Note 3. Long-Term Debt

The following long-term debt and capital lease obligations were outstanding as of the dates indicated:



	March 31,			December 31,
In thousands	2014			2013
Bank Credit Agreement	$	600,000		$	340,000
8¼% Senior Subordinated Notes due 2020	996,273			996,273
6⅜% Senior Subordinated Notes due 2021	400,000			400,000
4⅝% Senior Subordinated Notes due 2023	1,200,000			1,200,000
Other Subordinated Notes, including premium of $15 and $16, respectively	3,821			3,823
Pipeline financings	226,147			228,167
Capital lease obligations	122,183			128,519
Total	3,548,424			3,296,782
Less: current obligations	(36,383		)	(36,157		)
Long-term debt and capital lease obligations	$	3,512,041		$	3,260,625

The ultimate parent company in our corporate structure, Denbury Resources Inc. ("DRI"), is the sole issuer of all of our outstanding senior subordinated notes. DRI has no independent assets or operations. Each of the subsidiary guarantors of such notes is 100% owned, directly or indirectly, by DRI; any subsidiaries of DRI other than the subsidiary guarantors are minor subsidiaries, and the guarantees of the notes are full and unconditional and joint and several.

April 2014 Issuance of 5½% Senior Subordinated Notes due 2022 and Repurchase of 8¼% Senior Subordinated Notes due 2020

On April 30, 2014, we issued $1.25 billion of 5½% Senior Subordinated Notes due 2022 (the "5½% Notes"). The net proceeds of $1.23 billion from the issuance of the 5½% Notes were used to repurchase or redeem our 8¼% Senior Subordinated Notes due 2020 (the "8¼% Notes") and to reduce borrowings under our Bank Credit Agreement (defined below). See Note 8, Subsequent Events, for more information.

$1.6 Billion Revolving Credit Agreement

In March 2010, we entered into a $1.6 billion revolving credit agreement with JPMorgan Chase Bank, N.A., as administrative agent, and other lenders party thereto (as amended, the "Bank Credit Agreement"). Availability under the Bank Credit Agreement is subject to a borrowing base, which is redetermined semi-annually on or around May 1 and November 1 of each year, and additionally upon requested special redeterminations. The borrowing base is adjusted at the lenders' discretion and is based in part upon external factors over which we have no control (including approval by the lenders party to the Bank Credit Agreement). If our outstanding credit under the Bank Credit Agreement exceeds the then effective borrowing base, we would be required to repay the excess amount over a period not to exceed four months. As part of the semi-annual review completed in May 2014 pursuant to the terms of the Bank Credit Agreement, our borrowing base was reaffirmed at $1.6 billion effective May 7, 2014, with approval by all of the lenders. Our next semi-annual redetermination is scheduled to occur on or around November 1, 2014. The weighted average interest rate on borrowings outstanding as of March 31, 2014 under the Bank Credit Agreement was 1.91%. We incur a commitment fee of either 0.375% or 0.5%, based on the ratio of outstanding credit to the borrowing base, on the unused availability under the Bank Credit Agreement. Loans under the Bank Credit Agreement mature in May 2016.

4⅝% Senior Subordinated Notes due 2023

In February 2013, we issued $1.2 billion of 4⅝% Senior Subordinated Notes due 2023 (the "4⅝% Notes"). The 4⅝% Notes, which carry a coupon rate of 4.625%, were sold at par. The net proceeds, after issuance costs, of $1.18 billion were used to repurchase or redeem our 9½% Senior Subordinated Notes due 2016 (the "9½% Notes") and our 9¾% Senior Subordinated Notes due 2016 (the "9¾% Notes") (see Repurchase and Redemption of 9½% Notes and 9¾% Notes below) and to pay down a portion of outstanding borrowings under our Bank Credit Agreement.

Repurchase and Redemption of 9½% Notes and 9¾% Notes

Pursuant to cash tender offers, during the three months ended March 31, 2013, we repurchased $426.4 million principal amount of our 9¾% Notes and $186.7 million principal amount of our 9½% Notes. We recognized a loss associated with the debt repurchases of $44.2 million during the three months ended March 31, 2013, consisting of both premium payments made to repurchase or redeem the notes and the elimination of unamortized debt issuance costs, discounts and premiums related to these notes. The loss is included in our Unaudited Condensed Consolidated Statement of Operations under the caption "Loss on early extinguishment of debt". We repurchased the remaining $38.2 million principal amount of our 9½% Notes in the second quarter of 2013.