We have a $650 million three-year revolving syndicated credit facility that expires on January 25, 2014. The credit facility has an option to expand up to $850 million. We pay an annual fee of $30,000 plus fifteen basis points for any unused amount up to $650 million. The facility provides a line of credit for letters of credit of $10 million, of which $2.9 million and $3.5 million were issued and outstanding at July 31, 2012 and October 31, 2011, respectively. These letters of credit are used to guarantee claims from self-insurance under our general and automobile liability policies. The credit facility bears interest based on the 30-day LIBOR rate plus from 65 to 150 basis points, based on our credit ratings. Amounts borrowed are continuously renewable until the expiration of the facility in 2014 provided that we are in compliance with all terms of the agreement. Due to the seasonal nature of our business, amounts borrowed can vary significantly during the period.

We have a $650 million unsecured commercial paper (CP) program that is backstopped by the revolving syndicated credit facility. The notes issued under the CP program may have maturities not to exceed 397 days from the date of issuance. The amounts outstanding under the revolving syndicated credit facility and the CP program, either individually or in the aggregate, cannot exceed $650 million unless the option to expand the credit facility is exercised as discussed above. Any borrowings under the CP program rank equally with our other unsubordinated and unsecured debt. The notes under the CP program are not registered and are being offered and issued pursuant to an exemption from registration.

As of July 31, 2012, we have $400 million of notes outstanding under the CP program with original maturities ranging from 11 to 28 days from their dates of issuance. A portion of these notes in the amount of $200 million will be repaid from the proceeds received from the notes we will issue in October 2012, as discussed in Note 4 to the consolidated financial statements in this Form 10-Q. Since the amount of $200 million of the notes outstanding under the CP program are expected to be refinanced with long-term debt, this amount has been reclassified as “Long-term debt” in the consolidated balance sheets as of July 31, 2012. The remaining balance of $200 million under the CP program is included in “Short-term debt.”

Our outstanding short-term bank borrowings, as included in “Short-term debt” in the consolidated balance sheets, were $331 million, as of October 31, 2011, under our revolving syndicated credit facility in LIBOR cost-plus loans.

A summary of the short-term debt activity for the three and nine months ended July 31, 2012 is as follows.

	Commercial Paper						Credit Facility						Total Borrowings
	Three			Nine			Three			Nine			Three			Nine
In millions	Months			Months			Months			Months			Months			Months

Minimum amount outstanding during period ⁽¹⁾	$	375		$	-		$	-		$	-		$	375		$	328.5
Maximum amount outstanding during period ⁽¹⁾		480			480			5			475.5			480			480
Minimum interest rate during period ⁽²⁾		0.35	%		0.22	%		1.15	%		1.15	%		0.35	%		0.22	%
Maximum interest rate during period		0.41	%		0.41	%		1.15	%		1.20	%		1.15	%		1.20	%
Weighted average interest rate during period		0.39	%		0.38	%		1.15	%		1.17	%		0.39	%		0.76	%

⁽¹⁾ During March, we were borrowing under both the credit facility and CP program for a portion of the month.
⁽²⁾ This is the minimum rate when we were borrowing under the credit facility and/or CP program.

Our revolving syndicated credit facility's financial covenants require us to maintain a ratio of total debt to total capitalization of no greater than 70%, and our actual ratio was 53% at July 31, 2012.

For information on discussions regarding a proposed amendment and extension of our credit facility, see Note 15 to the consolidated financial statements in this Form 10-Q.