Debt

A summary of short-term and long-term debt outstanding is as follows:



(in millions)	December 31,
	2015		2014
5.9% Senior Notes, due 2017¹	$	399	$	399
2.5% Senior Notes, due 2018 ²	398		—
3.3% Senior Notes, due 2020 ³	695		—
4.0% Senior Notes, due 2025 ⁴	690		—
4.4% Senior Notes, due 2026 ⁵	890		—
6.55% Senior Notes, due 2037 ⁶	396		396
Commercial paper	143		—
Total debt	3,611		795
Less: short-term debt including current maturities	143		—
Long-term debt	$	3,468	$	795


¹	Interest payments are due semiannually on April 15 and October 15, and as of December 31, 2015, the unamortized debt discount and issuance costs total $1 million.


²	Interest payments are due semiannually on February 15 and August 15, beginning on February 15, 2016, and as of December 31, 2015, the unamortized debt discount and issuance costs total $2 million.


³	Interest payments are due semiannually on February 14 and August 14, beginning on February 14, 2016, and as of December 31, 2015, the unamortized debt discount and issuance costs total $5 million.


⁴	Interest payments are due semiannually on June 15 and December 15, and as of December 31, 2015, the unamortized debt discount and issuance costs total $10 million.


⁵	Interest payments are due semiannually on February 15 and August 15, beginning on February 15, 2016, and as of December 31, 2015, the unamortized debt discount and issuance costs total $10 million.


⁶	Interest payments are due semiannually on May 15 and November 15, and as of December 31, 2015, the unamortized debt discount and issuance costs total $4 million.

Annual long-term debt maturities are scheduled as follows based on book values as of December 31, 2015: no amounts due in 2016, $399 million due in 2017, $398 million due in 2018, no amounts due in 2019, $695 million due in 2020, and $2.0 billion due thereafter.

On August 18, 2015, we issued $2.0 billion of senior notes (the "Notes"), consisting of $400 million of 2.5% senior notes due in 2018, $700 million of 3.3% senior notes due in 2020 and $900 million of 4.4% senior notes due in 2026. The Notes are fully and unconditionally guaranteed by our wholly-owned subsidiary, Standard & Poor's Financial Services LLC. We used the net proceeds to finance the acquisition of SNL.

On May 26, 2015, we issued $700 million of 4.0% senior notes due in 2025 and used a portion of the net proceeds for the repayment of short-term debt, including commercial paper. The 4.0% senior notes will mature on June 15, 2025 and are fully and unconditionally guaranteed by our wholly-owned subsidiary, Standard & Poor's Financial Services LLC.

We have the ability to borrow a total of $1.2 billion through our commercial paper program, which is supported by our credit facility described below. Commercial paper borrowings outstanding as of December 31, 2015 totaled $143 million with an average interest rate and term of 0.95% and 17 days. As of December 31, 2015, we can borrow approximately $1.1 billion in additional funds through the commercial paper program. There were no commercial paper borrowings outstanding under our credit facility as of December 31, 2014.

On June 30, 2015, we entered into a revolving $1.2 billion five-year credit agreement (our "credit facility") that will terminate on June 30, 2020. This credit facility replaced our $1.0 billion four-year credit facility that was scheduled to terminate on June 19, 2017. The previous credit facility was canceled immediately after the new credit facility became effective. There were no outstanding borrowings under the previous credit facility when it was replaced.

We pay a commitment fee of 10 to 20 basis points for our credit facility, depending on our indebtedness to cash flow ratio, whether or not amounts have been borrowed and currently pay a commitment fee of 15 basis points. The interest rate on borrowings under our credit facility is, at our option, calculated using rates that are primarily based on either the prevailing London Inter-Bank Offered Rate, the prime rate determined by the administrative agent or the Federal Funds Rate. For certain borrowings under this credit facility, there is also a spread based on our indebtedness to cash flow ratio added to the applicable rate.

Our credit facility contains certain covenants. The only financial covenant requires that our indebtedness to cash flow ratio, as defined in our credit facility, is not greater than 4 to 1, and this covenant level has never been exceeded.