Components of Debt



(In millions)	2013			2012
Debt payable within one year(1)	$	76.6		$	83.4
Debt payable after one year	$	5.3		$	13.4
Debt Subject to Compromise(2)
Bank borrowings(3)	$	500.0		$	500.0
Accrued interest on bank borrowings	471.0			437.2
Default interest settlement(4)	129.0			—
Drawn letters of credit(5)	26.7			26.5
Accrued interest on drawn letters of credit	11.1			9.6
	$	1,137.8		$	973.3
Full-year weighted average interest rates on total debt	3.6		%	3.5		%

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(1)	Represents borrowings under various lines of credit and other borrowings, primarily by non-U.S. subsidiaries. At December 31, 2013, the fair value of Grace's debt payable within one year not subject to compromise approximated the recorded value of $76.6 million.


(2)	At December 31, 2013, the carrying value of Grace's bank debt subject to compromise plus interest was $1,137.8 million. The estimated fair value of the bank debt approximates the carrying value and is estimated using Level 2 inputs. These amounts were paid in full on February 3, 2014.

(3)

Under bank revolving credit agreements in effect prior to the Filing, Grace could borrow up to $500 million at interest rates based upon the prevailing prime, federal funds and/or Eurodollar rates. Of that amount, $250 million was available under short-term facilities that expired in May 2001, and $250 million was available under a long-term facility that expired in May 2003. As a result of the Filing, Grace was not permitted to make payments under the bank revolving credit agreements, and accordingly, the balance as of the Filing Date was reclassified to debt subject to compromise in the Consolidated Balance Sheets.


(4)	On December 31, 2013, Grace entered into an agreement to settle the final appeal pending in its Chapter 11 bankruptcy with the holders of the company’s pre-petition bank debt (the “Bank Lenders”). The settlement calls for Grace to pay the Bank Lenders $129.0 million, plus interest from December 31, 2013, in addition to the distributions provided in the Joint Plan.


(5)	Amounts drawn on letters of credit pursuant to settled but unpaid claims.