Debt and Credit Agreements

3 Months Ended

Mar. 31, 2014

4. Debt and Credit Agreements

The Company’s debt and credit agreements consisted of the following:

	March 31,		December 31,
(In thousands)	2014		2013
Long-Term Debt
7.33% weighted-average fixed rate notes	$	20,000	$	20,000
6.51% weighted-average fixed rate notes	425,000		425,000
9.78% notes	67,000		67,000
5.58% weighted-average fixed rate notes	175,000		175,000
Credit facility	535,000		460,000
	$	1,222,000	$	1,147,000

At March 31, 2014, the Company had $535.0 million of borrowings outstanding under its revolving credit facility at a weighted-average interest rate of 2.2% and $864.0 million available for future borrowings.

The Company was in compliance with all restrictive financial covenants for both the revolving credit facility and fixed rate notes as of March 31, 2014.

Effective April 15, 2014, the lenders under the Company’s revolving credit facility approved an increase in the Company’s borrowing base from $2.3 billion to $3.1 billion as part of the annual redetermination under the terms of the revolving credit facility. The commitments under the revolving credit facility remain unchanged at $1.4 billion.