Chesapeake Energy 2014 Annual Report Download - page 95

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CHESAPEAKE ENERGY CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)
87
3. Debt
Our long-term debt consisted of the following as of December 31, 2014 and 2013:
December 31,
2014 2013
($ in millions)
Term loan due 2017(a) $ — $ 2,000
9.5% senior notes due 2015(b) — 1,265
3.25% senior notes due 2016 500 500
6.25% euro-denominated senior notes due 2017(c) 416 473
6.5% senior notes due 2017 660 660
6.875% senior notes due 2018(d) — 97
7.25% senior notes due 2018 669 669
Floating rate senior notes due 2019 1,500 —
6.625% senior notes due 2019(e) — 650
6.625% senior notes due 2020 1,300 1,300
6.875% senior notes due 2020 500 500
6.125% senior notes due 2021 1,000 1,000
5.375% senior notes due 2021 700 700
4.875% senior notes due 2022 1,500 —
5.75% senior notes due 2023 1,100 1,100
2.75% contingent convertible senior notes due 2035(f) 396 396
2.5% contingent convertible senior notes due 2037(f) 1,168 1,168
2.25% contingent convertible senior notes due 2038(f) 347 347
Revolving credit facility — —
Oilfield services revolving credit facility(g) — 405
Discount on senior notes and term loan(h) (231) (357)
Interest rate derivatives(i) 10 13
Total debt, net 11,535 12,886
Less current maturities of long-term debt, net(j) (381) —
Total long-term debt, net $ 11,154 $ 12,886
___________________________________________
(a) In 2014, we repaid the borrowings outstanding under and terminated the term loan due 2017.
(b) In 2014, we completed a tender offer for a portion of the 9.5% Senior Notes due 2015, and we redeemed the
remaining balance of the notes.
(c) The principal amount shown is based on the exchange rate of $1.2098 to €1.00 and $1.3743 to €1.00 as of
December 31, 2014 and 2013, respectively. See Note 11 for information on our related foreign currency derivatives.
(d) In 2014, we redeemed all outstanding 6.875% Senior Notes due 2018.
(e) Initial issuers were Chesapeake Oilfield Operating, L.L.C. (COO) and Chesapeake Oilfield Finance, Inc., a wholly
owned subsidiary of COO. Chesapeake Energy Corporation is the issuer of all other senior notes and the contingent
convertible senior notes. In 2014, in connection with the spin-off of our oilfield services business, the obligations
with respect to the COO senior notes were removed from our consolidated balance sheet. See Note 13 for further
discussion of the spin-off.