Long Term Debt (Tables)

12 Months Ended

Dec. 31, 2013

Long Term Debt

Schedule of debt obligations

		Interest Rate	December 31, 2013		December 31, 2012
		(in millions)
$	2.5 billion RBL credit facility - due May 24, 2017	Variable	$	295	$	105
$	750 million senior secured term loan - due May 24, 2018(1)(3)	Variable	495		742
$	400 million senior secured term loan - due April 30, 2019(2)(3)	Variable	149		399
$	750 million senior secured notes - due May 1, 2019(3)	6.875%	750		750
$	2.0 billion senior unsecured notes - due May 1, 2020	9.375%	2,000		2,000
$	350 million senior unsecured notes - due September 1, 2022	7.75%	350		350
Total			$	4,039	$	4,346

(1) The Term Loan was issued at 99 percent of par and carries interest at a specified margin over the LIBOR of 4.00%, with a minimum LIBOR floor of 1.00%. As of December 31, 2013 the effective interest rate of the note was 3.50%.  In May 2013, we entered into an agreement to reprice our term loan which will carry interest at a specified margin over the LIBOR of 2.75%, with a minimum LIBOR floor of 0.75% over the remaining life of the term loan.

(2) The Term Loan carries interest at a specified margin over the LIBOR of 3.50%, with a minimum LIBOR floor of 1.00%.

(3) The term loans and secured notes are secured by a second priority lien on all of the collateral securing the RBL credit facility, and effectively rank junior to any existing and future first lien secured indebtedness of the Company.

Schedule of description of credit facility

Listed below is a further description of our credit facility as of December 31, 2013:

Credit Facility	Maturity Date	Interest Rate	Commitment fees
$2.5 billion RBL	May 24, 2017	LIBOR + 1.50%(1) 1.50% for LCs	0.375% commitment fee on unused capacity

(1)  Based on our December 31, 2013 borrowing level. Amounts outstanding under the $2.5 billion RBL facility bear interest at specified margins over the LIBOR of between 1.50% and 2.50% for Eurodollar loans or at specified margins over the Alternative Base Rate (ABR) of between 0.50% and 1.50% for ABR loans. Such margins will fluctuate based on the utilization of the facility.