Long-Term Debt

Listed below are our debt obligations as of the periods presented:



	Interest Rate	September 30, 2015		December 31, 2014
		(in millions)
$2.75 billion RBL credit facility - due May 24, 2019	Variable	$	1,135	$	852
Senior secured term loan - due May 24, 2018⁽¹⁾⁽³⁾	Variable	496		496
Senior secured term loan - due April 30, 2019⁽²⁾⁽³⁾	Variable	150		150
Senior secured notes - due May 1, 2019	6.875%	—		750
Senior unsecured notes - due May 1, 2020	9.375%	2,000		2,000
Senior unsecured notes - due September 1, 2022	7.75%	350		350
Senior unsecured notes - due June 15, 2023	6.375%	800		—
Total		$	4,931	$	4,598

(1) The term loan was issued at 99% of par and carries interest at a specified margin over the LIBOR of 2.75%, with a minimum LIBOR floor of 0.75%. As of September 30, 2015 and December 31, 2014, the effective interest rate of the term loan 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%. As of September 30, 2015 and December 31, 2014, the effective rate for the term loan was 4.50%.

(3) The term loans 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.

During the second quarter of 2015, we issued $800 million of 6.375% senior unsecured notes due in June 2023. We used a substantial portion of the proceeds from the offering to purchase for cash our $750 million senior secured notes due in 2019. In conjunction with repurchasing these notes, we recorded a $41 million loss on extinguishment of debt, of which $12 million was a non-cash expense related to eliminating associated unamortized debt issuance costs. During the first quarter of 2014, we recorded a $17 million non-cash loss on extinguishment of debt upon retiring our senior PIK toggle note with a portion of the proceeds from our initial public offering.

As of September 30, 2015 and December 31, 2014, we had $84 million and $90 million, respectively, in deferred financing costs on our consolidated balance sheets. During the second quarter 2015, we recorded an additional $19 million in deferred financing costs in conjunction with the issuance of our $800 million of 6.375% senior unsecured notes and with the extension of our Reserve-based Loan facility (RBL Facility). During the quarters ended September 30, 2015 and 2014, we amortized $4 million and $5 million, respectively, of deferred financing costs into interest expense. During the nine months ended September 30, 2015 and 2014, we amortized $14 million and $16 million, respectively, of deferred financing costs into interest expense.

$2.75 Billion Reserve-based Loan. We have a $2.75 billion credit facility in place which allows us to borrow funds or issue letters of credit (LCs). As of September 30, 2015, we had approximately $82 million of LC's issued under the facility in addition to amounts borrowed with $1.53 billion of available capacity.

The RBL Facility is collateralized by certain of our oil and natural gas properties and has a borrowing base subject to semi-annual redetermination. In April 2015, we completed our semi-annual redetermination, reaffirming the borrowing base at $2.75 billion and extending the maturity date to May 2019, provided that our 2018 and 2019 secured term loans are retired or refinanced six months prior to their maturity. Our next redetermination date is in November 2015. Downward revisions of our oil and natural gas reserves due to declines in commodity prices, performance revisions, sales of assets or the incurrence of certain types of additional debt, among other items, could cause a reduction of our borrowing base which could negatively impact our borrowing capacity under the RBL Facility in the future.

Restrictive Provisions/Covenants. The availability of borrowings under our credit agreements and our ability to incur additional indebtedness is subject to various financial and non-financial covenants and restrictions. There have been no significant changes to our restrictive covenants, and as of September 30, 2015, we were in compliance with all of our debt covenants. For a further discussion of our debt agreements and restrictive covenants, see our 2014 Annual Report on

Form 10-K.