Debt

Debt at December 31 was as follows:



	2016		2015
5.75% debentures due November 2040	$	599,136	$	599,100
4.375% debentures due November 2021	248,490		248,178
9.2% debentures due August 2021	4,309		4,309
5.625% debentures due June 2016	—		75,214
1.00% foreign loan due May 2021	154,936		—
Term loan, due October 2017	—		149,705
Commercial paper, average rate of 0.63% in 2016 and 0.39% in 2015	—		—
Other foreign denominated debt, average rate of 3.8% in 2016 and 4.3% in 2015	33,254		39,070
Other notes	12,618		12,791
Total debt	1,052,743		1,128,367
Less current portion and short-term notes	32,045		113,097
Long-term debt	$	1,020,698	$	1,015,270

The Company operates a $350,000 commercial paper program, supported by a committed revolving bank credit facility of the same amount. In October 2014, the Company entered into a credit agreement with a syndicate of eight banks for that revolving facility, which is committed through October 2019. If circumstances were to prevent the Company from issuing commercial paper, it has the contractual right to draw funds directly on the underlying bank credit facility. The Company had no outstanding commercial paper at December 31, 2016 or 2015.

In May 2016, the Company's wholly-owned subsidiary Sonoco Deutschland Holdings GmbH entered into a Euro 150,000, unsecured five-year fixed-rate assignable loan agreement guaranteed by the Company. The loan bears interest at a rate of 1.00% and is due in May 2021. The loan may be redeemed in whole by the Company at any time with notice. The proceeds of the loan were used primarily to settle the remaining balance of the three-year term loan used to fund the November 2014 acquisition of Weidenhammer Packaging Group.

In addition to the $350,000 committed revolving bank credit facility, the Company had approximately $113,000 available under unused short-term lines of credit at December 31, 2016. These short-term lines of credit are for general Company purposes, with interest at mutually agreed-upon rates.

The Company utilized cash on hand to fund the repayment of its 5.625% debentures upon their maturity in June 2016.

Certain of the Company’s debt agreements impose restrictions with respect to the maintenance of financial ratios and the disposition of assets. The most restrictive covenant currently requires the Company to maintain a minimum level of interest coverage, and a minimum level of net worth, as defined. As of December 31, 2016, the Company had substantial tolerance above the minimum levels required under these covenants.

The principal requirements of debt maturing in the next five years are: 2017 – $32,045; 2018 – $1,846; 2019 – $1,793; 2020 – $1,762 and 2021 – $409,437.