Note I. Debt

Debt is composed of the following obligations.

Debt



December 31
(In millions)	2011		2010
Short term debt:
Senior notes:
6.000%, face amount of $400, due August 15, 2011	$	—	$	399
8.375%, face amount of $70, due August 15, 2012	70		—
Other debt	13		1
Total short term debt	83		400

Long term debt:
Variable rate debt:
Debenture - CNA Surety, face amount of $31, due April 29, 2034	—		31
Senior notes:
8.375%, face amount of $70, due August 15, 2012	—		69
5.850%, face amount of $549, due December 15, 2014	548		548
6.500%, face amount of $350, due August 15, 2016	348		347
6.950%, face amount of $150, due January 15, 2018	149		149
7.350%, face amount of $350, due November 15, 2019	348		348
5.875%, face amount of $500, due August 15, 2020	495		495
5.750%, face amount of $400, due August 15, 2021	396		—
Debenture, 7.250%, face amount of $243, due November 15, 2023	241		241
Other debt	—		23
Total long term debt	2,525		2,251
Total debt	$	2,608	$	2,651

In February of 2011, the Company issued $400 million of 5.750% senior notes due August 15, 2021 in a public offering. The Company used the net proceeds of the offering, together with cash on hand, to redeem the outstanding $400 million aggregate principal amount of 6.000% senior notes due August 15, 2011, plus accrued and unpaid interest thereon, along with a call premium.

In November of 2011, the Company redeemed the outstanding $31 million of the CNA Surety debenture originally due April 29, 2034, plus accrued and unpaid interest thereon.

On August 1, 2007, the Company entered into a five-year credit agreement with a syndicate of banks and other lenders. The credit agreement established a $250 million senior unsecured revolving credit facility which is intended to be used for general corporate purposes. Borrowings under the revolving credit facility bear interest at the London Interbank Offered Rate (LIBOR) plus the Company's credit risk spread. Under the credit agreement, the Company is required to pay certain fees, including a facility fee and a utilization fee, both of which would adjust automatically in the event of a change in the Company's financial ratings. The credit agreement includes covenants regarding maintenance of a minimum consolidated net worth and a specified ratio of consolidated indebtedness to consolidated total capitalization. The full limit of $250 million is available as of December 31, 2011.

The Company's remaining debt obligations contain customary covenants for investment grade insurers. The Company is in compliance with all covenants as of and for the year ended December 31, 2011.

The combined aggregate maturities for debt at December 31, 2011 are presented in the following table.

Maturity of Debt



(In millions)
2012	$	83
2013	—
2014	549
2015	—
2016	350
Thereafter	1,643
Less discount	(17		)
Total	$	2,608