Note I. Debt

Debt is composed of the following obligations.



December 31
(In millions)	2014		2013
Short term debt:
Senior notes of CNAF, 5.850%, face amount of $549, due December 15, 2014	$	—	$	549

Long term debt:
Senior notes of CNAF:
6.500%, face amount of $350, due August 15, 2016	349		349
6.950%, face amount of $150, due January 15, 2018	150		149
7.350%, face amount of $350, due November 15, 2019	348		348
5.875%, face amount of $500, due August 15, 2020	497		497
5.750%, face amount of $400, due August 15, 2021	397		397
3.950%, face amount of $550, due May 15, 2024	547		—
Debenture of CNAF, 7.250%, face amount of $243, due November 15, 2023	241		241
Subordinated variable rate debt of Hardy, face amount of $30, due September 15, 2036	30		30
Total long term debt	2,559		2,011
Total debt	$	2,559	$	2,560

CCC is a member of the Federal Home Loan Bank of Chicago (FHLBC). FHLBC membership provides participants with access to additional sources of liquidity through various programs and services. As a requirement of membership in the FHLBC, CCC held $16 million of FHLBC stock as of December 31, 2014 and 2013 giving it access to approximately $330 million of additional liquidity. As of December 31, 2014 and 2013, CCC had no outstanding borrowings from the FHLBC.

The Company has a four-year $250 million senior unsecured revolving credit facility with a syndicate of banks which is intended to be used for general corporate purposes. At the Company's election, the commitments under the credit agreement may be increased from time to time up to an additional aggregate amount of $100 million. Under the credit agreement, the Company is required to pay a facility fee which would adjust automatically in the event of a change in the Company's financial ratings. The credit agreement includes several covenants, including maintenance of a minimum consolidated net worth and a specified ratio of consolidated indebtedness to consolidated total capitalization. The minimum consolidated net worth, as defined as of December 31, 2014, was $8.6 billion. As of December 31, 2014 and 2013, we had no outstanding borrowings under the credit agreement. The credit facility expires in 2016.

The Company's debt obligations contain customary covenants for investment grade issuers. The Company was in compliance with all covenants as of and for the years ended December 31, 2014 and 2013.

The combined aggregate maturities for debt at December 31, 2014 are presented in the following table.

Maturity of Debt



(In millions)
2015	$	—
2016	350
2017	—
2018	150
2019	350
Thereafter	1,723
Less discount	(14		)
Total	$	2,559