Financing Arrangements

6 Months Ended

Jun. 30, 2012

Debt consists of the following instruments:



(Dollars In millions)	June 30, 2012 ⁽¹⁾		December 31, 2011 ⁽¹⁾
7.500% debentures due 2015	$	50.0	$	50.0
Senior secured term loan due 2017	295.8		297.0
7.375% senior notes due 2020	360.0		360.0
Total long-term debt	705.8		707.0
Less current portion	3.0		3.0
Total long-term debt, net of current portion	$	702.8	$	704.0


(1)	Book values include unamortized discounts, as applicable.

On December 21, 2011, we entered into a five-year senior secured revolving credit facility, which includes up to $300.0 million in revolving loans, subject to a borrowing base with advances against U.S. and Canadian accounts receivable and inventory. We have the option to increase the availability under the revolving credit facility to $350.0 million, subject to our meeting certain requirements and obtaining commitments for such increase. As of June 30, 2012, we were in compliance with all covenants, there were no outstanding borrowings and we had availability of $193.6 million under the revolving credit facility.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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