NOTE 3 — DEBT

During the three months ended June 30, 2011, the Company used a portion of its proceeds from the equity offering to prepay $150.0 million of its term loans. In July 2011, the Company called the remaining $73.3 million of its Senior Subordinated Notes due 2013 for settlement on August 15, 2011. For more information regarding the characteristics of the Company’s debt, see “Note 6 — Debt” of the Notes to Consolidated Financial Statements of the Company’s 2010 Annual Report on Form 10-K.

Long-Term Debt is composed of the following:


	June 30,		December 31,
In millions	2011		2010

Senior Notes with interest payable semi-annually at 7.875%, payable in 2018 ($250.0 million face amount)	$	246.2	$	246.0
Senior Notes with interest payable semi-annually at 9.5%, payable in 2017 ($425.0 million face amount)		423.3		423.5
Senior Subordinated Notes with interest payable semi-annually at 9.5%, payable in 2013		73.3		73.3
Senior Secured Term Loan Facility with interest payable at various dates at floating rates (2.29% at June 30, 2011) payable through 2014		769.0		837.7
Senior Secured Term Loan Facility with interest payable at various dates at floating rates (3.04% at June 30, 2011) payable through 2014		908.6		989.9
Senior Secured Revolving Facility with interest payable at various dates at floating rates (2.22% at June 30, 2011) payable in 2013		—		—
Other		9.1		2.0

		2,429.5		2,572.4
Less: current portion		11.4		19.3

Total	$	2,418.1	$	2,553.1

At June 30, 2011, the Company and its U.S. and international subsidiaries had the following commitments, amounts outstanding and amounts available under revolving credit facilities:


	Total		Total		Total
In millions	Commitments		Outstanding		Available(a)

Revolving Credit Facility	$	400.0	$	—	$	363.6
International Facilities		13.1		8.3		4.8

Total	$	413.1	$	8.3	$	368.4

Note:

(a)

In accordance with its debt agreements, the Company’s availability under its Revolving Credit Facility has been reduced by the amount of standby letters of credit issued of $36.4 million as of June 30, 2011. These letters of credit are used primarily as security against its self-insurance obligations and workers’ compensation obligations. These letters of credit expire at various dates through 2012 unless extended.

The Credit Agreement and the indentures governing the 9.5% Senior Notes due 2017, the 9.5% Senior Subordinated Notes due 2013, and the 7.875% Senior Notes due 2018 (the “Indentures”) limit the Company’s ability to incur additional indebtedness. Additional covenants contained in the Credit Agreement and the Indentures, among other things, restrict the ability of the Company to dispose of assets, incur guarantee obligations, prepay other indebtedness, make dividend and other restricted payments, create liens, make equity or debt investments, make acquisitions, modify terms of the Indentures, engage in mergers or consolidations, change the business conducted by the Company and its subsidiaries, and engage in certain transactions with affiliates. Such restrictions, together with the highly leveraged nature of the Company, could limit the Company’s ability to respond to changing market conditions, fund its capital spending program, provide for unexpected capital investments or take advantage of business opportunities. As of June 30, 2011, the Company was in compliance with the covenants in the Credit Agreement and the Indentures.