10.

Debt

The Company's debt, almost all of which is unsecured, consists of both recourse and non-recourse obligations as follows at year-end:


	2011			2010
	(thousands)
Recourse debt:
7.35% debentures, due in 2016	$	17,967		$	17,967
Medium-term notes, Series A, with interest rates averaging 7.9%, due in 2012		35,000			36,900
Revenue bonds, with interest rates averaging 6.4% , due in varying amounts periodically through 2029		185,505			185,505
American & Foreign Power Company Inc. 5% debentures, due in 2030		18,526			18,526
Grupo OfficeMax installment loans, due in monthly installments through 2014		8,508			13,096
Other indebtedness, with interest rates averaging 6.8%, due in varying amounts annually through 2016		3,188			3,536

	$	268,694		$	275,530
Less unamortized discount		(504	)		(535	)

Total recourse debt	$	268,190		$	274,995
Less current portion		(38,867	)		(4,560	)

Long-term debt, less current portion	$	229,323		$	270,435

Non-recourse debt:
5.42% securitized timber notes, due in 2019	$	735,000		$	735,000
5.54% securitized timber notes, due in 2019		735,000			735,000

Total non-recourse debt	$	1,470,000		$	1,470,000

Scheduled Debt Maturities

The scheduled payments of recourse debt are as follows:


	Total
	(thousands)
2012	$	38,867
2013		3,858
2014		1,681
2015		105
2016		20,153
Thereafter		204,030

Total	$	268,694

Credit Agreements

On October 7, 2011, the Company entered into a Second Amended and Restated Loan and Security Agreement (the "North American Credit Agreement") with a group of banks. The North American Credit Agreement amended both our existing credit agreement that we are a party to along with certain of our subsidiaries in the U.S. (the "U.S. Credit Agreement") and our existing credit agreement to which our subsidiary in Canada is a party (the "Canadian Credit Agreement") and consolidated them into a single credit agreement. The North American Credit Agreement permits the Company to borrow up to a maximum of $650 million (U.S. dollars), of which $50 million is allocated to the Company's Canadian subsidiary and $600 million is allocated to the Company and its other participating U.S. subsidiaries, in each case subject to a borrowing base calculation that limits availability to a percentage of eligible trade and credit card receivables plus a percentage of the value of eligible inventory less certain reserves. The North American Credit Agreement may be increased (up to a maximum of $850 million) at the Company's request and the approval of lenders participating in the increase, or may be reduced from time to time at the Company's request, in each case according to the terms detailed in the North American Credit Agreement. Letters of credit, which may be issued under the North American Credit Agreement up to a maximum of $250 million, reduce available borrowing capacity. At the end of fiscal year 2011, the Company was in compliance with all covenants under the North American Credit Agreement. The North American Credit Agreement will expire on October 7, 2016.

Borrowings under the U.S. Credit Agreement were subject to interest at rates based on either the prime rate or the London Interbank Offered Rate ("LIBOR"). Margins were applied to the applicable borrowing rates and letter of credit fees under the U.S. Credit Agreement depending on the level of average availability. Fees on letters of credit issued under the U.S. Credit Agreement were charged at a weighted average rate of 0.875%. The Company was also charged an unused line fee of 0.25% under the U.S. Credit Agreement on the amount by which the maximum available credit exceeded the average daily outstanding borrowings and letters of credit.

Borrowings under the North American Credit Agreement are subject to interest at rates based on either the prime rate, the federal funds rate, LIBOR or the Canadian Dealer Offered Rate. An additional percentage, which varies depending on the level of average borrowing availability, is added to the applicable rates. Fees on letters of credit issued under the North American Credit Agreement are charged at rates between 1.25% and 2.25% depending on the type of letter of credit (i.e., stand-by or commercial) the level of average borrowing availability. The Company is also charged an unused line fee of between 0.375% and 0.5% on the amount by which the maximum available credit exceeds the average daily outstanding borrowings and letters of credit. The fees on letters of credit were 1.75% and the unused line fee was 0.5% at December 31, 2011. Thereafter, the rate will vary depending on the level of average borrowing availability and type of letters of credit.

On March 15, 2010, the Company's five wholly-owned subsidiaries based in Australia and New Zealand entered into a Facility Agreement (the "Australia/New Zealand Credit Agreement") with a financial institution based in those countries. The Australia/New Zealand Credit Agreement permits the subsidiaries in Australia and New Zealand to borrow up to a maximum of A$80 million subject to a borrowing base calculation that limits availability to a percentage of eligible accounts receivable plus a percentage of the value of certain owned properties, less certain reserves. At the end of fiscal year 2011, the subsidiaries in Australia and New Zealand were in compliance with all covenants under the Australia/New Zealand Credit Agreement. The Australia/New Zealand Credit Agreement expires on March 15, 2013.

Availability under the Company's credit agreements at the end of fiscal year 2011 was as follows:


	2011
	North American Agreement			Australia/ New Zealand Agreement		Total
	(millions)
Maximum aggregate available borrowing amount	$	632.2		$	52.9	$	685.1
Less: Stand-by letters of credit		(51.9	)		—		(51.9	)

Amount available for borrowing at fiscal year-end	$	580.3		$	52.9	$	633.2

There were no borrowings under the Company's credit agreements in 2011 or 2010.

Other

At the end of fiscal year 2011, Grupo OfficeMax, our 51%-owned joint venture in Mexico, had total outstanding borrowings of $8.5 million. This included $4.9 million outstanding under a 60-month installment note due in the first quarter of 2014 and $3.6 million outstanding under a 54-month installment note due in the third quarter of 2014. Payments on the installment loans are made monthly. Recourse on the Grupo OfficeMax loans is limited to Grupo OfficeMax. The installment loan maturing in the third quarter of 2014 is secured by certain owned property of Grupo OfficeMax. All other Grupo OfficeMax loan facilities are unsecured.

Cash Paid for Interest

Cash payments for interest, net of interest capitalized and including interest payments related to the timber securitization notes, were $69.8 million in 2011, $68.9 million in 2010 and $71.8 million in 2009. Cash interest payments made on the Securitization Notes are completely offset by interest payments received on the Installment Notes.