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Long-Term Debt (Tables)
 12 Months Ended
Dec. 31, 2015
Long-term debt  
Schedule of long-term debt

The following table summarizes the Company’s long-term debt (amounts in millions):
 
Date of
 
December 31,
2015
December 31,
2014
 
Issuance/Amendment
Maturity
Interest Payments
Interest Rate
Amount
Amount
Senior Secured Term Loans:
 
 
 
 
 
 
Borrowed by Level 3 Financing, Inc.
Tranche B-III 2019 Term Loan (1)(4)
Aug 2013
Aug 2019
Quarterly
LIBOR +3.00%
815

815

Tranche B 2020 Term Loan (1)(4)
Oct 2013
Jan 2020
Quarterly
LIBOR +3.00%
1,796

1,796

Tranche B 2022 Term Loan (1)(4)
Oct 2014
Jan 2022
Quarterly
LIBOR +3.50%
—

2,000

Tranche B-II 2022 Term Loan (1)(4)
May 2015
May 2022
Quarterly
LIBOR +2.75%
2,000

—

Senior Notes:
 
 
 
 
 
 
Issued by Level 3 Financing, Inc.
Floating Rate Senior Notes due 2018 (2)(4)
Nov 2013
Jan 2018
May/Nov
6-Month LIBOR +3.50%
300

300

9.375% Senior Notes due 2019 (2)
Mar 2011
Apr 2019
Apr/Oct
9.375%
—

500

8.125% Senior Notes due 2019 (2)
Jul 2011
Jul 2019
Jan/Jul
8.125%
—

1,200

8.625% Senior Notes due 2020 (2)
Jan 2012
Jul 2020
Jan/Jul
8.625%
—

900

7% Senior Notes due 2020 (2)
Aug 2012
Jun 2020
Jun/Dec
7.000%
775

775

6.125% Senior Notes due 2021 (2)
Nov 2013
Jan 2021
Apr/Oct
6.125%
640

640

5.375% Senior Notes due 2022 (2)
Aug 2014
Aug 2022
May/Nov
5.375%
1,000

1,000

5.625% Senior Notes due 2023 (2)
Jan 2015
Feb 2023
Jun/Dec
5.625%
500

—

5.125% Senior Notes due 2023 (2)
Apr 2015
May 2023
Mar/Sept
5.125%
700

—

5.375% Senior Notes due 2025 (2)
Apr 2015
May 2025
Mar/Sept
5.375%
800

—

5.375% Senior Notes due 2024 (2)
Nov 2015
Jan 2024
Jan/Jul
5.375%
900

—

Issued by Level 3 Communications, Inc.
8.875% Senior Notes due 2019 (3)
Aug 2012
Jun 2019
Jun/Dec
8.875%
—

300

5.75% Senior Notes due 2022 (3)
Dec 2014
Dec 2022
Mar/Sept
5.750%
600

600

7% Convertible Senior Notes Due 2015 (3)
Jun 2009
Mar 2015
Mar/Sept
7.000%
—

58

7% Convertible Senior Notes Due 2015 Series B (3)
Oct 2009
Mar 2015
Mar/Sept
7.000%
—

275

Capital Leases and Other Debt
 
 
 
 
199

207

Total Debt Obligations
 
 
 
 
11,025

11,366

Unamortized discounts
 
 
 
 
(16
)
(33
)
Current Portion
 
 
 
 
(15
)
(349
)
Total Long-Term Debt
 
 
 
 
10,994

10,984

(1) The term loans are secured obligations and guaranteed by the Company and Level 3 Communications, LLC and certain other subsidiaries.
(2) The notes are fully and unconditionally guaranteed on an unsubordinated unsecured basis by the Company and Level 3 Communications, LLC.
(3) The notes were not guaranteed by any of the Company’s subsidiaries.
(4) The Tranche B-III 2019 Term Loan and the Tranche B 2020 Term Loan each had an interest rate of 4.000% as of December 31, 2015 and 2014. The Tranche B-II 2022 Term Loan had an interest rate of 3.500% as of December 31, 2015 and the Tranche B 2022 Term Loan had an interest rate of 4.500% as of December 31, 2014. The Floating Rate Senior Notes due 2018 had an interest rate of 4.101% as of December 31, 2015 and 3.826% as of December 31, 2014.
Schedule of aggregate future contractual maturities of long-term debt and capital leases (excluding issue discounts and fair value adjustments)

Long-Term Debt Maturities

Aggregate future contractual maturities of long-term debt and capital leases (excluding discounts and fair value adjustments) were as follows as of December 31, 2015 (dollars in millions):

2016
$
15

2017
7

2018
307

2019
822

2020
2,579

Thereafter
7,295

 
$
11,025