12. Debt

A summary of debt is as follows:



	March 31, 2015		December 31, 2014

	(Millions)
Devon debt
Commercial paper	$	948	$	932
Floating rate due December 15, 2015		500		500
Floating rate due December 15, 2016		350		350
8.25% due July 1, 2018		125		125
2.25% due December 15, 2018		750		750
6.30% due January 15, 2019		700		700
4.00% due July 15, 2021		500		500
3.25% due May 15, 2022		1,000		1,000
7.50% due September 15, 2027		150		150
7.875% due September 30, 2031		1,250		1,250
7.95% due April 15, 2032		1,000		1,000
5.60% due July 15, 2041		1,250		1,250
4.75% due May 15, 2042		750		750
Net discount on debentures and notes		(18)		(18)
Total Devon debt		9,255		9,239
EnLink debt
Credit facilities		709		237
2.70% due April 1, 2019		400		400
7.125% due June 1, 2022		163		163
4.40% due April 1, 2024		550		550
5.60% due April 1, 2044		350		350
5.05% due April 1, 2045		300		300
Net premium on debentures and notes		22		23
Total EnLink debt		2,494		2,023
Total debt		11,749		11,262
Less amount classified as short-term debt (1)		1,448		1,432
Total long-term debt	$	10,301	$	9,830

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(1)

Short-term debt as of March 31, 2015 consists of $948 million of commercial paper and $500 million floating rate due on December 15, 2015. Short-term debt as of December 31, 2014 consists of $932 million of commercial paper and $500 million floating rate due on December 15, 2015.

Commercial Paper

As of March 31, 2015, Devon had $948 million outstanding commercial paper borrowings at an average rate of 0.6%.

Credit Lines

Devon has a $3.0 billion syndicated, unsecured revolving line of credit (the “Senior Credit Facility”). As of March 31, 2015, there were no borrowings under the Senior Credit Facility. The Senior Credit Facility contains only one material financial covenant. This covenant requires Devon’s ratio of total funded debt to total capitalization, as defined in the credit agreement, to be no greater than 65%. As of March 31, 2015, Devon was in compliance with this covenant with a debt-to-capitalization ratio of 21.6%.

EnLink Debt

All of EnLink’s and the General Partner’s debt is non-recourse to Devon.

On February 5, 2015, the commitments under EnLink’s $1.0 billion unsecured revolving credit facility were increased to $1.5 billion, and the maturity date was extended by a year to March 6, 2020. As of March 31, 2015, there were $2.9 million in outstanding letters of credit and $709 million outstanding borrowings at an average rate of 1.65% under the $1.5 billion credit facility, leaving approximately $788 million available for future borrowing.

The General Partner has a $250 million revolving credit facility. As of March 31, 2015, the General Partner had no outstanding borrowings under the $250 million credit facility. EnLink and the General Partner are in compliance with all financial covenants as of March 31, 2015.