Long-Term Debt and Credit Facilities

6 Months Ended

Jun. 30, 2014

As of the dates indicated below, our long-term debt, including unamortized discounts and premiums, was as follows:



	Interest Rates	Maturities	June 30, 2014			December 31, 2013
			(Dollars in millions)
CenturyLink, Inc.
Senior notes	5.000% - 7.650%	2015 - 2042	$	7,825		7,825
Credit facility ⁽¹⁾	2.160% - 4.250%	2017	845			725
Term loan	2.400%	2019	391			402
Subsidiaries
Qwest Communications International Inc. ⁽²⁾
Senior notes	6.125% - 8.375%	2014 - 2053	8,392			8,392
Embarq Corporation ("Embarq")
Senior notes	7.082% - 7.995%	2016 - 2036	2,669			2,669
First mortgage bonds	7.125% - 8.770%	2017 - 2025	232			262
Other	9.000%	2019	150			150
Capital lease and other obligations	Various	Various	553			619
Unamortized discounts, net			(98		)	(78	)
Total long-term debt			20,959			20,966
Less current maturities			(1,188		)	(785	)
Long-term debt, excluding current maturities			$	19,771		20,181

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(1)	The outstanding amounts of our credit facility ("Credit Facility") borrowings at June 30, 2014 and December 31, 2013 were $845 million and $725 million, respectively, with weighted average interest rates of 2.642% and 2.176%, respectively. These amounts change on a regular basis.


(2)	The information presented here includes Qwest Corporation's senior notes of $7.411 billion and Qwest Capital Funding, Inc.'s senior notes of $981 million as of June 30, 2014 and December 31, 2013.

Repayments

On April 1, 2014, a subsidiary of Embarq Corporation ("Embarq") paid at maturity the $30 million principal amount of its 7.46% first mortgage bonds.

Covenants

As of June 30, 2014, we believe we were in compliance with the provisions and covenants contained in our Credit Facility and other material debt agreements.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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