Note 8 Debt

Debt consisted of the following:

	June 30,		December 31,
	2015		2014
	(In thousands)
2.35% senior notes due September 2016	$	349,921	$	349,887
6.15% senior notes due February 2018	931,307		930,693
9.25% senior notes due January 2019	339,607		339,607
5.00% senior notes due September 2020	698,406		698,253
4.625% senior notes due September 2021	698,508		698,388
5.10% senior notes due September 2023	348,957		348,893
Revolving credit facility	—		450,000
Commercial paper	324,652		533,119
Other	66,358		6,209

	$	3,757,716	$	4,355,049
Less: current portion	66,359		6,190

	$	3,691,357	$	4,348,859

Commercial Paper Program

As of June 30, 2015, we had approximately $324.7 million of commercial paper outstanding. The weighted average interest rate on borrowings at June 30, 2015 was 0.553%. 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 July 2020, more than one year from now.

Revolving Credit Facility

During the first quarter of 2015, we exercised the accordion 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. The weighted average interest rate during the period ended June 30, 2015 was 1.48%. As of June 30, 2015, we have no borrowings outstanding under this facility. Additionally, in July 2015, we entered into an agreement which increases the borrowing capacity to $2.2 billion, extends the maturity date to July 2020 and increases the size of the accordion option. See Note 17 — Subsequent Events. 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 the agreement. We were in compliance with all covenants under the agreement at June 30, 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 was 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, or if we otherwise disposed of assets, issued term debt, or issued 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.