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Financing Arrangements
9 Months Ended
Sep. 30, 2011
Financing Arrangements

Note E – Financing Arrangements

In June 2011, the Company replaced its $1.9 billion committed credit facility that was scheduled to expire in July 2012 with a new five-year $1.5 billion credit facility. Borrowings under the new facility bear interest at 1.5% above LIBOR based on the Company’s current credit rating as of September 30, 2011. The new committed facility did not alter the ability of the Company to borrow under other existing credit facilities, nor did it impact its shelf registration statement on file with the U.S. Securities and Exchange Commission that permits the offer and sale of debt and/or equity securities through September 2012.

Ten year notes totaling $350 million, which mature in May 2012, have been classified as Current maturities of long-term debt as of September 30, 2011. Early in the fourth quarter 2011, the Company used cash proceeds from a sale of two U.S. refineries to pay down outstanding loans under existing revolving credit facilities. The balance of revolving debt outstanding at September 30, 2011 was $725.0 million.