NOTE 8 — LONG-TERM DEBT

A summary of long-term debt at March 31, 2016 and December 31, 2015, including related interest rates at March 31, 2016, follows (dollars in millions):


	March 31, 2016			December 31, 2015
Senior secured asset-based revolving credit facility (effective interest rate of 1.8%)	$	2,100		$	3,030
Senior secured revolving credit facility		—			—
Senior secured term loan facilities (effective interest rate of 5.3%)		5,161			5,639
Senior secured first lien notes (effective interest rate of 5.5%)		12,600			11,100
Other senior secured debt (effective interest rate of 5.7%)		620			634

First lien debt		20,481			20,403
Senior unsecured notes (effective interest rate of 6.5%)		10,252			10,252
Net debt issuance costs		(179	)		(167	)

Total debt (average life of 6.6 years, rates averaging 5.5%)		30,554			30,488
Less amounts due within one year		226			233

	$	30,328		$	30,255

2016 Activity

During March 2016, we issued $1.500 billion aggregate principal amount of 5.250% senior secured notes due 2026. We used the net proceeds for general corporate purposes and to retire a portion of one of our senior secured term loans. We also entered into a joinder agreement to retire the remaining portion of this senior secured term loan using proceeds from a new $1.500 billion senior secured term loan facility maturing in March 2023.

2015 Activity

During December 2015, we issued $500 million aggregate principal amount of 5.875% senior notes due 2026. We used the net proceeds for general corporate purposes.

During November 2015, we issued $1.000 billion aggregate principal amount of 5.875% senior notes due 2026. We used the net proceeds to redeem all $1.000 billion aggregate principal amount of our outstanding 6.500% senior notes due 2016.

During June 2015, we entered into a joinder agreement to retire certain of our existing senior secured term loans using proceeds from a new $1.400 billion senior secured term loan credit facility maturing in June 2020.

During May 2015, we issued $1.600 billion aggregate principal amount of 5.375% senior notes due 2025. We used the net proceeds to redeem all $1.525 billion aggregate principal amount of our outstanding 7³/₄% senior notes due 2021.

During January 2015, we issued $1.000 billion aggregate principal amount of 5.375% senior notes due 2025. We used a portion of the net proceeds to repay at maturity our $750 million aggregate principal amount of 6.375% senior notes due 2015.