On October 1, 2012, we amended and restated our $650 million three-year revolving syndicated credit facility as a $650 million five-year revolving syndicated credit facility that expires on October 1, 2017. The amended and restated facility has an option to request an expansion of up to $850 million. We pay an annual fee of $35,000 plus 8.5 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 $3.6 million was issued and outstanding at October 31, 2012. The facility as in effect prior to the amendment and restatement also provided a line of credit for letters of credit of $10 million, of which $3.5 million was issued and outstanding at October 31, 2011. 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 London Interbank Offered Rate (LIBOR) plus from 75 to 125 basis points, based on our credit ratings. Amounts borrowed are continuously renewable until the expiration of the facility in 2017 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 year.

On March 1, 2012, we established 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 October 31, 2012, we have $365 million of notes outstanding under the CP program, as included in “Short-term debt” in “Current Liabilities” in the Consolidated Balance Sheets, with original maturities ranging from 7 to 15 days from their dates of issuance at a weighted average interest rate of .42%.

Our outstanding short-term bank borrowings, as included in “Short-term debt” in “Current Liabilities” in the Consolidated Balance Sheets, were $331 million as of October 31, 2011 under the revolving syndicated credit facility as in effect prior to the amendment and restatement in LIBOR cost-plus loans at a weighted average interest rate of .94%.

A summary of the short-term debt activity for the twelve months ended October 31, 2012 is as follows.

	Short-Term Debt Activity

		Credit			Commercial			Total
In thousands		Facility			Paper			Borrowings

	Minimum amount outstanding ⁽¹⁾	$	-		$	-		$	328,500
	Maximum amount outstanding ⁽¹⁾	$	475,500		$	535,000		$	535,000
	Minimum interest rate ⁽²⁾		1.15	%		.22	%		.22	%
	Maximum interest rate		1.20	%		.45	%		1.20	%
	Weighted average interest rate		1.17	%		.38	%		.66	%

	⁽¹⁾ During March 2012, 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 five-year 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 57% at October 31, 2012.