9. Debt

Long-term debt at December 31 consisted of:


	2014		2013
(dollars in millions)
1.375% notes due 2018	$	499.6	$	499.5
4.40% notes due 2021		497.9		497.5
2.875% notes due 2016		254.6		258.9
6.70% notes due 2026		149.8		149.8

	$	1,401.9	$	1,405.7

On October 30, 2012, the company issued $500 million aggregate principal amount of 1.375% senior unsecured notes due 2018. Interest on the notes is payable semi-annually. Net proceeds from the issuance of the notes were used for general corporate purposes, including repayment of commercial paper and to fund acquisitions.

With the exception of the 6.70% notes due 2026, the notes included in the above table are redeemable in whole or in part at any time, at the company’s option at specified redemption prices or, at the holder’s option, upon change of control triggering event, as defined in the applicable indenture.

In November 2014, the company amended its $750 million five-year committed syndicated bank credit facility that was scheduled to expire in September 2018. The amendment extends the commitment termination date until November 2019. The amended credit facility supports the company’s commercial paper program and can be used for general corporate purposes. The facility includes pricing based on the company’s long-term credit ratings and includes a financial covenant that limits the amount of total debt to total capitalization. At December 31, 2014, the company was in compliance with this covenant. The company had commercial paper borrowings outstanding of $78.0 million at December 31, 2014. There were no commercial paper borrowings outstanding at December 31, 2013. The weighted-average effective interest rate on commercial paper borrowings outstanding at December 31, 2014 was 0.3%.