(8) DEBT

The components of debt as of December 31, 2014 and 2013 consisted of the following:


	2014		2013
	(in millions)
Short-term debt:
7.15% Senior Notes due 2018	$	1	$	1
Variable rate (1.515% at December 31, 2014) bridge facility, due December 2015		4,500		–
Total short-term debt		4,501		1

Long-term debt:
Variable rate (1.515% and 1.640% at December 31, 2014 and December 31, 2013, respectively) credit facility, expires December 2018		300		283
Variable rate (1.545% at December 31, 2014) term loan facility, due December 2016		500		–
7.35% Senior Notes due 2017		15		15
7.125% Senior Notes due 2017		25		25
7.15% Senior Notes due 2018		27		28
7.5% Senior Notes due 2018		600		600
4.10% Senior Notes due 2022		1,000		1,000
Unamortized discount		(1)		(1)
Total long-term debt		2,466		1,950

Total debt	$	6,967	$	1,951

The following is a summary of scheduled long-term debt maturities by year as of December 31, 2014 (in millions):


2016		501
2017		41
2018		925
Thereafter		1,000
	$	2,467

Chesapeake Property Acquisition Financing

On December 19, 2014, the Company entered into a $4.5 billion unsecured 364-day bridge term loan credit agreement with various lenders. The bridge facility requires prepayments under certain circumstances from the net cash proceeds of sales of equity or certain assets and borrowings outside the ordinary course of business or for specified uses. The Company repaid the $4.5 billion outstanding and terminated the bridge facility in January 2015 with net proceeds of $669 million and $1.7 billion from common stock and depositary share offerings, respectively, and $2.2 billion from senior note offerings with the difference utilized to pay down amounts under the revolving credit facility.

On December 19, 2014, the Company also entered into a $500 million unsecured two-year term loan credit agreement with various lenders. The term loan facility requires prepayment under certain circumstances from the net cash proceeds of sales of equity or certain assets and borrowings outside the ordinary course of business.

Credit, Bridge and Term Facilities

The Company’s revolving credit facility provides a borrowing capacity of up to $2.0 billion and matures on December 2018, with options for two one-year extensions with participating lender approval. The amount available under the revolving credit facility may be increased by $500 million upon the Company’s agreement with its participating lenders. The interest rates on the revolving credit facility, bridge facility and term loan facility are calculated based upon the Company’s credit rating and were 137.5 basis points over the current London Interbank Offered Rate, or LIBOR as of December 31, 2014, and is currently at 150 basis points over the current LIBOR. The interest rate on the revolving credit facility at December 31, 2013 was 150 basis points over LIBOR. The revolving credit facility, bridge facility and term loan facility are unsecured and are not guaranteed by any subsidiaries of the Company. The revolving credit facility, bridge facility and term loan facility contain covenants which impose certain restrictions on us, including a financial covenant under which the Company may not issue total debt in excess of 60% of its total adjusted book capital. This financial covenant with respect to capitalization percentages excludes the effects of any full cost ceiling impairments (after December 31, 2011), certain hedging activities and the Company’s pension and other postretirement liabilities. As of December 31, 2014, the Company was in compliance with the covenants of its revolving credit facility, bridge facility, term loan facility and other debt agreements.