Debt

Debt, including capital lease obligations, consisted of:



	March 31,		December 31,
(Amounts in thousands, except percentages)	2012		2011
Term Loan, interest rate of 2.47% and 2.58% at March 31, 2012 and December 31, 2011, respectively	$	468,750	$	475,000
Capital lease obligations and other borrowings	30,671		30,216
Debt and capital lease obligations	499,421		505,216
Less amounts due within one year	60,773		53,623
Total debt due after one year	$	438,648	$	451,593

Credit Facilities

As described more fully in Note 11 to our consolidated financial statements included in our 2011 Annual Report, on December 14, 2010 we entered into a credit agreement ("Credit Agreement") with Bank of America, N.A., as swingline lender, letter of credit issuer and administrative agent, and the other lenders party thereto (together, the "Lenders"). The Credit Agreement provides for a $500.0 million term loan facility with a maturity date of December 14, 2015 and a $500.0 million revolving credit facility with a maturity date of December 14, 2015 (collectively referred to as the "Credit Facilities"). The revolving credit facility includes a $300.0 million sublimit for the issuance of letters of credit. Subject to certain conditions, we have the right to increase the amount of the revolving credit facility by an aggregate amount not to exceed $200.0 million. We had outstanding letters of credit of $153.6 million and $147.4 million at March 31, 2012 and December 31, 2011, respectively, which reduced our borrowing capacity to $346.4 million and $352.6 million, respectively.

We may prepay loans under our Credit Facilities in whole or in part, without premium or penalty, at any time. During the three months ended March 31, 2012, we made scheduled repayments under our Credit Facilities of $6.3 million. We have scheduled repayments of $6.3 million due in each of the next three quarters and $12.5 million due in the first quarter of 2013. Our Credit Facilities bear a floating rate of interest and we have entered into $325.0 million of notional amount of interest rate swaps at March 31, 2012 to hedge exposure to floating interest rates.

European Letter of Credit Facilities – On October 30, 2009, we entered into a 364-day unsecured European Letter of Credit Facility ("New European LOC Facility") with an initial commitment of €125.0 million. The New European LOC Facility is renewable annually and is used for contingent obligations in respect of surety and performance bonds, bank guarantees and similar obligations with maturities up to five years. We renewed the New European LOC Facility in October 2011 consistent with its initial terms for an additional 364-day period. We had outstanding letters of credit drawn on the New European LOC Facility of €74.8 million ($99.8 million) and €81.0 million ($105.0 million) as of March 31, 2012 and December 31, 2011, respectively.

Our ability to issue additional letters of credit under our previous European Letter of Credit Facility ("Old European LOC Facility"), which had a commitment of €110.0 million, expired November 9, 2009. We had outstanding letters of credit written against the Old European LOC Facility of €7.8 million ($10.5 million) and €12.2 million ($15.8 million) as of March 31, 2012 and December 31, 2011, respectively.

Certain banks are parties to both facilities and are managing their exposures on an aggregated basis. As such, the commitment under the New European LOC Facility is reduced by the face amount of existing letters of credit written against the Old European LOC Facility prior to its expiration. After consideration of outstanding commitments under both facilities, the available capacity under the New European LOC Facility was €119.7 million ($159.7 million) as of March 31, 2012, of which €74.8 million ($99.8 million) has been utilized.