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Debt
6 Months Ended
Jun. 30, 2014
Debt  
Debt

Note 6 Debt

 

Debt consisted of the following:

 

 

 

June 30,

 

December 31,

 

 

 

2014

 

2013

 

 

 

(In thousands)

 

2.35% senior notes due September 2016

 

$

349,853

 

$

349,820

 

6.15% senior notes due February 2018

 

970,541

 

969,928

 

9.25% senior notes due January 2019

 

339,607

 

339,607

 

5.00% senior notes due September 2020

 

698,100

 

697,947

 

4.625% senior notes due September 2021

 

698,268

 

698,148

 

5.10% senior notes due September 2023

 

348,829

 

348,765

 

Revolving credit facility

 

110,000

 

170,000

 

Commercial paper

 

441,072

 

329,844

 

Other

 

227

 

10,243

 

 

 

$

3,956,497

 

$

3,914,302

 

Less: current portion

 

207

 

10,185

 

 

 

$

3,956,290

 

$

3,904,117

 

 

Commercial Paper Program

 

As of June 30, 2014, we had approximately $441.1 million of commercial paper outstanding.  The weighted average interest rate on borrowings at June 30, 2014 was 0.33%.  Our commercial paper borrowings are classified as long-term debt because the borrowings are fully supported by availability under our revolving credit facility, which matures as currently structured in November 2017, more than one year from the balance sheet date.

 

Revolving Credit Facility

 

As of June 30, 2014, we had approximately $110.0 million of borrowings outstanding. The weighted average interest rate on borrowings at June 30, 2014 was 1.45%.  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, 2014. If we 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.