(7) DEBT

The components of debt as of December 31, 2011 and 2010 consisted of the following:



	2011		2010
	(in thousands)

Short-term debt:
7.15% Senior Notes due 2018	$ 1,200	$ 1,200
Total short-term debt	1,200	1,200

Long-term debt:
Variable rate (2.276% at December 31, 2011 and 0.887% at December 31, 2010) unsecured revolving credit facility, expires February 2016	671,500	421,200
7.5% Senior Notes due 2018	600,000	600,000
7.35% Senior Notes due 2017	15,000	15,000
7.125% Senior Notes due 2017	25,000	25,000
7.15% Senior Notes due 2018	30,600	31,800
	1,342,100	1,093,000

Total debt	$ 1,343,300	$ 1,094,200

The following is a summary of scheduled long-term debt maturities by year as of December 31, 2011 (in thousands):


2012	$ 1,200
2013	1,200
2014	1,200
2015	1,200
2016	672,700
Thereafter	665,800
	$ 1,343,300

Issuance of Senior Notes and Subsidiary Guarantees

In January 2008, the Company completed an offering of $600 million Senior Notes with a coupon rate of 7.5% ("7.5% Senior Notes"), a maturity in February 2018 and semi-annual interest payments. Upon a "change of control," as defined in the indenture, holders have the option to require the Company to purchase all or any portion of the notes at a purchase price equal to 101% of the principal amount plus accrued and unpaid interest before the change of control date.

The indentures governing the Company's senior notes contain covenants that, among other things, restrict the ability of the Company and/or its subsidiaries' ability to incur liens, to engage in sale and leaseback transactions and to merge, consolidate or sell assets. All of the Company's senior notes are currently guaranteed by its subsidiaries, SEECO, Inc. ("SEECO"), Southwestern Energy Production Company ("SEPCO") and Southwestern Energy Services Company ("SES"). If no default or event of default has occurred and is continuing, these guarantees will be released (i) automatically upon any sale, exchange or transfer of all of the Company's equity interests in the guarantor; (ii) automatically upon the liquidation and dissolution of a guarantor; (iii) following delivery of notice to the trustee of the release of the guarantor of its obligations under the Company's credit facility; and (iv) upon legal or covenant defeasance or other satisfaction of the obligations under the notes.

Please refer to Note 15, "Condensed Consolidating Financial Information" in this Form 10-K for additional information.

Credit Facility

In February 2011, the Company amended and restated its unsecured revolving credit facility, increasing the borrowing capacity to $1.5 billion and extending the maturity date to February 2016 ("Credit Facility"). The amount available under the Credit Facility may be increased to $2.0 billion at any time upon the Company's agreement with its existing or additional lenders. The Company had $671.5 and $421.2 million outstanding under its revolving credit facility at December 31, 2011 and December 31, 2010, respectively. The interest rate on the amended credit facility is calculated based upon our debt rating and is currently 200 basis points over the current London Interbank Offered Rate (LIBOR) and was 200 basis points over LIBOR at December 31, 2011. The Credit Facility is guaranteed by the Company's subsidiary, SEECO. The Credit Facility requires additional subsidiary guarantors if certain guaranty coverage levels are not satisfied. The revolving credit facility contains covenants which impose certain restrictions on the Company. Under the credit agreement, the Company may not issue total debt in excess of 60% of its total capital and must maintain a ratio of earnings before interest, taxes, depreciation and amortization (EBITDA) to interest expense of 3.5 or above. The terms of the Credit Facility also include covenants that restrict the ability of the Company and its material subsidiaries to merge, consolidate or sell all or substantially all of their assets, restrict the ability of the Company and its subsidiaries to incur liens and restrict the ability of the Company's subsidiaries to incur indebtedness. At December 31, 2011, the Company's capital structure consisted of 25% debt and 75% equity and it was in compliance with the covenants of its debt agreements. While the Company believes all of the lenders under the Credit Facility have the ability to provide funds, it cannot predict whether each will be able to meet its obligation under the facility.

Interest Payments

Total cash interest payments made by the Company were $64.8 million in 2011, $57.0 million in 2010 and $56.7 million in 2009.