Debt

9 Months Ended

Sep. 30, 2020

As of the indicated dates, QEP's long-term debt outstanding consisted of the following:


	September 30, 2020		December 31, 2019
	(in millions)
Revolving Credit Facility due 2022	$	—	$	—
6.875% Senior Notes due 2021	—		382.4
5.375% Senior Notes due 2022	465.1		500.0
5.25% Senior Notes due 2023	636.8		650.0
5.625% Senior Notes due 2026	500.0		500.0
Less: unamortized discount and unamortized debt issuance costs	(11.5)		(16.8)
Total long-term debt outstanding	$	1,590.4	$	2,015.6

Of the total debt outstanding on September 30, 2020, the 5.375% Senior Notes due October 1, 2022 and the 5.25% Senior Notes due May 1, 2023, will mature within the next five years. In addition, the revolving credit facility matures on September 1, 2022.

Credit Facility

In June 2020, QEP entered into the Eighth Amendment to its credit agreement, which, among other things, reduced the aggregate principal amount of commitments to $850.0 million, requires the Company’s material subsidiaries to guarantee the obligations under the credit agreement as well as certain swap obligations and modified the leverage ratio and present value financial covenants, such that they only pertain to net priority guaranteed debt (primarily consisting of borrowings under the credit facility and letters of credit). The amended credit agreement also provides the ability to use up to $500.0 million of loan proceeds to repurchase outstanding senior notes, provides the ability to issue subsidiary guarantees of up to $500.0 million of unsecured debt, with such guarantees being subordinated to the obligations under the credit agreement, and may limit the Company’s ability to make certain restricted payments, including dividends. The amended credit agreement, which matures on September 1, 2022, provides for borrowings at short-term interest rates and contains customary covenants and restrictions and contains financial covenants (that are defined in the credit agreement) that limit the amount of debt the Company can incur and may limit the amount available to be drawn under the credit facility including: (i) a minimum liquidity amount of at least $100.0 million (ii) a net priority guaranteed leverage ratio under which net priority guaranteed debt may not exceed 2.50 times consolidated EBITDAX (as defined in the credit agreement), and (iii) a present value coverage ratio under which the present value of the Company's proved reserves must exceed net priority guaranteed debt by at least 1.50 times. At September 30, 2020 and December 31, 2019, QEP was in compliance with the covenants under its credit agreement. During the nine months ended September 30, 2020, the Company recorded a $1.5 million loss associated with the write-off of non-cash deferred financing costs as part of amending the credit facility and recorded the loss within "Gain (loss) from early extinguishment of debt" on the statements of operations.

During the nine months ended September 30, 2020, QEP's weighted average interest rate on borrowings under its credit facility was 2.60%. As of September 30, 2020, QEP had no borrowings outstanding and $11.9 million in letters of credit outstanding under the credit facility. As of December 31, 2019, QEP had no borrowings outstanding and $2.9 million in letters of credit outstanding under the credit facility.

Senior Notes

At September 30, 2020, the Company had $1,601.9 million in principal amount of senior notes outstanding with maturities ranging from October 1, 2022 to March 1, 2026, and coupons ranging from 5.25% to 5.625%. The senior notes pay interest semi-annually, are unsecured senior obligations and rank equally with all of QEP's other existing and future senior unsecured indebtedness. 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 indentures governing QEP's senior notes contain customary events of default and covenants that may limit QEP's ability to, among other things, place liens on its property or assets. During the nine months ended September 30, 2020, QEP repurchased, at a discount, $107.1 million in principal amount of its 6.875% Senior Notes due March 1, 2021, $34.9 million in principal amount of its 5.375% Senior Notes due October 1, 2022 and $13.2 million in principal amount of its 5.25% Senior Notes due May 1, 2023, resulting in a $27.1 million gain from early extinguishment of debt. In addition, during the third quarter of 2020, QEP redeemed the remaining $275.3 million in principal amount of its 6.875% Senior Notes due March 1, 2021, resulting in a loss on early extinguishment of debt of $7.4 million. In total, during the nine months ended September 30, 2020, the Company recorded a $19.7 million net gain in "Gain (loss) from early extinguishment of debt" on the statements of operations related to the repurchase and redemption of senior notes.