Long-Term Debt (Tables)

3 Months Ended

Mar. 31, 2014

Long-Term Debt

Schedule of debt obligations

	Interest Rate	March 31, 2014
	(in millions)
$2.5 billion RBL credit facility - due May 24, 2017	Variable	$	275
$750 million senior secured term loan - due May 24, 2018(1)(3)	Variable	495
$400 million senior secured term loan - due April 30, 2019(2)(3)	Variable	150
$750 million senior secured notes - due May 1, 2019(3)	6.875%	750
$2.0 billion senior unsecured notes - due May 1, 2020	9.375%	2,000
$350 million senior unsecured notes - due September 1, 2022	7.75%	350
Total		$	4,020

(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 March 31, 2014 the effective interest rate of the note was 3.50%.

(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.