DEBT AND CREDIT FACILITIES

At December 31, short-term borrowings and current maturities of long-term debt consisted of the following:



In millions	2011		2010
Debentures with put feature	$	343.6	$	343.6
Exchangeable Senior Notes	341.2		328.3
Current maturities of long-term debt	12.5		13.3
Other short-term borrowings	66.0		76.4
Total	$	763.3	$	761.6

The weighted-average interest rate for total short-term borrowings and current maturities of long-term debt at December 31, 2011 and 2010 was 5.4% and 5.5%, respectively.

At December 31, long-term debt excluding current maturities consisted of:



In millions	2011		2010
6.000% Senior notes due 2013	$	599.9	$	599.9
9.500% Senior notes due 2014	655.0		655.0
5.50% Senior notes due 2015	199.8		199.7
4.75% Senior notes due 2015	299.6		299.4
6.875% Senior notes due 2018	749.3		749.2
9.00% Debentures due 2021	125.0		125.0
7.20% Debentures due 2013-2025	97.5		105.0
6.48% Debentures due 2025	149.7		149.7
Other loans and notes, at end-of-year average interest rates of 7.22% in 2011 and 5.55% in 2010, maturing in various amounts to 2019	3.5		39.4
Total	$	2,879.3	$	2,922.3

The fair value of the Company’s debt at December 31, 2011 and 2010 was $4,359.2 million and $4,131.8 million, respectively. The fair value of long-term debt was primarily based upon quoted market values.

At December 31, 2011, long-term debt retirements are as follows:



In millions
2012	$	697.3
2013	608.0
2014	662.1
2015	508.3
2016	8.8
Thereafter	1,092.1
Total	$	3,576.6

Commercial Paper Program

The maximum aggregate amount of unsecured commercial paper notes available to be issued, on a private placement basis, under the Commercial Paper Program is $2 billion as of December 31, 2011. Under the Commercial Paper Program, Ingersoll-Rand Global Holding Company Limited (IR-Global), may issue notes from time to time, and the proceeds of the financing will be used for general corporate purposes. Each of IR-Ireland, IR-Limited and Ingersoll-Rand International Holding Limited (IR-International) has provided an irrevocable and unconditional guarantee for the notes issued under the Commercial Paper Program. As of December 31, 2011 and 2010, the Company had no amounts outstanding.

Debentures with Put Feature

At December 31, 2011 and 2010, the Company had outstanding $343.6 million of fixed rate debentures, which only requires early repayment at the option of the holder. These debentures contain a put feature that the holders may exercise on each anniversary of the issuance date. If exercised, the Company is obligated to repay in whole or in part, at the holder’s option, the outstanding principal amount (plus accrued and unpaid interest) of the debentures held by the holder. If these options are not exercised, the final maturity dates would range between 2027 and 2028. In 2011, holders of these debentures chose not to exercise the put feature on outstanding debentures.

Exchangeable Senior Notes Due 2012

In April 2009, the Company issued $345 million of 4.5% Exchangeable Senior Notes (the Notes) through its wholly-owned subsidiary, IR-Global. The Notes are fully and unconditionally guaranteed by each of IR-Ireland, IR-Limited and IR-International. Interest on the Notes is paid twice a year in arrears. In addition, holders have the option to exchange their notes through their scheduled maturity in April 2012.

Upon any exchange, the Notes will be paid in cash up to the aggregate principal amount of the notes to be exchanged. The remainder due on the option feature, if any, may be paid in cash, IR-Ireland ordinary shares or a combination thereof at the option

of the Company. On November 14, 2011 the Company elected, for all future exercises, to settle the remainder due on the option feature in whole shares of IR-Ireland with cash in lieu of any fractional shares. The Notes are subject to certain customary covenants, however, none of these covenants are considered restrictive to the Company’s operations.

The Company accounts for the Notes in accordance with GAAP, which required the Company to allocate the proceeds between debt and equity at the issuance date, in a manner that reflects the Company’s nonconvertible debt borrowing rate. The Company allocated approximately $305 million of the gross proceeds to debt, with the remaining discount of approximately $40 million (approximately $39 million after allocated fees) recorded within Equity. As of December 31, 2011, the Notes may be exchangeable at the holders’ option through their scheduled maturity in April 2012. Therefore, the equity portion of the Notes is classified as Temporary equity to reflect the amount that could result in cash settlement at the balance sheet date. Additionally, the Company is amortizing the discount into Interest expense over a three-year period.

Senior Notes Due 2014

In April 2009, the Company issued $655 million of 9.5% Senior Notes through its wholly-owned subsidiary, IR-Global. The notes are fully and unconditionally guaranteed by each of IR-Ireland, IR-Limited and IR-International. Interest on the fixed rate notes is paid twice a year in arrears. The Company has the option to redeem them in whole or in part at any time, and from time to time, prior to their stated maturity date at redemption prices set forth in the indenture agreement. The notes are subject to certain customary covenants, however, none of these covenants are considered restrictive to the Company’s operations.

Other Debt

In May 2010, the Company entered into a 3-year $1.0 billion Senior Unsecured Revolving Credit Facility. On May 20, 2011, the Company entered into a 4-year, $1.0 billion revolving credit facility through its wholly-owned subsidiary, IR-Global. This new facility replaced the Company's pre-existing $1.0 billion, 3-year revolving credit facility that was scheduled to mature in June 2011. At December 31, 2011, the Company’s total committed revolving credit facilities was $2.0 billion, of which $1.0 billion expires in May 2013 and $1.0 billion expires in May 2015. Each of IR-Ireland, IR-Limited and IR-International has provided an irrevocable and unconditional guarantee for these credit facilities. These lines are unused and provide support for the Company’s commercial paper program as well as for other general corporate purposes.

In addition, other available non-U.S. lines of credit were $617.2 million, of which $447.9 million was unused at December 31, 2011. These lines provide support for bank guarantees, letters of credit and other general corporate purposes.

Guarantees

Subsequent to the Ireland Reorganization, IR-Ireland and IR-Limited guarantees fully and unconditionally the outstanding public debt of IR-International, IR-Global and IR-New Jersey. Neither IR-Ireland nor IR-Limited has issued or intends to issue guarantees in respect of any public indebtedness incurred by Trane.