Note 6—Debt

Debt consisted of the following as of the dates indicated (in millions):

	September 30,			December 31,
	2014			2013
SHORT-TERM DEBT
PAA commercial paper notes, bearing a weighted-average interest rate of 0.30% and 0.33%, respectively (1)	$	423		$	1,109
PAA senior notes:
5.25% senior notes due June 2015	150			—
3.95% senior notes due September 2015	400			—
Other	3			4
Total short-term debt	976			1,113

LONG-TERM DEBT
PAA senior notes:
5.25% senior notes due June 2015	—			150
3.95% senior notes due September 2015	—			400
5.88% senior notes due August 2016	175			175
6.13% senior notes due January 2017	400			400
6.50% senior notes due May 2018	600			600
8.75% senior notes due May 2019	350			350
5.75% senior notes due January 2020	500			500
5.00% senior notes due February 2021	600			600
3.65% senior notes due June 2022	750			750
2.85% senior notes due January 2023	400			400
3.85% senior notes due October 2023	700			700
3.60% senior notes due November 2024	750			—
6.70% senior notes due May 2036	250			250
6.65% senior notes due January 2037	600			600
5.15% senior notes due June 2042	500			500
4.30% senior notes due January 2043	350			350
4.70% senior notes due June 2044	700			—
Unamortized discounts	(16		)	(15		)
PAA senior notes, net of unamortized discounts	7,609			6,710
Other	4			5
Total long-term debt	7,613			6,715
Total debt (2)	$	8,589		$	7,828

(1) PAA commercial paper notes are backstopped by the PAA senior unsecured revolving credit facility and the PAA senior secured hedged inventory facility, which mature in August 2019 and August 2017, respectively; as such, any borrowings under the PAA commercial paper program effectively reduce the available capacity under these facilities. At September 30, 2014 and December 31, 2013, we classified $423 million and approximately $1.1 billion, respectively, of borrowings under our commercial paper program as short-term. These borrowings are primarily designated as working capital borrowings, must be repaid within one year and are primarily for hedged NGL and crude oil inventory and NYMEX and ICE margin deposits.

(2) Our fixed-rate senior notes (including current maturities) had a face value of approximately $8.2 billion and $6.7 billion at September 30, 2014 and December 31, 2013, respectively. We estimated the aggregate fair value of these notes as of September 30, 2014 and December 31, 2013 to be approximately $8.8 billion and $7.2 billion, respectively. Our fixed-rate senior notes are traded among institutions, and these trades are routinely published by a reporting service. Our determination of fair value is based on reported trading activity near quarter end. We estimate that the carrying value of outstanding borrowings under our credit facilities and commercial paper program approximates fair value as interest rates reflect current market rates. The fair value estimates for our senior notes, credit facilities and commercial paper program are based upon observable market data and are classified within Level 2 of the fair value hierarchy. See Note 10 for additional discussion of the fair value hierarchy.

Credit Facilities

In August 2014, we extended the maturity dates of our senior secured hedged inventory facility and our senior unsecured revolving credit facility by one year through the exercise of the option included in the current credit agreements. Our senior secured hedged inventory facility and our senior unsecured revolving credit facility now mature in August 2017 and August 2019, respectively.

Borrowings and Repayments

Total borrowings under our credit agreements and the commercial paper program for the nine months ended September 30, 2014 and 2013 were approximately $55.6 billion and $12.7 billion, respectively. Total repayments under our credit agreements and the commercial paper program for the nine months ended September 30, 2014 and 2013 were approximately $56.3 billion and $13.2 billion, respectively. The variance in total gross borrowings and repayments is impacted by various business and financial factors including, but not limited to, the timing, average term and method of general partnership borrowing activities.

Letters of Credit

In connection with our supply and logistics activities, we provide certain suppliers with irrevocable standby letters of credit to secure our obligation for the purchase of crude oil, NGL and natural gas. Additionally, we issue letters of credit to support insurance programs and construction activities. At September 30, 2014 and December 31, 2013, we had outstanding letters of credit of $66 million and $41 million, respectively.

Senior Notes Issuances

On April 23, 2014, we completed the issuance of $700 million, 4.70% senior notes due 2044 at a public offering price of 99.734%. Interest payments are due on June 15 and December 15 of each year, commencing on December 15, 2014. In anticipation of the issuance of these senior notes, we entered into $250 million notional principal amount of U.S. treasury locks in March and April 2014 to hedge the treasury rate portion of the interest rate on a portion of the notes. We terminated these treasury locks in April 2014. See Note 10 for additional disclosure.

On September 9, 2014, we completed the issuance of $750 million, 3.60% senior notes due 2024 at a public offering price of 99.842%. Interest payments are due on May 1 and November 1 of each year, commencing on May 1, 2015.

Commercial Paper Program

Effective October 20, 2014, the maximum aggregate borrowing capacity under our commercial paper program was increased from $1.5 billion to $3.0 billion.