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Note Payable
12 Months Ended
Dec. 31, 2012
Note Payable [Abstract]  
Note Payable

 

7.                         Note Payable

We have one line of credit with multiple commercial banks with a borrowing capacity of $225 million, with an additional $50 million accordion feature. At December 31 , 2012, $104 million was drawn on the line of credit. This credit agreement replaces the two lines of credit with commercial banks with an aggregate borrowing capacity of $225 million at December 31, 2011. The 2012 credit agreement is a new $225 million unsecured revolving credit facility with a term of five years expiring May 31, 2017. We had no compensating balance requirements on short-term debt for either 2012 or 2011. The interest rate charged on our borrowings on this credit agreement ranged from 0.7 percent to 2.58 percent during 2012.