
NOTE 5 —	LONG-TERM DEBT

A summary of long-term debt at June 30, 2011 and December 31, 2010, including related interest rates at June 30, 2011, follows (dollars in millions):


	June 30,		December 31,
	2011		2010

Senior secured asset-based revolving credit facility (effective interest rate of 1.4%)	$	1,080	$	1,875
Senior secured revolving credit facility		—		729
Senior secured term loan facilities (effective interest rate of 7.4%)		7,541		7,530
Senior secured first lien notes (effective interest rate of 8.4%)		4,078		4,075
Other senior secured debt (effective interest rate of 7.1%)		304		322

First lien debt		13,003		14,531

Senior secured cash-pay notes (effective interest rate of 9.7%)		3,396		4,501
Senior secured toggle notes (effective interest rate of 10.0%)		1,578		1,578

Second lien debt		4,974		6,079

Senior unsecured notes (effective interest rate of 7.1%)		7,343		7,615

Total debt (average life of 6.5 years, rates averaging 7.7%)		25,320		28,225
Less amounts due within one year		689		592

	$	24,631	$	27,633

During March 2011, pending permanent application, we used the net proceeds of $2.506 billion from the initial public offering of our common stock to reduce amounts outstanding under our revolving credit facilities.

On May 4, 2011, we completed amendments to our senior secured credit agreement and senior secured asset-based revolving credit agreement, as well as extensions of certain of our term loans. The amendments extend approximately $594 million of our term loan A-1 facility with a final maturity of November 2012 to a final maturity of May 2016 and approximately $2.373 billion of our term loan A-1 and term loan B-1 facilities with final maturities of November 2012 and November 2013, respectively, to a final maturity of May 2018.

On June 2, 2011, we redeemed all $1.000 billion aggregate principal amount of our 91/8% Senior Secured Notes due 2014, at a redemption price of 104.563% of the principal amount, and $108 million aggregate principal amount of our 97/8% Senior Secured Notes due 2017, at a redemption price of 109.875% of the principal amount. The pretax loss on retirement of debt related to these redemptions was $75 million.