Borrowings Under Line of Credit Arrangements and Related Items

3 Months Ended

Mar. 31, 2013

Borrowings Under Line of Credit Arrangement and Related Items [Abstract]

Borrowings Under Line of Credit Arrangements and Related Items

9. Borrowings Under Line of Credit Arrangements and Related Items

At March 31, 2013, we had a $2,250,000,000 unsecured line of credit arrangement with a consortium of 29 banks. We have an option to upsize the facility by up to an additional $1,000,000,000 through an accordion feature, allowing for the aggregate commitment of up to $3,250,000,000. The arrangement also allows us to borrow up to $500,000,000 in alternate currencies. The revolving credit facility is scheduled to expire March 31, 2017, but can be extended for an additional year at our option.Borrowings under the revolver are subject to interest payable in periods no longer than three months at either the agent bank's prime rate of interest or the applicable margin over LIBOR interest rate, at our option (1.38% at March 31, 2013). The applicable margin is based on certain of our debt ratings and was 1.175% at March 31, 2013. In addition, we pay a facility fee annually to each bank based on the bank's commitment amount. The facility fee depends on certain of our debt ratings and was 0.225% at March 31, 2013. Principal is due upon expiration of the agreement.In addition, at March 31, 2013, we had $10,000,000 outstanding in unsecured revolving demand notes bearing interest at 1.13%.

The following information relates to aggregate borrowings under the unsecured line of credit arrangements for the periods presented (dollars in thousands):

		Three Months Ended March 31,
		2013		2012
Balance outstanding at quarter end		$	710,000	$	5,000
Maximum amount outstanding at any month end		$	780,000	$	897,000
Average amount outstanding (total of daily
	principal balances divided by days in period)	$	723,444	$	480,703
Weighted average interest rate (actual interest
	expense divided by average borrowings outstanding)		1.38%		1.65%