DEBT OBLIGATIONS:

The following table sets forth the debt obligations of the Company:



	December 31,
	2017		2016
6.20% Senior Notes due 2017	$	—	$	300
7.00% Senior Notes due 2018	400		400
8.125% Senior Notes due 2019	150		150
7.60% Senior Notes due 2024	82		82
7.00% Senior Notes due 2029	66		66
8.25% Senior Notes due 2029	33		33
Floating Rate Junior Subordinated Notes due 2066	54		54
Other long term debt	5		5
Unamortized fair value adjustments	28		51
Total debt outstanding	818		1,141
Less: Current maturities of long-term debt	407		307
Total long-term debt, less current maturities	$	411	$	834

Based on the estimated borrowing rates currently available to the Company and its subsidiaries for loans with similar terms and average maturities, the aggregate fair value of the Company’s consolidated debt obligations at December 31, 2017 and 2016 was $830 million and $1.14 billion, respectively. The fair value of the Company’s consolidated debt obligations is a Level 2 valuation based on the observable inputs used for similar liabilities.

As of December 31, 2017, the Company has scheduled long-term debt principal payments as follows:



Years Ended December 31,
2018	400
2019	150
2020	—
2021	—
2022	5
Thereafter	235
Total	$	790

Senior Notes

Panhandle’s $300 million 6.20% Senior Notes matured on November 1, 2017 and were repaid with borrowings under an affiliate loan agreement.

Floating Rate Junior Subordinated Notes

The interest rate on the remaining portion of PEPL’s $600 million junior subordinated notes due 2066 is a variable rate based upon the three-month LIBOR rate plus 3.0175%. The balance of the variable rate portion of the junior subordinated notes was $54 million at an effective interest rate of 4.394% and 3.903% at December 31, 2017, and 2016.

Compliance With Our Covenants

The Company’s notes are subject to certain requirements, such as the maintenance of a fixed charge coverage ratio and a leverage ratio, which if not maintained, restrict the ability of the Company to make certain payments and impose limitations on the ability of the Company to subject its property to liens. Other covenants impose limitations on restricted payments, including dividends and loans to affiliates, and additional indebtedness. As of December 31, 2017, the Company is in compliance with these covenants.

The Company will continue to opportunistically evaluate alternatives for funding its debt repayment obligations. Alternatives include, but are not limited to, refinancing of amounts due with new senior notes, a term loan facility or a loan provided by ETP or other affiliates.