NOTE 5 — Financing Arrangements

The Company had total debt outstanding of $1.81 billion and $1.80 billion at December 31, 2013 and 2012, respectively. Short-term borrowings at December 31, 2013 and 2012 consist primarily of amounts outstanding under various unsecured local country operating lines of credit.

Short-term borrowings consist of the following at December 31:

(in millions)	2013		2012
Short-term borrowings in various currencies (at rates ranging from 1% to 11% for 2013 and 1% to 7% for 2012)	$	93	$	76

On October 22, 2012, the Company entered into a new five-year, senior unsecured $1 billion revolving credit agreement (the “Revolving Credit Agreement”). The Company paid fees of approximately $3 million relating to the new credit facility, which are being amortized to financing costs over the term of the facility.

Subject to certain terms and conditions, the Company may increase the amount of the revolving facility under the Revolving Credit Agreement by up to $250 million in the aggregate. All committed pro rata borrowings under the revolving facility will bear interest at a variable annual rate based on the LIBOR or prime rate, at the Company’s election, subject to the terms and conditions thereof, plus, in each case, an applicable margin based on the Company’s leverage ratio (as reported in the financial statements delivered pursuant to the Revolving Credit Agreement).

The Revolving Credit Agreement contains customary representations, warranties, covenants, events of default, terms and conditions, including limitations on liens, incurrence of debt, mergers and significant asset dispositions. The Company must also comply with a leverage ratio and an interest coverage ratio covenant. The occurrence of an event of default under the Revolving Credit Agreement could result in all loans and other obligations under the agreement being declared due and payable and the revolving credit facility being terminated.

The Company had no borrowings outstanding under its $1 billion revolving credit facility at December 31, 2013. In addition to borrowing availability under its Revolving Credit Agreement, the Company has approximately $487 million of unused operating lines of credit in the various foreign countries in which it operates.

On September 20, 2012, the Company issued 1.80 percent Senior Notes due September 25, 2017, in an aggregate principal amount of $300 million. These notes rank equally with the Company’s other senior unsecured debt. Interest on the notes is required to be paid semi-annually on March 25th and September 25th, beginning in March 2013. The notes are subject to optional prepayment by the Company at 100 percent of the principal amount plus interest up to the prepayment date and, in certain circumstances, a make-whole amount. The net proceeds from the sale of the notes of approximately $297 million were used to repay $205 million of borrowings under the Company’s previously existing $1 billion revolving credit facility and for general corporate purposes. The Company paid debt issuance costs of approximately $2 million relating to the notes, which are being amortized to financing costs over the life of the notes.

Long-term debt consists of the following at December 31:

(in millions)	2013		2012
4.625% senior notes, due November 1, 2020, net of discount of $1	$	399	$	399
3.2% senior notes, due November 1, 2015	350		350
1.8% senior notes, due September 25, 2017, net of discount of $2	298		298
6.625% senior notes, due April 15, 2037, net of premium of $8 and discount of $1	257		257
6.0% senior notes, due April 15, 2017	200		200
5.62% senior notes, due March 25, 2020	200		200
Fair value adjustment related to hedged fixed rate debt instrument	13		20
Total	$	1,717	$	1,724
Less: current maturities	—		—
Long-term debt	$	1,717	$	1,724

The Company’s long-term debt matures as follows: $350 million in 2015, $500 million in 2017, $600 million in 2020 and $250 million in 2037.

Ingredion Incorporated guarantees certain obligations of its consolidated subsidiaries. The amount of the obligations guaranteed aggregated $225 million and $93 million at December 31, 2013 and 2012, respectively.