(8)

Long-term Debt

Amounts of long-term debt were as follows:


	December 31,
	2011		2010
Borrowings under revolving credit agreement	$	120,906	$	88,249
Senior notes		125,000		125,000
Industrial revenue bond		-		4,800
Other notes payable		15,502		18,756

		261,408		236,805
Less: current portion		(738)		(634)

		260,670		236,171

As of December 2011, we had a revolving credit agreement that provided a committed $225,000 revolving line of credit through April 1, 2013, of which $103,888 remained available to us as at December 31, 2011. It was a multi-currency arrangement that allowed us to borrow certain foreign currencies at an adjusted LIBOR rate plus 1.00% to 2.00%, depending upon the ratio of our debt to EBITDA as defined therein. The revolving credit agreement required us to maintain certain financial covenants and ratios; we were in compliance with all of the covenants and ratios at December 31, 2011.

In January 2012, we entered into a new revolving credit agreement to replace the one mentioned above. The new credit agreement provides us with a $300,000 unsecured line of credit, which can be increased to $400,000 subject to certain customary conditions and approvals. It is a multi-currency arrangement that will allow us to borrow certain foreign currencies at an adjusted LIBOR rate plus 1.00% to 1.75%, depending upon the ratio of our debt to EBITDA as defined therein. The new credit agreement expires on January 20, 2017, and contains certain restrictive covenants, including covenants relating to the maintenance of net worth, leverage ratios and interest coverage ratios.

We had interest rate swaps outstanding which effectively hedge the variable interest rate on $33,000 of our borrowings as of December 31, 2011 and 2010, to a fixed rate of 3.3% per annum, plus credit spread. Including the effect of this interest rate swap agreement, our borrowings under the credit agreement as of December 31, 2011 carried an average interest rate of 2.95%.

A qualified institution holds $75,000 of our senior notes which mature on April 2, 2017, subject to certain acceleration features upon an event of default, should one occur. These senior notes are comprised of (a) $45,000 aggregate principal amount of Series 2007-A Adjustable Fixed Rate Guaranteed Senior Notes, Tranche 1, due April 2, 2017 (the "Tranche 1" notes) and (b) $30,000 aggregate principal amount of Series 2007-A Adjustable Floating Rate Guaranteed Senior Notes, Tranche 2 (the "Tranche 2" notes). Tranche 1 bears interest at 5.78%, payable semi-annually in arrears on April 2nd and October 2nd of each year. Tranche 2 bears interest at an annual rate of 0.55% plus LIBOR in effect from time to time, adjusted quarterly, and is payable quarterly in arrears.

As of December 31, 2011 and 2010, we had an interest rate swap outstanding which effectively hedges the variable interest rate of $30,000 of Tranche 2 senior notes to a fixed rate of 5.6% per annum.

On April 29, 2010, we issued and sold an additional $50,000 of senior notes to other qualified institutional buyers pursuant to a note purchase agreement (the "Note Purchase Agreement"). These senior notes bear interest at a fixed annual rate of 5.46%, payable semi-annually in arrears on April 29^th and October 29^th of each year, beginning on October 29, 2010. Our obligations under the Note Purchase Agreement mature on April 29, 2020.

Our obligations under our revolving credit agreement, the Tranche 1 and Tranche 2 notes, and the Note Purchase Agreement are guaranteed by certain of our subsidiaries.

We also have an uncommitted, short-term credit facility maturing on November 15, 2013 that allows for maximum borrowings of $15,000, of which $6,564 was outstanding as of December 31, 2011 at an interest rate of 2.13%.

Maturities of long-term debt outstanding at December 31, 2011 were as follows:


	2012		2013		2014		2015		2016		Thereafter
Borrowings under:
Revolving credit agreement	$	-	$	-	$	-	$	-	$	-	$	120,906
Senior notes		-		-		-		-		-		125,000
Other notes payable		738		680		279		33		3		13,769

		738		680		279		33		3		259,675

At December 31, 2011 and 2010, we had outstanding standby letters of credit of approximately $3,715 and $10,926, respectively, which are not included in our Consolidated Balance Sheets. These letters of credit typically serve to guarantee performance of our land reclamation and workers' compensation obligations; we have recorded amounts owed under these obligations in our Consolidated Balance Sheets as of December 31, 2011 and 2010.