Debt

9 Months Ended

Sep. 30, 2019

Note 7. Debt

Debt consists of the following:



	September 30, 2019					December 31, 2018
(millions, except percentages)	Debt			Interest Rate		Debt			Interest Rate
Noble Energy, Excluding Noble Midstream Partners
Revolving Credit Facility, due March 9, 2023	$	—		—	%	$	—		—	%
Commercial Paper Borrowings	511			⁽¹	⁾	—			—	%
Senior Notes and Debentures	5,884			⁽²	⁾	5,892			⁽²	⁾
Finance Lease Obligations	206			—	%	223			—	%
Total Noble Energy Debt, Excluding Noble Midstream Partners Debt	6,601					6,115
Noble Midstream Partners
Noble Midstream Services Revolving Credit Facility, due March 9, 2023 ⁽³⁾	50			3.45	%	60			3.67	%
Noble Midstream Services Term Loan Credit Facility, due July 31, 2021	500			3.17	%	500			3.42	%
Noble Midstream Services Term Loan Credit Facility, due August 23, 2022	400			3.05	%	—			—	%
Total Noble Midstream Partners Debt	950					560
Total Debt	7,551					6,675
Net Unamortized Discounts and Debt Issuance Costs	(57		)			(60		)
Total Debt, Net of Unamortized Discounts and Debt Issuance Costs	7,494					6,615
Less Amounts Due Within One Year
Commercial Paper Borrowings	(511		)			—
Finance Lease Obligations	(42		)			(41		)
Long-Term Debt Due After One Year	$	6,941				$	6,574


⁽¹⁾	As of September 30, 2019, the weighted average interest rate for outstanding commercial paper was 2.63%.


⁽²⁾	As of September 30, 2019 and December 31, 2018, the senior notes and debentures had weighted average interest rates of 5.00% and 5.01%, respectively.


⁽³⁾	As of September 30, 2019 and December 31, 2018, the Noble Midstream Services Revolving Credit Facility had $800 million of capacity, of which $750 million and $740 million were available for borrowing, respectively.

Commercial Paper Program In first quarter 2019, we established a commercial paper program to provide for short-term funding needs. The program allows for a maximum of $4.0 billion of unsecured commercial paper notes and is supported by Noble Energy’s $4.0 billion Revolving Credit Facility. Our commercial paper notes, which generally have a maturity of less than 30 days, are sold under customary terms in the commercial paper market and are either issued at a discounted price relative to the principal face value or bear interest at varying interest rates on a fixed or floating basis. Such discount prices or interest rates are dependent on market conditions and ratings assigned to the commercial paper program by credit agencies at the time of commercial paper issuance. At September 30, 2019, outstanding commercial paper borrowings totaled $511 million, leaving approximately $3.5 billion available for borrowing under our $4.0 billion Revolving Credit Facility.

Noble Midstream Services 2019 Term Loan Credit Facility On August 23, 2019, Noble Midstream Services LLC (Noble Midstream Services), a subsidiary of Noble Midstream Partners, entered into a term loan agreement, which provides for a three-year senior unsecured term loan credit facility, due August 23, 2022 (2019 Term Loan Credit Facility), that permits aggregate borrowings of up to $400 million. Proceeds from the term loan were primarily used to repay a portion of the outstanding borrowings under the Noble Midstream Services Revolving Credit Facility.

Subsequent Event On October 1, 2019, we issued $500 million of 3.25% notes due October 15, 2029 and $500 million of 4.20% notes due October 15, 2049. Interest on the notes is payable semi-annually beginning April 15, 2020. We may redeem some or all of the notes at any time at the applicable redemption price, plus accrued interest, if any. Proceeds from the issuance of the notes were used to fund the tender offer and redemption of our $1.0 billion 4.15% notes due December 15, 2021. In connection with the tender and redemption, in fourth quarter 2019, we will record early debt extinguishment fees of approximately $44 million in our consolidated statements of operations.

Fair Value of Debt See Note 13. Fair Value Measurements and Disclosures.