Note 9 – Debt

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

	March 31,			December 31,
	2012			2011
	(in millions)
Revolving Credit Facility	$	100.5		$	606.5
6.05% Senior Notes due 2016		176.8			176.8
6.80% Senior Notes due 2018		138.6			138.6
6.80% Senior Notes due 2020		138.0			138.0
6.875% Senior Notes due 2021		625.0			625.0
5.375% Senior Notes due 2022		500.0			-
Total principal amount of debt		1,678.9			1,684.9
Less unamortized discount		(5.4	)		(5.5	)
Total long-term debt outstanding	$	1,673.5		$	1,679.4

Of the total debt outstanding on March 31, 2012, the $100.5 million drawn under the revolving credit facility (described below) due August 25, 2016, and the 6.05% Senior Notes due September 1, 2016, will mature within the next five years.

Credit Arrangements

QEP's revolving credit facility, which matures in August 2016, provides for loan commitments of $1.5 billion from a syndicate of financial institutions. The revolving credit facility provides for borrowing at short-term interest rates and contains customary covenants and restrictions. The revolving credit agreement also contains provisions that would allow for the amount of the facility to be increased to $2.0 billion and for the maturity to be extended for up to two additional one-year periods. During the first quarter of 2012, QEP's weighted-average interest rate on borrowings from its credit facility was 2.06%. At March 31, 2012, and December 31, 2011, QEP was in compliance with all of its debt covenants. At March 31, 2012 QEP had $100.5 million drawn and $4.1 million in letters of credit outstanding under the credit facility.

Senior Notes

During the first quarter of 2012, the Company issued $500 million of Senior Notes due October 2022, with a coupon of 5.375%. The senior notes were issued at face value. Interest on the senior notes will be paid semi-annually, in April and October of each respective year. The net proceeds of approximately $493.0 million were used to repay indebtedness under QEP Resources' revolving credit facility. The finance costs incurred of approximately $7.0 million will be deferred and amortized over the life of the senior notes. The amortization of all of the Company's deferred finance costs is included in “Interest expense” on the Condensed Consolidated Income Statement.

At March 31, 2012, the Company has $1,578.4 million principal amount of senior notes outstanding with maturities ranging from September 2016 to October 2022 and coupons ranging from 5.375% 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.

See Note 14 for additional information regarding the term loan agreement entered into after the balance sheet date.