Note 5 – Debt

(In thousands)	September 29, 2012			December 31, 2011

6% Subordinated Debentures, due 2014	$	-		$	148,176
2001 Series IRB's with interest at 1.39%, due through 2021		8,500			9,250
Credit Facility with interest at 1.72% due 2016		200,000			-
Mueller-Xingrong line of credit with interest at 6.00%, due 2012		11,570			40,265
Other		50			50

		220,120			197,741
Less current portion of debt		(12,570	)		(41,265	)

Long-term debt	$	207,550		$	156,476

On May 24, 2012, the Company issued a Notice of Full Redemption of its outstanding 6% Subordinated Debentures, due 2014 (the "Debentures," and the transaction whereby the Debentures were redeemed, the "Redemption"). The Debentures were redeemed on June 25, 2012 at par value totaling approximately $148.2 million principal plus accrued interest of approximately $1.3 million.

During the third quarter of 2012, the Company entered into an agreement with Leucadia National Corporation (Leucadia) pursuant to which the Company repurchased from Leucadia 10.4 million shares of the Company's common stock on September 24, 2012, at a total cost of $427.3 million. The Company funded the purchase price for the share repurchase using a combination of available cash on hand and borrowings of $200 million under its Credit Facility. In addition, the Credit Facility backed approximately $10.9 million in letters of credit at the end of the quarter, leaving $139.1 million of availability.