | | | 1,000 | | 7.125% Senior Notes due 2024 | | | 2,500 | | | — | | | Incremental term loan facility to affiliates due 2024 | | | — | | | 2,000 | | 3.500% Senior Secured Notes due 2025 | | | 3,000 | | | — | | 4.738% Series 2018-1 A-1 Notes due 2025 | | | 2,100 | | | — | | 5.125% Senior Notes to affiliates due 2025 (1) | | | — | | | 1,250 | | 5.125% Senior Notes due 2025 | | | 500 | | | 500 | | 6.375% Senior Notes due 2025 | | | — | | | 1,700 | | 7.625% Senior Notes due 2025 | | | 1,500 | | | — | | 1.500% Senior Secured Notes due 2026 | | | 1,000 | | | — | | 6.500% Senior Notes due 2026 | | | 2,000 | | | 2,000 | | 4.500% Senior Notes due 2026 | | | 1,000 | | | 1,000 | | 4.500% Senior Notes to affiliates due 2026 | | | 1,000 | | | 1,000 | | 7.625% Senior Notes due 2026 | | | 1,500 | | | — | | 3.750% Senior Secured Notes due 2027 | | | 4,000 | | | — | | 5.375% Senior Notes due 2027 | | | 500 | | | 500 | | 5.375% Senior Notes to affiliates due 2027 (1) | | | 1,250 | | | 1,250 | | 2.050% Senior Secured Notes due 2028 | | | 1,750 | | | — | | 4.750% Senior Notes due 2028 | | | 1,500 | | | 1,500 | | 4.750% Senior Notes to affiliates due 2028 | | | 1,500 | | | 1,500 | | 5.152% Series 2018-1 A-2 Notes due 2028 | | | 1,838 | | | — | | 6.875% Senior Notes due 2028 | | | 2,475 | | | — | | 3.875% Senior Secured Notes due 2030 | | | 7,000 | | | — | | 2.250% Senior Secured Notes due 2031 | | | 1,000 | | | — | | 2.550% Senior Secured Notes due 2031 | | | 2,500 | | | — | | 8.750% Senior Notes due 2032 | | | 2,000 | | | — | | 4.375% Senior Secured Notes due 2040 | | | 2,000 | | | — | | 3.000% Senior Secured Notes due 2041 | | | 2,500 | | | — | | 4.500% Senior Secured Notes due 2050 | | | 3,000 | | | — | | 3.300% Senior Secured Notes due 2051 | | | 3,000 | | | — | | 3.600% Senior Secured Notes due 2060 | | | 1,000 | | | — | | | | | | | | | Other debt | | | 240 | | | 25 | | | | | | | | | Unamortized premium on debt to affiliates | | | — | | | 43 | | | Unamortized premium on debt to third parties | | | 2,197 | | | — | | | | | | | | | Unamortized discount on debt to affiliates | | | (20) | | | (53) | | | Unamortized discount on debt to third parties | | | (197) | | | — | | | | | | | | | Debt issuance costs and consent fees | | | (244) | | | (46) | | | Total debt | | | 71,125 | | | 24,969 | | | | | | | | | | | | | | | Less: Current portion of Senior Notes and other debt to third parties | | | 4,579 | | | 25 | | | Total long-term debt | | | $ | 66,546 | | | $ | 24,944 | | | Classified on the balance sheet as: | | | | | | | Long-term debt | | | $ | 61,830 | | | $ | 10,958 | | | Long-term debt to affiliates | | | 4,716 | | | 13,986 | | | Total long-term debt | | | $ | 66,546 | | | $ | 24,944 | |
(1)On April 1, 2020, in connection with the closing of the Merger, we amended the $1.25 billion of 5.125% Senior Notes to affiliates due 2025 and $1.25 billion of 5.375% Senior Notes to affiliates due 2027, to change the maturity date thereof to April 15, 2021 and April 15, 2022, respectively. See “Financing Matters Agreement” section below for further information.
Our effective interest rate, excluding the impact of derivatives and capitalized interest, was approximately 4.6% and 5.2% for the years ended December 31, 2020 and 2019, respectively, on weighted average debt outstanding of $58.4 billion and $25.5 billion for the years ended December 31, 2020 and 2019, respectively. The weighted average debt outstanding was calculated by applying an average of the monthly ending balances of total short-term and long-term debt and short-term and long-term debt to affiliates, net of unamortized premiums, discounts, debt issuance costs and consent fees.
Issuances and Borrowings
During the year ended December 31, 2020, we issued the following Senior Secured Notes and entered into the following Secured loan facilities: | | | | | | | | | | | | | | | | | | | | | | | | | (in millions) | Principal Issuances | | Premiums, Discounts and Issuance Costs | | Net Proceeds from Issuance of Long-Term Debt | | Issue Date | 3.500% Senior Secured Notes due 2025 | $ | 3,000 | | | $ | 12 | | | $ | 2,988 | | | April 9, 2020 | 3.750% Senior Secured Notes due 2027 | 4,000 | | | 17 | | | 3,983 | | | April 9, 2020 | 3.875% Senior Secured Notes due 2030 | 7,000 | | | 78 | | | 6,922 | | | April 9, 2020 | 4.375% Senior Secured Notes due 2040 | 2,000 | | | 47 | | | 1,953 | | | April 9, 2020 | 4.500% Senior Secured Notes due 2050 | 3,000 | | | 24 | | | 2,976 | | | April 9, 2020 | 1.500% Senior Secured Notes due 2026 | 1,000 | | | 5 | | | 995 | | | June 24, 2020 | 2.050% Senior Secured Notes due 2028 | 1,250 | | | 8 | | | 1,242 | | | June 24, 2020 | 2.550% Senior Secured Notes due 2031 | 1,750 | | | 12 | | | 1,738 | | | June 24, 2020 | 2.050% Senior Secured Notes due 2028 | 500 | | | (11) | | | 511 | | | October 6, 2020 | 2.550% Senior Secured Notes due 2031 | 750 | | | (29) | | | 779 | | | October 6, 2020 | 3.000% Senior Secured Notes due 2041 | 1,250 | | | 15 | | | 1,235 | | | October 6, 2020 | 3.300% Senior Secured Notes due 2051 | 1,500 | | | 16 | | | 1,484 | | | October 6, 2020 | 2.250% Senior Secured Notes due 2031 | 1,000 | | | 5 | | | 995 | | | October 28, 2020 | 3.000% Senior Secured Notes due 2041 | 1,250 | | | 38 | | | 1,212 | | | October 28, 2020 | 3.300% Senior Secured Notes due 2051 | 1,500 | | | 58 | | | 1,442 | | | October 28, 2020 | 3.600% Senior Secured Notes due 2060 | 1,000 | | | 11 | | | 989 | | | October 28, 2020 | | Total of Senior Secured Notes issued | 31,750 | | | 306 | | | 31,444 | | | | Secured bridge loan facility due 2021 | 19,000 | | | 257 | | | 18,743 | | | April 1, 2020 | Secured term loan facility due 2027 | 4,000 | | | 107 | | | 3,893 | | | April 1, 2020 | | | | | | | | | | Total of Secured loan facilities issued | 23,000 | | | 364 | | | 22,636 | | | | | Total Issuances and Borrowings | $ | 54,750 | | | $ | 670 | | | $ | 54,080 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
In connection with the Merger, we assumed the following indebtedness of Sprint: | | | | | | | | | | | | | | | | | | | | | | (in millions) | | Fair value as of April 1, 2020 | | Principal Outstanding as of December 31, 2020 | | Carrying Value as of December 31, 2020 | | | | | | | | 7.250% Senior Notes due 2021 | | $ | 2,324 | | | $ | 2,250 | | | $ | 2,287 | | 7.875% Senior Notes due 2023 | | 4,682 | | | 4,250 | | | 4,594 | | 7.125% Senior Notes due 2024 | | 2,746 | | | 2,500 | | | 2,706 | | 7.625% Senior Notes due 2025 | | 1,677 | | | 1,500 | | | 1,652 | | 7.625% Senior Notes due 2026 | | 1,701 | | | 1,500 | | | 1,679 | | | | | | | | | 3.360% Senior Secured Series 2016-1 A-1 Notes due 2021 (1) | | 1,310 | | | 656 | | | 656 | | 4.738% Senior Secured Series 2018-1 A-1 Notes due 2025 (1) | | 2,153 | | | 2,100 | | | 2,145 | | 5.152% Senior Secured Series 2018-1 A-2 Notes due 2028 (1) | | 1,960 | | | 1,838 | | | 1,950 | | | | | | | | | 7.000% Senior Notes due 2020 | | 1,510 | | | — | | | — | | 11.500% Senior Notes due 2021 | | 1,105 | | | 1,000 | | | 1,057 | | 6.000% Senior Notes due 2022 | | 2,372 | | | 2,280 | | | 2,346 | | | | | | | | | 6.875% Senior Notes due 2028 | | 2,834 | | | 2,475 | | | 2,808 | | 8.750% Senior Notes due 2032 | | 2,649 | | | 2,000 | | | 2,620 | | | Accounts receivable facility | | 2,310 | | | — | | | — | | | Other debt | | 464 | | | 256 | | | 240 | | | Total Debt Assumed | | $ | 31,797 | | | $ | 24,605 | | | $ | 26,740 | |
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| Debt Instrument Redemption |
During the year ended December 31, 2020, we repaid the following loan facilities and redeemed the following Senior Notes held by third parties and Senior Notes held by affiliates: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (in millions) | Principal Amount | | Write-off of Premiums, Discounts and Issuance Costs (1) | | Other (2) | | Redemption or Repayment Date | | Redemption Price | 6.500% Senior Notes due 2024 | $ | 1,000 | | | $ | 12 | | | $ | 22 | | | July 4, 2020 | | 102.167 | % | 7.000% Senior Notes due 2020 | 1,500 | | | — | | | — | | | August 15, 2020 | | N/A | 6.375% Senior Notes due 2025 | 1,700 | | | 24 | | | 36 | | September 1, 2020 | | 102.125 | % | | Total Senior Notes to third parties redeemed | 4,200 | | | 36 | | | 58 | | | | | | 5.300% Senior Notes to affiliates due 2021 (3) | 2,000 | | | — | | | — | | | April 1, 2020 | | 100.000 | % | 6.000% Senior Notes to affiliates due 2024 (3) | 1,350 | | (26) | | | — | | | April 1, 2020 | | 100.000 | % | 6.000% Senior Notes to affiliates due 2024 (3) | 650 | | (15) | | | — | | | April 1, 2020 | | 100.000 | % | 5.125% Senior Secured Notes to affiliates due 2025 | 1,250 | | | 15 | | | — | | | July 4, 2020 | | 100.000 | % | | Total Senior Notes to affiliates redeemed | 5,250 | | | (26) | | | — | | | | | | | Total Redemptions | $ | 9,450 | | | $ | 10 | | | $ | 58 | | | | | | | | | | | | | | | | | Incremental term loan facility to affiliates due 2022 | $ | 2,000 | | | $ | — | | | $ | — | | | April 1, 2020 | | 100.000 | % | | Incremental term loan facility to affiliates due 2024 | 2,000 | | | — | | | — | | | April 1, 2020 | | 100.000 | % | | Accounts receivable facility | 2,310 | | | — | | | — | | | April 1, 2020 | | 100.000 | % | | Secured bridge loan facility due 2021 | 19,000 | | | 251 | | | (47) | | | April 9, 2020 | | 100.128 | % | 3.360% Senior Secured Series 2016-1 A-1 Notes due 2021 | 656 | | | — | | | — | | | Various | | N/A | Secured term loan facility due 2027 | 4,000 | | | 100 | | | — | | | October 9, 2020 | | 100.000 | % | | Other debt | 481 | | | — | | | — | | | Various | | N/A | | Total Repayments | $ | 30,447 | | | $ | 351 | | | $ | (47) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(1)Write-off of premiums, discounts and issuance costs are included in Other expense, net in our Consolidated Statements of Comprehensive Income. Write-off of issuance costs are included in Loss on redemption of debt within Net cash provided by operating activities in our Consolidated Statements of Cash Flows. (2)Primarily represents a reimbursement of a portion of the commitment letter fees that were paid to financial institutions when we drew down on the Secured Bridge Loan Facility on April 1, 2020 and is included in Other expense, net in our Consolidated Statements of Comprehensive Income. (3)Pursuant to the Financing Matters Agreement, the Senior Notes were effectively redeemed through a repurchase and were cancelled and retired in full on April 1, 2020.
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