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Debt

3 Months Ended

Mar. 31, 2013

Note 4. Debt

Debt at March 31, 2013 and December 31, 2012 was as follows (in millions):

	March 31,		December 31,
	2013		2012
Allegheny Technologies 5.95% Notes due 2021	$	500.0	$	500.0
Allegheny Technologies 4.25% Convertible Notes due 2014		402.5		402.5
Allegheny Technologies 9.375% Notes due 2019		350.0		350.0
Allegheny Ludlum 6.95% debentures due 2025		150.0		150.0
ATI Ladish Series B 6.14% Notes due 2016 (a)		24.6		24.8
ATI Ladish Series C 6.41% Notes due 2015 (b)		32.1		32.5
Domestic Bank Group $400 million unsecured credit facility		-		-
Foreign credit facilities		13.8		14.2
Industrial revenue bonds, due through 2020, and other		6.1		6.1
Total short-term and long-term debt		1,479.1		1,480.1
Short-term debt and current portion of long-term debt		17.1		17.1
Total long-term debt	$	1,462.0	$	1,463.0

Includes fair value adjustments of $1.7 million at March 31, 2013 and $1.9 million at December 31, 2012.
Includes fair value adjustments of $2.1 million at March 31, 2013 and $2.5 million at December 31, 2012.

The Company did not borrow funds under its $400 million senior unsecured domestic credit facility during the first three months of 2013, although approximately $4 million has been utilized to support the issuance of letters of credit. This credit facility requires the Company to maintain a leverage ratio (consolidated total indebtedness net of cash on hand in excess of $50 million, divided by consolidated earnings before interest, taxes, depreciation and amortization, and non-cash pension expense) of not greater than 3.25, and maintain an interest coverage ratio (consolidated earnings before interest, taxes, and non-cash pension expense divided by interest expense) of not less than 2.0. For the three months ended March 31, 2013, the leverage ratio was 2.65, and the interest coverage ratio was 5.06.

The Company has an additional separate credit facility for the issuance of letters of credit. As of March 31, 2013, $32 million in letters of credit were outstanding under this facility.

In addition, Shanghai STAL Precision Stainless Steel Company Limited (STAL), the Company's Chinese joint venture company in which ATI has a 60% interest, has a 205 million renminbi (approximately $33 million at March 31, 2013 exchange rates) revolving credit facility with a group of banks, which expires in August 2014. This credit facility is supported solely by STAL's financial capability without any guarantees from the joint venture partners. As of March 31, 2013, there were no borrowings under this credit facility.

The ATI Ladish Series B and Series C Notes are guaranteed by ATI and are equally ranked with all of ATI's existing and future senior unsecured debt.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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