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Long-Term Debt and Note Payable - Affiliate
 6 Months Ended
Jun. 30, 2022
Debt Disclosure [Abstract]  
Long-Term Debt and Note Payable - Affiliate Long-Term Debt and Note Payable - Affiliate
The following chart reflects (i) the consolidated long-term debt of Qwest Corporation and its subsidiaries, including finance lease and other obligations, unamortized premiums, net, unamortized debt issuance costs and (ii) note payable - affiliate:
Interest Rates (1)
Maturities (1)
June 30, 2022December 31, 2021
   (Dollars in millions)
Senior notes
6.500% - 7.750%
2025 - 2057$1,986 1,986 
Term loan (2)
LIBOR + 2.00%
2027215 215 
Finance lease and other obligationsVariousVarious2 2 
Unamortized premiums, net  5 6 
Unamortized debt issuance costs(53)(53)
Total long-term debt  $2,155 2,156 
Note payable - affiliate4.436%2027$1,215 1,187 
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(1)As of June 30, 2022.
(2)Qwest Corporation's Term Loan had interest rates of 3.670% and 2.110% as of June 30, 2022 and December 31, 2021, respectively.

Long-Term Debt Maturities

Set forth below is the aggregate principal amount of our long-term debt as of June 30, 2022 (excluding unamortized premiums, net, unamortized debt issuance costs and note payable-affiliate) maturing during the following years:
(Dollars in millions)
2022 (remaining six months)$— 
2023— 
2024— 
2025250 
2026— 
2027 and thereafter1,953 
Total long-term debt$2,203 
Note Payable - Affiliate

On June 30, 2022, Qwest Corporation entered into an amended and restated revolving promissory note ("Intercompany Note") with an affiliate of our ultimate parent company, Lumen Technologies, Inc. ("Lender"), that replaces the previous revolving promissory agreement that was scheduled to mature on June 30, 2022 ("Prior Intercompany Note"). The Intercompany Note, as amended, provides Qwest Corporation with a funding commitment of up to $2.0 billion, of which $1.2 billion is outstanding as of June 30, 2022. The outstanding balance includes $965 million of the original principal amount of the Prior Intercompany Note plus the total capitalized unpaid interest since inception of the Prior Intercompany Note. The outstanding principal balance owed by Qwest Corporation under the Intercompany Note and the accrued interest thereon is due and payable on demand, but if no demand is made, then on the maturity date. The Intercompany Note has an initial maturity date of June 30, 2027, but will automatically renew for an unlimited number of successive 12-month periods unless the Lender provides notice of its intent not to renew at least 30 days prior to the initial maturity date or each subsequent maturity date. As of June 30, 2022 and December 31, 2021, the Intercompany Note is reflected on our consolidated balance sheets as a current liability under "Note payable - affiliate".

In accordance with the terms of the amended Intercompany Note, interest shall be assessed every six months ending on June 30th and December 31st (an "Interest Period") and shall be paid within 30 days of the end of the respective Interest Period. Interest is accrued on the outstanding principal balance during the respective Interest Period using a weighted average per annum interest rate on the consolidated outstanding debt of Lumen Technologies, Inc. and its subsidiaries. As of June 30, 2022, $28 million of accrued interest is reflected in other current liabilities on our consolidated balance sheet.

Compliance

As of June 30, 2022, we believe we were in compliance with the financial covenants contained in our material debt agreements in all material respects.

Other

For additional information on our long-term debt and credit facilities, see Note 6—Long-Term Debt and Note Payable - Affiliate to our consolidated financial statements in Item 8 of Part II of our Annual Report on Form 10-K for the year ended December 31, 2021.