Note J. Debt

Debt is composed of the following obligations.

Debt



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

Long term debt:
Senior notes of CNAF:
5.850%, face amount of $549, due December 15, 2014	548		548
6.500%, face amount of $350, due August 15, 2016	348		348
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	496		495
5.750%, face amount of $400, due August 15, 2021	397		396
Debenture of CNAF, 7.250%, face amount of $243, due November 15, 2023	241		241
Subordinated variable rate debt of Hardy, face amount of $30, due September 15, 2036	30
Total long term debt	2,557		2,525
Total debt	$	2,570	$	2,608

On April 19, 2012, the Company entered into a new credit agreement with a syndicate of banks. The new credit agreement established a four-year $250 million senior unsecured revolving credit facility which is intended to be used for general corporate purposes. At the Company's election, the commitments under the new credit agreement may be increased from time to time up to an additional aggregate amount of $100 million, and two one-year extensions are available prior to the first and second anniversary of the closing date subject to applicable consents. Under the new credit agreement, the Company is required to pay a facility fee which would adjust automatically in the event of a change in the Company's financial ratings. The new credit agreement includes several covenants, including maintenance of a minimum consolidated net worth and a specified ratio of consolidated indebtedness to consolidated total capitalization. As of December 31, 2012, we had no outstanding borrowings under the new credit agreement.

The Company's remaining debt obligations contain customary covenants for investment grade issuers. The Company is in compliance with all covenants as of and for the year ended December 31, 2012.

The combined aggregate maturities for debt at December 31, 2012 are presented in the following table.

Maturity of Debt



(In millions)
2013	$	13
2014	549
2015	—
2016	350
2017	—
Thereafter	1,673
Less discount	(15		)
Total	$	2,570