Note 6 Debt

Debt consisted of the following:

	June 30,		December 31,
	2013		2012
	(In thousands)
6.15% senior notes due February 2018	$	969,318	$	968,708
9.25% senior notes due January 2019	1,111,000		1,125,000
5.00% senior notes due September 2020	697,795		697,648
4.625% senior notes due September 2021	698,027		697,907
Revolving credit facility	300,000		890,000
Commercial paper	295,000		—
Other	11,496		437
	$	4,082,636	$	4,379,700
Less: current portion of debt	11,445		364
	$	4,071,191	$	4,379,336

Commercial Paper Program

During April 2013, Nabors Delaware established a commercial paper program. This program allows the issuance from time to time of up to an aggregate amount of $1.5 billion in commercial paper with a maturity of no more than 397 days. Our commercial paper borrowings are classified as long-term debt because the borrowings are fully supported by availability under our revolving credit facility; that facility matures in November 2017, which is more than one year from now. As of June 30, 2013, we had issued $295.0 million in commercial paper, using the proceeds to reduce borrowings on our revolving credit facility. The weighted average interest rate on borrowings at June 30, 2013 was 0.4%.

Revolving Credit Facility

At June 30, 2013, we had $1.2 billion of remaining availability from a total of $1.5 billion under our existing revolving credit facility. The weighted average interest rate on borrowings at June 30, 2013 was 1.54%. The revolving credit facility contains various covenants and restrictive provisions that limit our ability to incur additional indebtedness, make investments or loans and create liens and require us to maintain a net funded indebtedness to total capitalization ratio, as defined in each agreement. We were in compliance with all covenants under the agreement at June 30, 2013 and December 31, 2012. If we should fail to perform our obligations under the covenants, the revolving credit commitment could be terminated, and any outstanding borrowings under the facility could be declared immediately due and payable.