Note 7 - Debt

The Company has a revolving credit facility with various banks to provide back-up credit liquidity support for its commercial paper program. Credit commitments under this revolving credit facility totaled $750.0 million at December 31, 2014, with no amounts borrowed. This revolving credit facility has interest-rate options generally below the prime interest rate and carries commitment fees on the unused balance. In April 2013, Questar amended and restated its revolving credit facility to increase its size from $500.0 million to $750.0 million and extend its maturity from August 31, 2016 to April 19, 2018. A covenant associated with the revolving credit facility stipulates that consolidated funded debt cannot exceed 70% of consolidated capitalization. The Company was in compliance with this covenant at December 31, 2014. The details of short-term debt are as follows:



	December 31,
	2014			2013
	(in millions)
Commercial paper with various interest rates	$	347.0		$	276.0
Weighted-average interest rate at end of year	0.23		%	0.27		%

Availability under the revolving credit facility is reduced by outstanding commercial paper amounts. At December 31, 2014, Questar had net availability under the facility of $403.0 million.

Questar centrally manages cash. Questar makes loans to Questar Gas and Questar Pipeline under a short-term borrowing arrangement. The interest rate paid on amounts borrowed is identical to the rate earned on amounts loaned under the arrangement. The rate is adjusted monthly based on prevailing short-term market interest rates.

The following table details the notes payable to Questar from Questar Gas and the associated interest rates. There were no notes payable to Questar from Questar Pipeline at December 31, 2014 or 2013.



	December 31,
	2014			2013
	(in millions)
Questar Gas
Notes payable to Questar	$	119.3		$	17.7
Interest rate at end of year	0.25		%	0.30		%

All short- and long-term debt and the revolving credit facility are unsecured obligations and rank equally with all other unsecured liabilities. The terms of the Questar Corporation, Questar Gas and Questar Pipeline long-term debt obligations do not have dividend-payment restrictions.

In December 2013, Questar Gas issued $90.0 million of 30-year Senior Notes at 4.78% and $60.0 million of 35-year Senior Notes at 4.83% in the private placement market. The proceeds of approximately $149.0 million, after deducting estimated issuance costs, were used to repay existing indebtedness and for general corporate purposes.

The details of long-term debt are as follows:



	December 31,
	2014			2013
	(in millions)
Questar Corporation
2.75% Notes due 2016	$	250.0		$	250.0
Questar Gas
5.31% and 6.85% Medium-term Notes due 2017 and 2018	84.5			84.5
6.30% Notes due 2018	50.0			50.0
2.98% Notes due 2024	40.0			40.0
3.28% Notes due 2027	110.0			110.0
7.20% Notes due 2038	100.0			100.0
4.78% Notes due 2043	90.0			90.0
4.83% Notes due 2048	60.0			60.0
Total Questar Gas long-term debt	534.5			534.5
Questar Pipeline
6.45% and 6.48% Medium-term Notes due 2015 and 2018	30.1			30.1
5.83% Notes due 2018	250.0			250.0
4.875% Notes due 2041	180.0			180.0
Total Questar Pipeline long-term debt	460.1			460.1
Total long-term debt outstanding	1,244.6			1,244.6
Less current portion	(25.1		)	—
Less unamortized debt discount	(1.9		)	(2.1		)
Plus unamortized debt premium	0.5			0.7
Plus fair value hedge adjustment	2.0			3.9
Total long-term debt, less current portion	$	1,220.1		$	1,247.1

The aggregate maturities of Questar Corporation, Questar Gas and Questar Pipeline long-term debt for the next five years are as follows:



	Questar Corporation		Questar Gas		Questar Pipeline		Total
	Years Ending December 31,
	(in millions)
2015	$	—	$	—	$	25.1	$	25.1
2016	250.0		—		—		250.0
2017	—		14.5		—		14.5
2018	—		120.0		255.0		375.0
2019	—		—		—		—