FINANCING ARRANGEMENTS

Our outstanding debt was as follows at November 30:



(millions)	2014			2013
Short-term borrowings
Commercial paper	$	239.4		$	200.3
Other	30.2			11.3
	$	269.6		$	211.6
Weighted-average interest rate of short-term borrowings at year-end	1.3		%	0.7		%

Long-term debt
5.20% notes due 12/15/2015⁽¹⁾	$	200.0		$	200.0
5.75% notes due 12/15/2017⁽²⁾	250.0			250.0
3.90% notes due 7/8/2021⁽³⁾	250.0			250.0
3.50% notes due 8/19/2023⁽⁴⁾	250.0			250.0
7.63%–8.12% notes due 2024	55.0			55.0
Other	8.5			10.8
Unamortized discounts and fair value adjustments	1.8			5.7
	1,015.3			1,021.5
Less current portion	1.2			2.5
	$	1,014.1		$	1,019.0


(1)	The fixed interest rate on $100 million of the 5.20% notes due in 2015 is effectively converted to a variable rate by interest rate swaps through 2015. Net interest payments are based on 3 month LIBOR minus 0.05% during this period (our effective rate as of November 30, 2014 was 0.19%).


(2)	Interest rate swaps, settled upon the issuance of these notes in 2007, effectively fixed the interest rate on the $250 million notes at a weighted-average fixed rate of 6.25%.


(3)	Interest rate swaps, settled upon the issuance of these notes in 2011, effectively fixed the interest rate on the $250 million notes at a weighted-average fixed rate of 4.01%.


(4)	Interest rate swaps, settled upon the issuance of these notes in 2013, effectively fixed the interest rate on the $250 million notes at a weighted-average fixed rate of 3.30%.

Maturities of long-term debt during the fiscal years subsequent to November 30, 2014 are as follows (in millions):



2016	$	200.6
2017	0.7
2018	250.7
2019	0.8
Thereafter	559.5

In August 2013, we issued $250 million of 3.50% notes due 2023, with net cash proceeds received of $246.2 million. Interest is payable semiannually in arrears in March and September of each year. Of these notes, $175 million were subject to interest rate hedges as further disclosed in note 7. The net proceeds from this offering, plus cash on hand, were used to pay off $250 million of 5.25% notes that matured in September 2013.

We have available credit facilities with domestic and foreign banks for various purposes. Some of these lines are committed lines and others are uncommitted lines and could be withdrawn at various times. In June 2011, we entered into a five-year $600 million revolving credit facility, which will expire in June 2016. The pricing for this credit facility, on a fully drawn basis, is LIBOR plus 0.875%. This credit facility supports our commercial paper program and we have $360.6 million of capacity at November 30, 2014, after $239.4 million was used to support issued commercial paper. In addition, we have several uncommitted lines which have a total unused capacity at November 30, 2014 of $125.4 million. These lines by their nature can be withdrawn based on the lenders’ discretion. Committed credit facilities require a fee, and annual commitment fees were $0.5 million for 2014 and 2013.

Rental expense under operating leases (primarily buildings and equipment) was $40.3 million in 2014, $37.6 million in 2013 and $32.7 million in 2012. Future annual fixed rental payments for the years ending November 30 are as follows (in millions):



2015	$	23.4
2016	17.6
2017	13.9
2018	11.3
2019	8.5
Thereafter	17.6

At November 30, 2014, we had guarantees outstanding of $0.6 million with terms of one year or less. At November 30, 2014 and 2013, we had outstanding letters of credit of $8.1 million and $61.9 million, respectively. These letters of credit typically act as a guarantee of payment to certain third parties in accordance with specified terms and conditions. The unused portion of our letter of credit facility was $12.9 million at November 30, 2014.