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DR PEPPER SNAPPLE GROUP, INC.
NOTES TO AUDITED CONSOLIDATED FINANCIAL STATEMENTS
(Continued)
70
SHORT-TERM BORROWINGS AND CURRENT PORTION OF LONG-TERM OBLIGATIONS
The following table summarizes the Company's short-term borrowings and current portion of long-term obligations as of
December 31, 2014 and 2013 (in millions):
December 31, December 31,
2014 2013
Commercial paper $ — $ 65
Current portion of long-term obligations 31
Short-term borrowings and current portion of long-term obligations $ 3 $ 66
As of December 31, 2014, the Company was in compliance with all financial covenant requirements relating to its unsecured
credit agreement.
Senior Unsecured Notes
The Company's senior unsecured notes consisted of the following (in millions):
Principal Amount Carrying Amount
December 31, December 31, December 31,
Issuance Maturity Date Rate 2014 2014 2013
2016 Notes January 15, 2016 2.90% $ 500 $ 500 $ 500
2018 Notes May 1, 2018 6.82% 724 724 724
2019 Notes January 15, 2019 2.60% 250 250 248
2020 Notes January 15, 2020 2.00% 250 245 241
2021 Notes November 15, 2021 3.20% 250 249 241
2022 Notes November 15, 2022 2.70% 250 265 247
2038 Notes May 1, 2038 7.45% 250 272 252
$ 2,474 $ 2,505 $ 2,453
The indentures governing the senior unsecured notes, among other things, limit the Company's ability to incur indebtedness
secured by principal properties, to enter into certain sale and leaseback transactions and to enter into certain mergers or transfers
of substantially all of DPS' assets. The senior unsecured notes are guaranteed by substantially all of the Company's existing and
future direct and indirect domestic subsidiaries. As of December 31, 2014, the Company was in compliance with all financial
covenant requirements.
The 2020 and 2022 Notes
On November 20, 2012, the Company completed the issuance of $500 million aggregate principal amount of senior unsecured
notes consisting of $250 million aggregate principal amount of the 2020 Notes and $250 million aggregate principal amount of
the 2022 Notes. The discount associated with these notes was approximately $3 million. The net proceeds from the issuance were
used to repay the aggregate principal amount of the 2.35% senior notes due December 21, 2012 (the "2012 Notes") at maturity
and for general corporate purposes.
The 2019 and 2021 Notes
On November 15, 2011, the Company completed the issuance of two tranches of senior unsecured notes consisting of $250
million aggregate principal amount of the 2019 Notes and $250 million aggregate principal amount of the 2021 Notes. The discount
associated with these notes was approximately $1 million. The net proceeds from the issuance were used to repay the aggregate
principal amount of the 1.70% senior notes due December 21, 2011 at maturity and for general corporate purposes.