NOTE 13—DEBT

New Debt

On September 21, 2011, we and certain of our subsidiaries entered into an amended and restated credit agreement (the “new credit agreement”) with Bank of America, N.A., as administrative agent, swingline lender, a lender and a letter of credit issuer, other lenders party to the new credit agreement, JPMorgan Chase Bank, N.A., as syndication agent, and HSBC Bank USA, National Association, Lloyds Securities, Inc. and Union Bank, N.A., as co-documentation agents. The new credit agreement amended and restated our prior credit agreement dated as of August 24, 2007, as amended. The new credit agreement increases our unsecured revolving credit facility from $850.0 million to $1.0 billion and extends the maturity date of our borrowings from August 24, 2012 to September 21, 2016. We paid $3.7 million in financing fees which will be amortized to interest expense over the life of the loan agreement.

Long-term debt consisted of the following at December 31:


In thousands
	2011		2010
Obligations under capital leases	$	4,679	$	6,330
$1 billion revolver weighted average rate 1.73%, due in 2016		527,884		175,407
$215 million term loan		0		80,969
$100 million Private Placement notes 5.64%, due in 2015		100,000		100,000
$175 million Private Placement notes 3.89%, due in 2017		175,000		175,000
$225 million Private Placement notes 4.47%, due in 2020		225,000		225,000
Acquisition notes weighted average rate of 2.95% and weighted average maturity of 4.3 years		240,138		251,489
Foreign bank debt weighted average rate 6.73% and Weighted average maturity of 2.2 years		111,938		91,433

		1,384,639		1,105,628
Less: current portion		100,526		91,406

Total	$	1,284,113	$	1,014,222

Payments due on long-term debt, excluding capital lease obligations, during each of the five years subsequent to December 31, 2011 are as follows:


In thousands
2012	$	98,324
2013		80,730
2014		91,731
2015		134,940
2016		546,517
Thereafter		427,718

	$	1,379,960

We paid interest of $43.5 million, $28.6 million and $24.8 million for the years ended December 31, 2011, 2010 and 2009, respectively.

Property under capital leases included with property, plant and equipment in the accompanying consolidated balance sheets is as follows at December 31:


In thousands
	2011			2010
Buildings	$	768		$	518
Machinery and equipment		3,381			2,998
Vehicles		5,114			5,103
Office equipment and furniture		45			0
Less: accumulated depreciation		(2,845	)		(2,720	)

	$	6,463		$	5,899

Amortization related to these capital leases is included with depreciation expense.

Minimum future lease payments under capital leases are as follows:


In thousands
2012	$	2,572
2013		1,184
2014		556
2015		394
2016		253
Thereafter		476

Total minimum lease payments		5,435
Less: amounts representing interest		(756	)

Present value of net minimum lease payments		4,679
Less: current portion		(2,202	)

Long-term obligations under capital leases	$	2,477

Our $1.0 billion senior credit facility maturing in September 2016, our $100.0 million private placement notes maturing April 2015, our $175.0 million private placement notes maturing in October 2017, and our $225.0 million private placement notes maturing in October 2020, all require us to comply with various financial, reporting and other covenants and restrictions, including a restriction on dividend payments. The financial debt covenants are the same for the senior credit facility, and the private placement notes. At December 31, 2011, we were in compliance with all of our financial debt covenants.

As of December 31, 2011 and 2010, we had $159.1 million and $184.0 million, respectively, committed to outstanding letters of credit under our senior credit facility. The unused portion of the revolving credit facility as of December 31, 2011 and 2010 was $313.0 million and $490.6 million, respectively.

Guarantees

We have guaranteed a loan to JPMorganChase Bank N.A. on behalf of Shiraishi-Sogyo Co. Ltd (“Shiraishi”). Shiraishi is a customer in Japan that is expanding its medical waste management business and has a one year loan with a current balance of $6.4 million with JPMorganChase Bank N.A. that expires in May 2012. We also have extended loans to Shiraishi for approximately $15.2 million in support of its medical waste business. These amounts are collateralized with the assets of Shiraishi and related companies.