Debt

The Company has revolving credit facilities with various banks to provide back-up credit liquidity support for its commercial paper program. Credit commitments under the revolving credit facilities totaled $500 million under the multi-year credit facility and $250 million under the 364-day facility at December 31, 2015, with no amounts borrowed. These revolving credit facilities have interest-rate options generally below the prime interest rate and carry commitment fees on the unused balance. A covenant associated with the revolving credit facilities stipulates that consolidated funded debt cannot exceed 70% of consolidated capitalization. The Company was in compliance with this covenant at December 31, 2015. These credit facilities expire upon a change of control such as the proposed Merger with Dominion Resources. However, the Company has amended its credit facilities to extend through the closing of the proposed Merger with Dominion Resources. The details of short-term debt are as follows:



	December 31,
	2015			2014
	(in millions)
Commercial paper with various interest rates	$	457.6		$	347.0
Weighted-average interest rate at end of year	0.50		%	0.23		%

Availability under the revolving credit facilities is reduced by outstanding commercial paper amounts. At December 31, 2015, Questar had net availability under the facilities of $292.4 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, 2015 or 2014.



	December 31,
	2015			2014
	(in millions)
Questar Gas
Notes payable to Questar	$	273.3		$	119.3
Interest rate at end of year	0.35		%	0.25		%

All short- and long-term debt and the revolving credit facilities 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.

The details of long-term debt are as follows:



	December 31,
	2015			2014
	(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
6.48% Medium-term Notes due 2018	5.0			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	435.0			460.1
Total long-term debt outstanding	1,219.5			1,244.6
Less current portion	(250.2		)	(25.1		)
Less unamortized debt discount	(1.7		)	(1.9		)
Plus unamortized debt premium	0.3			0.5
Plus fair value hedge adjustment	0.2			2.0
Total long-term debt, less current portion	$	968.1		$	1,220.1

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)
2016	$	250.0	$	—	$	—	$	250.0
2017	—		14.5		—		14.5
2018	—		120.0		255.0		375.0
2019	—		—		—		—
2020	—		—		—		—

Questar Corporation Notes of $250.0 million at 2.75% were repaid on February 1, 2016. The Company used commercial paper to fund this repayment.