DEVON ENERGY CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued) Other Debentures and Notes Following are descriptions of the various other debentures and notes outstanding at December 31, 2014 and 2013, as listed in the table presented at the beginning of this note.
GeoSouthern Debt In December 2013, in conjunction with the planned GeoSouthern acquisition, Devon issued $2.25 billion aggregate principal amount of fixed and floating rate senior notes resulting in cash proceeds of approximately $2.2 billion, net of discounts and issuance costs.
The floating rate senior notes due in 2015 bear interest at a rate equal to three-month LIBOR plus 0.45 percent, which rate will be reset quarterly.
The floating rate senior notes due in 2016 bears interest at a rate equal to three-month LIBOR plus 0.54 percent, which rate will be reset quarterly.
The schedule below summarizes the key terms of these notes (in millions).
## Table 0 ##
(1) The 1.20% $650 million note due December 15, 2016 was redeemed on November 13, 2014.
The senior notes were classified as short-term debt on Devon’s consolidated balance sheet as of December 31, 2013 due to certain redemption features in the event that the GeoSouthern acquisition was not completed on or prior to June 30, 2014.
On February 28, 2014, the GeoSouthern acquisition closed and thus the senior notes were subsequently classified as long-term debt.
Additionally, during December 2013, Devon entered into a term loan agreement with a group of major financial institutions pursuant to which Devon could draw up to $2.0 billion to finance, in part, the GeoSouthern acquisition and to pay transaction costs.
In February 2014, Devon drew the $2.0 billion of term loans for the GeoSouthern transaction, and the amount was subsequently repaid on June 30, 2014 with the Canadian divestiture proceeds that were repatriated to the U. S.  in June 2014, at which point the term loan was terminated.
PRUDENTIAL FINANCIAL, INC.  Notes to Consolidated Financial Statements The master trust’s payment obligations under each of the asset-backed notes are secured by corresponding payment obligations of a third-party financial institution and a portfolio of specified assets that have an aggregate value at least equal to the principal amount of the applicable asset-backed note.
The principal amount of each asset-backed note is payable to PRIAC in cash at any time upon demand by PRIAC or, if not earlier paid, at maturity.
Each of the limited recourse notes obligates Prudential Financial to reimburse the applicable third-party financial institution for any principal payments received on the corresponding asset-backed note, but there is no obligation to reimburse any portion of a principal payment that is needed by PRIAC to pay then current claims to its policyholders.
Each limited recourse note bears interest at a rate equal to the rate on the corresponding asset-backed note, plus an amount representing fees payable to the applicable third-party financial institution.
As of December 31, 2015, no principal payments have been received or are currently due on the asset-backed notes and, as a result, there was no payment obligation under the limited recourse notes.
Accordingly, the notes are not reflected in the Company’s Consolidated Financial Statements as of December 31, 2015.
Interest Expense In order to modify exposure to interest rate and currency exchange rate movements, the Company utilizes derivative instruments, primarily interest rate swaps, in conjunction with some of its debt issues.
The impact of these derivative instruments are not reflected in the rates presented in the tables above.
For those derivative instruments that qualify for hedge accounting treatment, interest expense was increased by $7 million, $22 million and $23 million for the years ended December 31, 2015, 2014 and 2013, respectively.
See Note 21 for additional information on the Company’s use of derivative instruments.
Interest expense for short-term and long-term debt was $1,328 million, $1,934 million and $1,419 million for the years ended December 31, 2015, 2014 and 2013, respectively.
This includes interest expense of $11 million, $11 million and $6 million for the years ended December 31, 2015, 2014 and 2013, respectively, reported in “Net investment income.
” 15.
EQUITY On the date of demutualization, Prudential Financial completed an initial public offering of its Common Stock at an initial public offering price of $27.50 per share.
The shares of Common Stock issued were in addition to shares of Common Stock the Company distributed to policyholders as part of the demutualization.
The Common Stock is traded on the New York Stock Exchange under the symbol “PRU”.
Through December 31, 2014, the Common Stock reflected the performance of the Company’s former Financial Services Businesses.
As a result of the Class B Repurchase, beginning in 2015, the Common Stock reflects the consolidated performance of Prudential Financial.
Also on the date of demutualization, Prudential Financial completed the sale, through a private placement, of 2.0 million shares of Class B Stock at a price of $87.50 per share.
The Class B Stock was a separate class of common stock not publicly- traded, which reflected the performance of the Company’s former Closed Block Business.
As part of the Class B Repurchase, Prudential Financial repurchased and canceled all of the 2.0 million shares of the Class B Stock.
The changes in the number of shares of Common Stock issued, held in treasury and outstanding, are as follows for the periods indicated
## Table 1 ##
(1) Represents net shares issued from treasury pursuant to the Company’s stock-based compensation programs.
In the event of a liquidation, dissolution or winding-up of the Company, holders of Common Stock would be entitled to receive a proportionate share of the net assets of the Company that remain after paying all liabilities and the liquidation preferences of any preferred stock.
Common Stock Held in Treasury Common Stock held in treasury is accounted for at average cost.
Gains resulting from the reissuance of “Common Stock held in treasury” are credited to “Additional paid-in capital.
” Losses resulting from the reissuance of “Common Stock held in treasury” are charged first to “Additional paid-in capital” to the extent the Company has previously recorded gains on treasury share transactions, then to “Retained earnings.
”
Asset-Backed Securities The following tables set forth the amortized cost and fair value of our asset-backed securities attributable to PFI excluding the Closed Block division, by credit quality, as of the dates indicated.
Asset-Backed Securities at Amortized Cost
## Table 2 ##
(1) All of the $392 million of education loans included above carry a Department of Education guaranty as of December 31, 2015.
(2) Includes asset-backed securities collateralized by bond obligations, aircraft, equipment leases, franchises, and timeshares.
(3) Excluded from the table above are asset-backed securities held outside the general account in other entities and operations.
Also excluded from the table above are asset-backed securities classified as trading.
Asset-Backed Securities at Fair Value

<table><tr><td>Floating rate due December 15, 2015</td><td>$500</td></tr><tr><td>Floating rate due December 15, 2016</td><td>350</td></tr><tr><td>1.20% due December 15, 2016<sup>-1</sup></td><td>650</td></tr><tr><td>2.25% due December 15, 2018</td><td>750</td></tr><tr><td>Discount and issuance costs</td><td>-2</td></tr><tr><td>Net proceeds</td><td>$2,248</td></tr></table>
<table><tr><td></td><td colspan="3">Common Stock</td></tr><tr><td></td><td>Issued</td><td>Held InTreasury</td><td>Outstanding</td></tr><tr><td></td><td colspan="3">(in millions)</td></tr><tr><td>Balance, December 31, 2012</td><td>660.1</td><td>197.1</td><td>463.0</td></tr><tr><td>Common Stock issued</td><td>0.0</td><td>0.0</td><td>0.0</td></tr><tr><td>Common Stock acquired</td><td>0.0</td><td>10.0</td><td>-10.0</td></tr><tr><td>Stock-based compensation programs-1</td><td>0.0</td><td>-8.1</td><td>8.1</td></tr><tr><td>Balance, December 31, 2013</td><td>660.1</td><td>199.0</td><td>461.1</td></tr><tr><td>Common Stock issued</td><td>0.0</td><td>0.0</td><td>0.0</td></tr><tr><td>Common Stock acquired</td><td>0.0</td><td>11.6</td><td>-11.6</td></tr><tr><td>Stock-based compensation programs-1</td><td>0.0</td><td>-5.3</td><td>5.3</td></tr><tr><td>Balance, December 31, 2014</td><td>660.1</td><td>205.3</td><td>454.8</td></tr><tr><td>Common Stock issued</td><td>0.0</td><td>0.0</td><td>0.0</td></tr><tr><td>Common Stock acquired</td><td>0.0</td><td>12.1</td><td>-12.1</td></tr><tr><td>Stock-based compensation programs-1</td><td>0.0</td><td>-4.4</td><td>4.4</td></tr><tr><td>Balance, December 31, 2015</td><td>660.1</td><td>213.0</td><td>447.1</td></tr></table>
<table><tr><td></td><td colspan="6">December 31, 2015</td><td></td></tr><tr><td></td><td colspan="5">Lowest Rating Agency Rating</td><td></td><td></td></tr><tr><td></td><td>AAA</td><td>AA</td><td>A</td><td>BBB</td><td>BB andbelow</td><td>TotalAmortizedCost</td><td>TotalDecember 31,2014</td></tr><tr><td></td><td colspan="7">(in millions)</td></tr><tr><td>Collateralized by sub-prime mortgages</td><td>$0</td><td>$1</td><td>$81</td><td>$90</td><td>$969</td><td>$1,141</td><td>$1,627</td></tr><tr><td>Collateralized loan obligations</td><td>4,258</td><td>22</td><td>0</td><td>0</td><td>0</td><td>4,280</td><td>3,821</td></tr><tr><td>Collateralized by education loans-1</td><td>20</td><td>372</td><td>0</td><td>0</td><td>0</td><td>392</td><td>382</td></tr><tr><td>Collateralized by credit cards</td><td>195</td><td>0</td><td>6</td><td>0</td><td>0</td><td>201</td><td>268</td></tr><tr><td>Collateralized by auto loans</td><td>518</td><td>0</td><td>0</td><td>0</td><td>0</td><td>518</td><td>492</td></tr><tr><td>Other asset-backed securities-2</td><td>44</td><td>100</td><td>70</td><td>14</td><td>113</td><td>341</td><td>504</td></tr><tr><td>Total asset-backed securities-3</td><td>$5,035</td><td>$495</td><td>$157</td><td>$104</td><td>$1,082</td><td>$6,873</td><td>$7,094</td></tr></table>

Question: If Collateralized loan obligations for total amortized cost develops with the same growth rate in 2015, what will it reach in 2016? (in million)
Answer: 4794.13766