Note 7 Debt

Debt consisted of the following:

	March 31,		December 31,
	2015		2014
	(In thousands)
2.35% senior notes due September 2016	$	349,904	$	349,887
6.15% senior notes due February 2018	931,000		930,693
9.25% senior notes due January 2019	339,607		339,607
5.00% senior notes due September 2020	698,329		698,253
4.625% senior notes due September 2021	698,448		698,388
5.10% senior notes due September 2023	348,925		348,893
Revolving credit facility	200,000		450,000
Commercial paper	250,504		533,119
Other	8,739		6,209
	$	3,825,456	$	4,355,049
Less: current portion	8,739		6,190
	$	3,816,717	$	4,348,859

Commercial Paper Program

As of March 31, 2015, we had approximately $250.5 million of commercial paper outstanding. The weighted average interest rate on borrowings at March 31, 2015 was 0.664%. 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 now.

Revolving Credit Facility

During the quarter, we exercised the accordian feature under our revolving credit facility to increase the borrowing capacity by $225.0 million, bringing our total capacity under the revolving credit facility to $1.725 billion. As of March 31, 2015, we had approximately $200.0 million of borrowings outstanding under this facility. The weighted average interest rate on borrowings at March 31, 2015 was 1.47%. 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 March 31, 2015. 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.

Term Loan Facility

On February 6, 2015, Nabors Industries, Inc., our wholly owned subsidiary, entered into a new unsecured term loan facility for $300.0 million with a three-year maturity, which is fully and unconditionally guaranteed by us. Under the new term loan facility, we were required to prepay the loan upon the closing of the merger with C&J Energy, or if we otherwise dispose of assets, issue term debt, or issue equity with net proceeds of more than $70.0 million, subject to certain exceptions. The term loan agreement contained customary representations and warranties, covenants, and events of default for loan facilities of this type. On March 27, 2015, we repaid the $300.0 million term loan and the facility was terminated according to the terms of the agreement using a portion of the cash consideration received in connection with the merger with C&J Energy.