FINANCING ARRANGEMENTS

Our outstanding debt was as follows at November 30:



(millions)	2013			2012
Short-term borrowings
Commercial paper	$	200.3		$	138.4
Other	11.3			1.9
	$	211.6		$	140.3
Weighted-average interest rate of short-term borrowings at year-end	0.7		%	0.4		%
Long-term debt
5.25% notes due 2013⁽¹⁾	—			$	250.0
5.20% notes due 2015⁽²⁾	$	200.0		200.0
5.75% notes due 2017⁽³⁾	250.0			250.0
3.90% notes due 2021⁽⁴⁾	250.0			250.0
3.50% notes due 2023(5)	250.0			—
7.63%–8.12% notes due 2024	55.0			55.0
Other	10.8			13.6
Unamortized discounts and fair value adjustments	5.7			12.9
	1,021.5			1,031.5
Less current portion	2.5			252.3
	$	1,019.0		$	779.2


(1)	Interest rate swaps, settled upon the issuance of these notes in 2008, effectively fixed the interest rate on the $250 million notes at a weighted-average fixed rate of 5.54%.


(2)	The fixed interest rate on $100 million of the 5.20% notes due in 2015 is effectively converted to a variable rate by interest rate swaps through 2015. Net interest payments are based on 3 month LIBOR minus 0.05% during this period (our effective rate as of November 30, 2013 was 0.21%).


(3)	Interest rate swaps, settled upon the issuance of these notes in 2007, effectively fixed the interest rate on the $250 million notes at a weighted-average fixed rate of 6.25%.


(4)	Interest rate swaps, settled upon the issuance of these notes in 2011, effectively fixed the interest rate on the $250 million notes at a weighted-average fixed rate of 4.01%.


(5)	Interest rate swaps, settled upon the issuance of these notes in 2013, effectively fixed the interest rate on the $250 million notes at a weighted-average fixed rate of 3.30%.

Maturities of long-term debt during the years subsequent to November 30, 2013 are as follows (in millions):



2015	$	201.5
2016	0.8
2017	250.9
2018	1.0
Thereafter	559.1

In August 2013, we issued $250 million of 3.50% notes due 2023, with net cash proceeds received of $246.2 million. Interest is payable semiannually in arrears in March and September of each year. Of these notes, $175 million were subject to interest rate hedges as further disclosed in note 7. The net proceeds from this offering, plus cash on hand, were used to pay off $250 million of 5.25% notes that matured in September 2013.

We have available credit facilities with domestic and foreign banks for various purposes. Some of these lines are committed lines and others are uncommitted lines and could be withdrawn at various times. In June 2011, we entered into a five-year $600 million revolving credit facility, which will expire in June 2016. The pricing for this credit facility, on a fully drawn basis, is LIBOR plus 0.875%. This credit facility supports our commercial paper program and we have $399.7 million of capacity at November 30, 2013, after $200.3 million was used to support issued commercial paper. In addition, we have several uncommitted lines which have a total unused capacity at November 30, 2013 of $114.1 million. These lines by their nature can be withdrawn based on the lenders’ discretion. Committed credit facilities require a fee and annual commitment fees at November 30, 2013 and 2012 were $0.5 million.

Rental expense under operating leases (primarily buildings and equipment) was $37.6 million in 2013, $32.7 million in 2012 and $31.9 million in 2011. Future annual fixed rental payments for the years ending November 30 are as follows (in millions):



2014	$	23.6
2015	20.1
2016	14.1
2017	10.6
2018	8.9
Thereafter	8.9

At November 30, 2013, we had guarantees outstanding of $0.6 million with terms of one year or less. At November 30, 2013 and 2012, we had outstanding letters of credit of $61.9 million and $59.2 million, respectively. These letters of credit typically act as a guarantee of payment to certain third parties in accordance with specified terms and conditions. The unused portion of our letter of credit facility was $19.4 million at November 30, 2013.