8. Borrowings

Borrowings consist of the following:


			(in 000s)
As of	January 31, 2012	January 31, 2011	April 30, 2011
Commercial paper	$ 230,947	$ 632,566	$ —

Senior Notes, 7.875%, due January 2013	$ 599,871	$ 599,758	$ 599,788
Senior Notes, 5.125%, due October 2014	399,364	399,117	399,177
Other	41,002	40,913	41,119

Total long-term debt	1,040,237	1,039,788	1,040,084
Less: Current portion	(630,996 )	(551 )	(557 )

	$ 409,241	$ 1,039,237	$ 1,039,527

We had commercial paper borrowings of $230.9 million at January 31, 2012, compared to $632.6 million at the same time last year. These borrowings were used to fund our off-season losses and cover our seasonal working capital needs.

As of January 31, 2012, our $600.0 million Senior Notes are included in current portion of long-term debt in our condensed consolidated balance sheet due to their contractual maturity in January 2013.

At January 31, 2012, we maintained a committed line of credit (CLOC) agreement to support commercial paper issuances, general corporate purposes or for working capital needs. This facility provides funding up to $1.7 billion and matures July 31, 2013. This facility bears interest at an annual rate of LIBOR plus 1.30% to 2.80% or PRIME plus 0.30% to 1.80% (depending on the type of borrowing) and includes an annual facility fee of 0.20% to 0.70% of the committed amounts (based on our credit ratings). Covenants in this facility include: (1) maintenance of a minimum equity of $650.0 million on the last day of any fiscal quarter; and (2) reduction of the aggregate outstanding principal amount of short-term debt, as defined in the CLOC agreement, to $200.0 million or less for thirty consecutive days during the period March 1 to June 30 of each year. At January 31, 2012, we were in compliance with these covenants and had net worth of $806.4 million. We had no balance outstanding under the CLOC at January 31, 2012. Effective March 2, 2012, we amended our CLOC agreement to reduce the amount of minimum equity that we must maintain as of the last day of any fiscal quarter from $650.0 million to $500.0 million.

HRB Bank is a member of the FHLB of Des Moines, which extends credit to member banks based on eligible collateral. At January 31, 2012, HRB Bank had total FHLB advance capacity of $284.2 million. There was $25.0 million outstanding on this facility, leaving remaining availability of $259.2 million. Mortgage loans held for investment of $372.7 million serve as eligible collateral and are used to determine total capacity.