Debt

As of the indicated dates, the principal amount of QEP's debt, including amounts outstanding under its revolving credit facility and term loan agreement, consisted of the following:



	December 31,
	2012			2011
	(in millions)
Revolving credit facility due 2016	$	690.0		$	606.5
Term loan due 2017	300.0			—
6.05% Senior Notes due 2016	176.8			176.8
6.80% Senior Notes due 2018	134.0			138.6
6.80% Senior Notes due 2020	136.0			138.0
6.875% Senior Notes due 2021	625.0			625.0
5.375% Senior Notes due 2022	500.0			—
5.25% Senior Notes due 2023	650.0			—
Total principal amount of debt	3,211.8			1,684.9
Less unamortized discount	(4.9		)	(5.5		)
Total long-term debt outstanding	$	3,206.9		$	1,679.4

Of the total debt outstanding on December 31, 2012, the revolving credit facility due August 25, 2016, the term loan due April 18, 2017, and the 6.05% Senior Notes due September 1, 2016, will mature within the next five years.

Credit Facility

QEP's revolving credit facility agreement, which matures in August 2016, provides for loan commitments of $1.5 billion from a group of financial institutions. The credit facility provides for borrowings at short-term interest rates and contains customary covenants and restrictions. The credit facility agreement also contains an accordion provision that would allow for the amount of the facility to be increased to $2.0 billion and for the maturity to be extended for two additional one-year periods, with the agreement of the lenders.

During the year ended December 31, 2012, QEP's weighted-average interest rate on borrowings from its credit facility was 2.08%. At December 31, 2012 and 2011, QEP was in compliance with the covenants under the credit agreement. At December 31, 2012, there was $690.0 million outstanding and QEP had $4.1 million in letters of credit outstanding under the credit facility.

Term Loan

During the second quarter of 2012, QEP entered into a $300.0 million senior, unsecured term loan agreement with a group of financial institutions. The term loan provides for borrowings at short-term interest rates and contains covenants, restrictions and interest rates that are substantially the same as the Company's credit facility. The term loan matures in April 2017, and the maturity date may be extended one year with the agreement of the lenders. The proceeds from the term loan were used to pay down the credit facility and for general corporate purposes. During the year ended December 31, 2012, QEP's weighted-average interest rate on borrowings from the term loan was 2.05%. At December 31, 2012, QEP was in compliance with the covenants under the term loan credit agreement.

Senior Notes

During the first quarter of 2012, QEP completed a public offering of $500.0 million in aggregate principal amount of 5.375% senior notes due in October 2022. The 2022 senior notes were issued at par. Interest on the notes will be paid semi-annually, in April and October of each year. The net proceeds of $493.1 million were used to repay indebtedness under QEP's credit facility. The finance costs associated with the offering were $6.9 million and were deferred and are being amortized over the life of the notes.

During the second quarter of 2012, QEP repurchased $6.7 million of its senior notes outstanding. QEP recognized a loss on extinguishment of debt from those repurchases and associated write-offs of debt issuance costs, discounts and premiums paid of $0.6 million.

During the third quarter of 2012, QEP completed a public offering of $650.0 million in aggregate principal amount of 5.25% senior notes due in May 2023. The notes were issued at par. Interest on the notes will be paid semi-annually, in May and November of each year. The net proceeds of $641.0 million were used to fund a portion of the 2012 Acquisition, as described in Note 2 - Acquisition. The costs associated with the offering were $9.0 million and were deferred and are being amortized over the life of the notes. The amortization expense related to all of the Company's deferred finance costs is included in "Interest expense" on the Consolidated Statement of Operations.

At December 31, 2012, the Company had $2,221.8 million principal amount of senior notes outstanding with maturities ranging from September 2016 to May 2023 and coupons ranging from 5.25% to 6.875%. The senior notes pay interest semi-annually, are unsecured senior obligations and rank equally with all of our other existing and future unsecured and senior obligations. QEP may redeem some or all of its senior notes at any time before their maturity at a redemption price based on a make-whole amount plus accrued and unpaid interest to the date of redemption. The indenture governing QEP's senior notes contains customary events of default and covenants that may limit QEP's ability to, among other things, place liens on its property or assets.