Debt

The balances and the stated interest rates of outstanding debt of Ameriprise Financial were as follows:



	Outstanding Balance						Stated Interest Rate
	March 31, 2015			December 31, 2014			March 31, 2015		December 31, 2014
	(in millions)
Long-term debt:
Senior notes due 2015	$	356	⁽¹⁾	$	358	⁽¹⁾	5.7	%	5.7	%
Senior notes due 2019	329		⁽¹⁾	326		⁽¹⁾	7.3		7.3
Senior notes due 2020	789		⁽¹⁾	786		⁽¹⁾	5.3		5.3
Senior notes due 2023	750			750			4.0		4.0
Senior notes due 2024	548			548			3.7		3.7
Junior subordinated notes due 2066	294			294			7.5		7.5
Total long-term debt	3,066			3,062
Short-term borrowings:
Federal Home Loan Bank (“FHLB”) advances	150			150			0.3		0.3
Repurchase agreements	50			50			0.4		0.4
Total short-term borrowings	200			200
Total	$	3,266		$	3,262

⁽¹⁾ Amounts include adjustments for fair value hedges on the Company’s long-term debt. See Note 12 for information on the Company’s fair value hedges.

The amounts included in the table above are net of any unamortized discount and premium associated with issuing these notes.

The Company has an unsecured revolving credit facility for up to $500 million. Under the terms of the underlying credit agreement for the facility, the Company may increase the amount of this facility up to $750 million upon satisfaction of certain approval requirements. Available borrowings under the agreement are reduced by any outstanding letters of credit. The Company had no borrowings outstanding under this facility and outstanding letters of credit issued against this facility were $1 million as of March 31, 2015. On May 1, 2015, the Company amended the underlying credit agreement for the facility to extend the expiration to May 2020.

The Company’s junior subordinated notes due 2066 and credit facility contain various administrative, reporting, legal and financial covenants. The Company was in compliance with all such covenants at both March 31, 2015 and December 31, 2014.

Short-term Borrowings

The Company enters into repurchase agreements in exchange for cash, which it accounts for as secured borrowings. The Company has pledged Available-for-Sale securities consisting of agency residential mortgage backed securities and commercial mortgage backed securities to collateralize its obligation under the repurchase agreements. The fair value of the securities pledged is recorded in investments and was $52 million at both March 31, 2015 and December 31, 2014. The stated interest rate of the repurchase agreements is a weighted average annualized interest rate on repurchase agreements held as of the balance sheet date.

The Company’s life insurance subsidiary is a member of the FHLB of Des Moines which provides access to collateralized borrowings. The Company has pledged Available-for-Sale securities consisting of commercial mortgage backed securities to collateralize its obligation under these borrowings. The fair value of the securities pledged is recorded in investments and was $297 million and $298 million at March 31, 2015 and December 31, 2014, respectively. The stated interest rate of the FHLB advances is a weighted average annualized interest rate on the outstanding borrowings as of the balance sheet date.