Note 9. Debt

Long-term debt and short-term borrowings consisted of the following, excluding securitized vacation ownership debt (in millions):


	September 30, 2012			December 31, 2011
Senior Credit Facility:
Revolving Credit Facility, maturing 2013	$	—		$	—
Senior Notes, interest at 6.25%, maturing 2013		—			500
Senior Notes, interest at 7.875%, maturing 2014		499			497
Senior Notes, interest at 7.375%, maturing 2015		450			450
Senior Notes, interest at 6.75%, maturing 2018		400			400
Senior Notes, interest at 7.15%, maturing 2019		245			245
Mortgages and other, interest rates ranging from 1.00% to 9.00%, various maturities		60			105

		1,654			2,197
Less current maturities		(1	)		(3	)

Long-term debt	$	1,653		$	2,194

During the nine months ended September 30, 2012, the Company redeemed all of its outstanding 6.25% Senior Notes due 2013, which had a principal amount of approximately $495 million. In connection with this transaction, the Company terminated three interest rate swaps, which had notional amounts totaling $250 million (see Note 13). As a result of the early redemption of the 6.25% Senior Notes, the Company recorded a net charge of approximately $15 million in interest expense, representing the tender premiums, swap settlements and other related redemption costs. Also during the nine months ended September 30, 2012, the Company prepaid $52 million of third party debt previously secured by one owned hotel.