The Company's debt, net of unamortized discounts, premiums, and debt issuance costs totaling $39.8 million and $41.7 million at March 31, 2024 and December 31, 2023, respectively, consists of the following.


In thousands	March 31, 2024		December 31, 2023
Credit facility	$	—	$	210,000
Term Loan		648,346		748,092
Notes payable		17,029		17,642
3.8% Senior Notes due 2024		892,918		892,610
2.268% Senior Notes due 2026		795,916		795,541
4.375% Senior Notes due 2028		994,648		994,327
5.75% Senior Notes due 2031		1,485,880		1,485,460
2.875% Senior Notes due 2032		793,166		792,977
4.9% Senior Notes due 2044		692,517		692,463
Total debt	$	6,320,420	$	6,629,112
Less: Current portion of long-term debt		895,437		895,105
Long-term debt, net of current portion	$	5,424,983	$	5,734,007

The Company has a credit facility, maturing in October 2026, with aggregate lender commitments totaling $2.255 billion. The credit facility is unsecured and has no borrowing base requirement subject to redetermination.

The Company had no outstanding borrowings and $2.255 billion of borrowing availability on its credit facility at March 31, 2024. Subsequent to March 31, 2024, the Company repaid the remaining $650 million term loan using available cash on-hand and credit facility borrowings. As of April 30, 2024, the balance on the credit facility was $490 million and the Company had $1.8 billion of borrowing availability. The Company incurs commitment fees based on currently assigned credit ratings of 0.20% per annum on the daily average amount of unused borrowing availability.

The credit facility contains certain restrictive covenants including a requirement that the Company maintain a consolidated net debt to total capitalization ratio of no greater than 0.65 to 1.00. This ratio represents the ratio of net debt (calculated as total face value of debt plus outstanding letters of credit less cash and cash equivalents) divided by the sum of net debt plus total shareholders' equity plus, to the extent resulting in a reduction of total shareholders’ equity, the amount of any non-cash impairment charges incurred, net of any tax effect, after June 30, 2014. The Company was in compliance with the credit facility covenants at March 31, 2024.

The following table summarizes the face values, maturity dates, semi-annual interest payment dates, and optional redemption periods related to the Company’s outstanding senior note obligations at March 31, 2024.

          
         2024 Notes

         2026 Notes

         2028 Notes

         2031 Notes

         2032 Notes

         2044 Notes

Face value (in thousands)

893,126

800,000

1,000,000

1,500,000

800,000

700,000

         Maturity date

         June 1, 2024

         November 15, 2026

         January 15, 2028

         January 15, 2031

         April 1, 2032

         June 1, 2044

         Interest payment dates

         June 1, Dec 1

         May 15, Nov 15

         Jan 15, July 15

         Jan 15, Jul 15

         April 1, Oct 1

         June 1, Dec 1

         Make-whole redemption period (1)

         Mar 1, 2024

         Nov 15, 2023

         Oct 15, 2027

         Jul 15, 2030

         January 1. 2032

         Dec 1, 2043

(1)

At any time prior to the indicated dates, the Company has the option to redeem all or a portion of its senior notes of the applicable series at the “make-whole” redemption amounts specified in the respective senior note indentures plus any accrued and unpaid interest to the date of redemption. On or after the indicated dates, the Company may redeem all or a portion of its senior notes at a redemption amount equal to 100% of the principal amount of the senior notes being redeemed plus any accrued and unpaid interest to the date of redemption.

The Company’s senior notes are not subject to any mandatory redemption or sinking fund requirements.

The indentures governing the Company’s senior notes contain covenants that, among other things, limit the Company’s ability to create liens securing certain indebtedness, enter into certain sale-leaseback transactions, or consolidate, merge or transfer certain assets. These covenants are subject to a number of important exceptions and qualifications. The Company was in compliance with these covenants at March 31, 2024.

The senior notes are obligations of Continental Resources, Inc. Additionally, certain of the Company’s wholly-owned subsidiaries (Banner Pipeline Company, L.L.C., CLR Asset Holdings, LLC, The Mineral Resources Company, SCS1 Holdings LLC, Continental Innovations LLC, Jagged Peak Energy LLC, and Parsley SoDe Water LLC) fully and unconditionally guarantee the senior notes on a joint and several basis. The financial information of the guarantor group is not materially different from the consolidated financial statements of the Company. The Company’s other subsidiaries, whose assets, equity, and results of operations attributable to the Company are not material, do not guarantee the senior notes.

Subsequent to March 31, 2024, the Company repaid the remaining $650 million term loan using available cash on-hand and credit facility borrowings. As of April 30, 2024, the term loan was fully repaid and the balance on the credit facility was $490 million.

In November 2022, the Company borrowed $750 million under a three-year term loan agreement. The Company repaid $100 million of the term loan during the three months ended March 31, 2024 and the remaining balance totaled $650 million at March 31, 2024. The term loan would have matured in November 2025 and bore interest at market-based interest rates plus a margin based on the terms of the borrowing and the credit ratings assigned to the Company’s senior, unsecured, long-term indebtedness. The interest rate on the term loan was 6.93% at March 31, 2024.

The term loan contained certain restrictive covenants including a requirement that the Company maintain a consolidated net debt to total capitalization ratio of no greater than 0.65 to 1.0, consistent with the covenant requirement in the Company’s revolving credit facility. The Company was in compliance with the term loan covenants at March 31, 2024.