Long-Term Debt and Credit Facilities

9 Months Ended

Sep. 30, 2014

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



	Interest Rates	Maturities	September 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	585			725
Term loan	2.410%	2019	385			402
Subsidiaries
Qwest Corporation
Senior notes	6.125% - 8.375%	2014 - 2054	7,911			7,411
Qwest Capital Funding, Inc.
Senior notes	6.500% - 7.750%	2018 - 2031	981			981
Embarq Corporation
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	521			619
Unamortized discounts, net			(108		)	(78	)
Total long-term debt			21,151			20,966
Less current maturities			(1,169		)	(785	)
Long-term debt, excluding current maturities			$	19,982		20,181

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⁽¹⁾	The outstanding amounts of our credit facility ("Credit Facility") borrowings at September 30, 2014 and December 31, 2013 were $585 million and $725 million, respectively, with weighted average interest rates of 2.160% and 2.176%, respectively. These amounts change on a regular basis.

New Issuances

On September 29, 2014, QC issued $500 million aggregate principal amount of 6.875% Notes due 2054, in exchange for net proceeds, after deducting underwriting discounts and other expenses, of $483 million. The Notes are senior unsecured obligations and may be redeemed, in whole or in part, on or after October 1, 2019, at a redemption price equal to 100% of the principal amount redeemed plus accrued and unpaid interest to the redemption date.

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

Subsequent Event

On October 1, 2014, QC paid at maturity the $600 million principal amount of its 7.50% Notes.

- 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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