Debt

Consolidated debt at December 31, 2013 and March 31, 2014 was as follows (in thousands, except as otherwise noted):




	December 31, 2013		March 31, 2014		Weighted-Average Interest Rate for Three Months Ending March 31, 2014 ⁽¹⁾
Revolving credit facility	$	—	$	—	—%
$250.0 million of 6.45% Notes due 2014	249,971		249,988		6.3%
$250.0 million of 5.65% Notes due 2016	251,183		251,076		5.7%
$250.0 million of 6.40% Notes due 2018	259,346		258,829		5.4%
$550.0 million of 6.55% Notes due 2019	571,515		570,613		5.7%
$550.0 million of 4.25% Notes due 2021	557,213		556,988		4.0%
$250.0 million of 6.40% Notes due 2037	248,998		249,003		6.4%
$250.0 million of 4.20% Notes due 2042	248,377		248,384		4.2%
$550.0 million of 5.15% Notes due 2043	298,684		556,395		5.2%
Total debt	$	2,685,287	$	2,941,276	5.2%


(1)	Weighted-average interest rate includes the amortization/accretion of discounts and premiums and the amortization/accretion of gains and losses realized on historical cash flow and fair value hedges on interest expense.

The revolving credit facility and notes detailed in the table above are senior indebtedness.

The face value of our debt at December 31, 2013 and March 31, 2014 was $2.7 billion and $2.9 billion, respectively. The difference between the face value and carrying value of the debt outstanding is the unamortized portion of terminated fair value hedges and the unamortized discounts and premiums on debt issuances. Realized gains and losses on fair value hedges and note discounts and premiums are being amortized or accreted to the applicable notes over the respective lives of those notes.

2014 Debt Offering

In March 2014, we issued an additional $250.0 million of our 5.15% notes due October 15, 2043 in an underwritten public offering. The notes were issued at 103.1% of par. We used the net proceeds from this offering of approximately $255.1 million, after underwriting discounts and offering expenses of $2.6 million, to repay borrowings outstanding under our revolving credit facility and for general partnership purposes, including expansion capital.

Other Debt

6.45% Notes due 2014. The maturity date of our $250.0 million of 6.45% notes is June 1, 2014. The carrying amount of these notes was recorded as current portion of long-term debt on our consolidated balance sheets as of December 31, 2013 and March 31, 2014.

Revolving Credit Facility. The total borrowing capacity under our revolving credit facility, which matures in November 2018, is $1.0 billion. Borrowings under the facility are unsecured and bear interest at LIBOR plus a spread ranging from 1.0% to 1.75% based on our credit ratings. Additionally, an unused commitment fee is assessed at a rate from 0.10% to 0.28%, depending on our credit ratings. The unused commitment fee was 0.125% at March 31, 2014. Borrowings under this facility may be used for general partnership purposes, including capital expenditures. As of March 31, 2014, there were no borrowings outstanding under this facility and $5.6 million was obligated for letters of credit. Amounts obligated for letters of credit are not reflected as debt on our consolidated balance sheets, but decrease our borrowing capacity under the facility.