FINANCING ARRANGEMENTS

Our outstanding debt was as follows at November 30:



(millions)	2015			2014
Short-term borrowings
Commercial paper	$	107.5		$	239.4
Other	32.0			30.2
	$	139.5		$	269.6
Weighted-average interest rate of short-term borrowings at year-end	2.2		%	1.3		%

Long-term debt
5.20% notes due 12/15/2015⁽¹⁾	$	200.0		$	200.0
5.75% notes due 12/15/2017⁽²⁾	250.0			250.0
3.90% notes due 7/8/2021⁽³⁾	250.0			250.0
3.50% notes due 8/19/2023⁽⁴⁾	250.0			250.0
3.25% notes due 11/15/2025⁽⁵⁾	250.0			—
7.63%–8.12% notes due 2024	55.0			55.0
Other	7.4			8.5
Unamortized discounts, premiums and fair value adjustments	(6.2		)	1.8
	1,256.2			1,015.3
Less current portion	203.5			1.2
	$	1,052.7		$	1,014.1


(1)	The fixed interest rate on $100 million of the 5.20% notes due in December 2015 was effectively converted to a variable rate by interest rate swaps through December 2015. Net interest payments were based on 3 month LIBOR minus 0.05% during this period (our effective rate as of November 30, 2015 was 0.29%).


(2)	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%.


(3)	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%.


(4)	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%.

(5)

The fixed interest rate on $100 million of the 3.25% notes due in 2025 is effectively converted to a variable rate by interest rate swaps through 2025. Net interest payments are based on 3 month LIBOR plus 1.22% during this period (our effective rate as of November 30, 2015 was 1.58%). In addition, separate interest rate swaps, settled upon the issuance of these notes in 2015, effectively fixed the interest rate on the $250 million notes at a weighted-average fixed rate of 3.45%.

Maturities of long-term debt during the fiscal years subsequent to November 30, 2015 are as follows (in millions):



2017	$	0.8
2018	250.9
2019	0.9
2020	0.7
Thereafter	808.1

In November 2015, we issued $250 million of 3.25% notes due 2025, with net cash proceeds received of $246.5 million. Interest is payable semiannually in arrears in May and November of each year. Of these notes, $100 million were subject to interest rate hedges and $100 million of fair value hedges as further disclosed in note 7. The net proceeds from this offering were used to pay down short-term borrowings and for general corporate purposes. In December of 2015, proceeds from short-term borrowings were used to pay off $200 million of 5.20% notes that matured in December 2015.

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 2015, we entered into a five-year $750 million revolving credit facility which will expire in June 2020. The pricing for this credit facility, on a fully drawn basis, is LIBOR plus 0.75%. This credit facility replaces our $600 million revolving credit facility that was due to expire in June 2016. This credit facility supports our commercial paper program and we have $642.5 million of capacity at November 30, 2015, after $107.5 million was used to support issued commercial paper. In addition, we have several uncommitted lines totaling $154.0 million, which have a total unused capacity at November 30, 2015 of $122.0 million. These lines by their nature can be withdrawn based on the lenders’ discretion. Committed credit facilities require a fee, and annual commitment fees were $0.5 million for 2015 and 2014.

Rental expense under operating leases (primarily buildings and equipment) was $39.0 million in 2015, $40.3 million in 2014 and $37.6 million in 2013. Future annual fixed rental payments for the years ending November 30 are as follows (in millions):



2016	$	22.5
2017	17.8
2018	13.8
2019	10.4
2020	7.9
Thereafter	21.9

At November 30, 2015, we had guarantees outstanding of $0.5 million with terms of one year or less. At November 30, 2015 and 2014, we had outstanding letters of credit of $8.6 million and $8.1 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 $12.4 million at November 30, 2015.