Long-Term Debt and Credit Facilities

Long-term debt, including unamortized discounts and premiums and unamortized debt issuance costs, consisted of borrowings by CenturyLink, Inc. and certain of its subsidiaries, including Qwest Corporation, Qwest Capital Funding, Inc. and Embarq Corporation and subsidiaries ("Embarq"), were as follows:



	Interest Rates	Maturities	As of March 31, 2016			As of December 31, 2015
			(Dollars in millions)
CenturyLink, Inc.
Senior notes	5.150% - 7.650%	2017 - 2042	$	7,975		7,975
Credit facility and revolving line of credit⁽¹⁾	—%	2019	—			410
Term loan	2.190%	2019	352			358
Subsidiaries
Qwest Corporation
Senior notes	6.125% - 8.375%	2016 - 2056	7,464			7,229
Term loan	2.190%	2025	100			100
Qwest Capital Funding, Inc.
Senior notes	6.500% - 7.750%	2018 - 2031	981			981
Embarq Corporation and subsidiaries
Senior notes	7.082% - 7.995%	2016 - 2036	2,669			2,669
First mortgage bonds	7.125% - 8.770%	2017 - 2025	232			232
Other	9.000%	2019	150			150
Capital lease and other obligations	Various	Various	415			425
Unamortized discounts, net			(128		)	(125	)
Unamortized debt issuance costs			(185		)	(179	)
Total long-term debt			20,025			20,225
Less current maturities			(517		)	(1,503	)
Long-term debt, excluding current maturities			$	19,508		18,722

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⁽¹⁾	The aggregate amount outstanding on our Credit Facility and revolving line of credit borrowings at December 31, 2015 was $410 million with a weighted-average interest rate of 2.756%. At March 31, 2016, we had no borrowings outstanding under our Credit Facility or revolving line of credit. These amounts change on a regular basis.

New Issuance

In January 2016, Qwest Corporation issued $235 million aggregate principal amount of 7% Notes due 2056, in exchange for net proceeds, after deducting underwriting discounts and other expenses, of approximately $227 million. All of the 7% Notes are unsecured obligations and may be redeemed by Qwest Corporation, in whole or in part, on or after February 1, 2021, at a redemption price equal to 100% of the principal amount redeemed plus accrued and unpaid interest to the redemption date.

Covenants

As of March 31, 2016, we believe we were in compliance with the provisions and covenants contained in our Credit Facility and other material debt agreements.

Subsequent Events

On May 2, 2016, Qwest Corporation paid at maturity the $235 million principal amount and accrued and unpaid interest due under its 8.375% Notes.

On April 6, 2016, CenturyLink, Inc. issued $1 billion aggregate principal amount of 7.5% Notes due in 2024, in exchange for net proceeds, after deducting underwriting discounts and other expenses, of approximately $988 million. All of the 7.5% Notes are unsecured obligations and may be redeemed by CenturyLink, Inc., in whole or in part, on or after January 1, 2024, at a redemption price equal to 100% of the principal amount redeemed plus accrued and unpaid interest to the redemption date. At any time before January 1, 2024, the Notes are redeemable, in whole or in part, at CenturyLink, Inc.'s option, at a redemption price equal to the greater of 100% of the principal amount of the Notes to be redeemed or the sum of the present values of the remaining scheduled payments of principal and interest on the Notes to be redeemed, discounted to the redemption date in the manner described in the Notes, plus accrued and unpaid interest to the redemption date. In addition, at any time on or prior to April 1, 2019, CenturyLink, Inc. may redeem up to 35% of the aggregate principal amount of the Notes at a redemption price of 107.5% of the principal amount thereof, plus accrued and unpaid interest to the redemption date, with the net proceeds of certain equity offerings. Under certain circumstances, CenturyLink, Inc. will be required to make an offer to repurchase the Notes at a price of 101% of the aggregate principal amount plus accrued and unpaid interest to the repurchase date. We plan to use the net proceeds from this debt offering, along with other available funds, to pay at maturity the $1.184 billion aggregate principal amount of Embarq Corporation's 7.082% Notes due on June 1, 2016. Consequently, we have classified $990 million of these Notes as long-term debt and the remaining $194 million of these Notes as current maturities of long-term debt on our consolidated balance sheet as of March 31, 2016.