NOTE 13—DEBT

New Debt

On October 22, 2012, we entered into a note purchase agreement with 46 institutional purchasers pursuant to which we issued $125 million of the “Series A” seven-year 2.68% unsecured senior notes and $125 million of the “Series B” 10-year 3.26% unsecured senior notes. Interest will be payable in arrears semi-annually on June 12 and December 12 beginning on June 12, 2013. The principal of the Series A notes will be payable at the maturity of the notes on December 12, 2019, and the principal of the Series B notes will be payable at the maturity of the notes on December 12, 2022.

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


In thousands
	2012		2011
Obligations under capital leases	$	5,234	$	4,679
$1 billion revolver weighted average rate 1.62%, due in 2016		225,931		527,884
$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
$125 million Private Placements notes 2.68% due in 2019		125,000		0
$225 million Private Placement notes 4.47%, due in 2020		225,000		225,000
$125 million Private Placements notes 3.26% due in 2022		125,000		0
Acquisition notes weighted average rate of 2.60% and weighted average maturity of 3.8 years		235,856		240,138
Foreign bank debt weighted average rate 5.83% and Weighted average maturity of 2.0 years		139,063		111,938

		1,356,084		1,384,639
Less: current portion		87,781		100,526

Total	$	1,268,303	$	1,284,113

Payments due on long-term debt, excluding capital lease obligations, during each of the five years subsequent to December 31, 2012 are as follows:


In thousands
2013	$	85,421
2014		147,524
2015		159,050
2016		266,276
2017		196,672
Thereafter		495,907

	$	1,350,850

We paid interest of $47.5 million, $43.5 million and $28.6 million for the years ended December 31, 2012, 2011 and 2010, 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
	2012			2011
Land	$	190		$	186
Buildings		528			768
Machinery and equipment		2,451			3,381
Vehicles		7,377			5,114
Office equipment and furniture		123			45
Less: accumulated depreciation		(4,059	)		(2,845	)

	$	6,610		$	6,649

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

Minimum future lease payments under capital leases are as follows:


In thousands
2013	$	2,590
2014		1,633
2015		728
2016		354
2017		92
Thereafter		426

Total minimum lease payments		5,823
Less: amounts representing interest		(589	)

Present value of net minimum lease payments		5,234
Less: current portion		(2,360	)

Long-term obligations under capital leases	$	2,874

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, our $125.0 million private placement notes maturing in December 2019, our $225.0 million private placement notes maturing in October 2020, and our $125.0 million private placement notes maturing in December 2022, 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, 2012, we were in compliance with all of our financial debt covenants.

As of December 31, 2012 and 2011, we had $157.6 million and $159.1 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, 2012 and 2011 was $616.5 million and $313.0 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 $5.7 million with JPMorganChase Bank N.A. that matures on in May 2013. We also have extended loans to Shiraishi for approximately $15.4 million, reflected in the Consolidated Balance Sheet as part of long term “Other assets”, in support of its medical waste business. There is a collateral agreement in place on the assets of Shiraishi and related companies in support of amounts owed.