Debt

9 Months Ended

Sep. 30, 2011

Consolidated debt at December 31, 2010 and September 30, 2011 was as follows (in thousands):




	December 31, 2010		September 30, 2011		Weighted-Average Interest Rate at September 30, 2011 (1)
Revolving credit facility	$	15,000	$	—	—
$250.0 million of 6.45% Notes due 2014	249,786		249,829		6.3%
$250.0 million of 5.65% Notes due 2016	252,466		252,144		5.7%
$250.0 million of 6.40% Notes due 2018	259,125		263,994		5.1%
$550.0 million of 6.55% Notes due 2019	581,890		579,372		5.9%
$550.0 million of 4.25% Notes due 2021	298,932		559,138		4.2%
$250.0 million of 6.40% Notes due 2037	248,949		248,960		6.3%
Total debt	$	1,906,148	$	2,153,437


(1)	Weighted-average interest rate includes the impact of outstanding interest rate swaps, the amortization/accretion of discounts and premiums and the amortization/accretion of gains and losses realized on historical cash flow and fair value hedges (see Note 9—Derivative Financial Instruments for detailed information regarding interest rate swaps).

The face value of our debt at September 30, 2011 was $2.1 billion. The difference between the face value and carrying value of the debt outstanding is the unamortized portion of various fair value hedges and the unamortized discounts and premiums on debt issuances. Note discounts and premiums are being amortized or accreted to the applicable notes over the respective lives of the associated note.

The amounts outstanding under the notes and revolving credit facility described in the table above are senior indebtedness.

Revolving Credit Facility. The total borrowing capacity under the revolving credit facility, which would have matured in September 2012, was $550.0 million at September 30, 2011. Borrowings under the facility are unsecured and bear interest at LIBOR plus a spread ranging from 0.3% to 0.8% based on our credit ratings and amounts outstanding under the facility. Additionally, a commitment fee is assessed at a rate from 0.05% to 0.125%, depending on our credit ratings. Borrowings under this facility are used for general purposes, including capital expenditures. As of September 30, 2011, there were no borrowings outstanding under this facility; however, $4.6 million was obligated for letters of credit. Amounts obligated for letters of credit are not reflected as debt on our consolidated balance sheets but do decrease our borrowing capacity under the facility. In October 2011, we replaced the above-noted revolving credit facility with a new revolving facility. See Note 14 - Subsequent Events for details.

2011 Debt Offering. In August 2011, we issued an additional $250.0 million of our 4.25% notes due 2021. We sold these notes at a price of 104.1% of their face value, or $260.2 million. Net proceeds from this offering, including accrued interest of $0.7 million, were $258.7 million after underwriting discounts of $1.6 million and other offering costs of $0.6 million. Proceeds from this debt offering were used to repay all of the borrowings outstanding under our revolving credit facility, which was $193.0 million at the time, and for general partnership purposes, including investments in capital expenditures.