Debt



(in millions)	January 31, 2013		October 31, 2012
Manufacturing operations:
Senior Secured Term Loan Credit Facility, due 2014, net of unamortized discount of $8 and $9, respectively	$	990	$	991
8.25% Senior Notes, due 2021, net of unamortized discount of $27 and $28, respectively	873		872
3.0% Senior Subordinated Convertible Notes, due 2014, net of unamortized discount of $44 and $50, respectively	526		520
Debt of majority-owned dealerships	51		60
Financing arrangements and capital lease obligations	93		140
Loan Agreement related to 6.5% Tax Exempt Bonds, due 2040	225		225
Promissory Note	28		30
Other	68		67
Total manufacturing operations debt	2,854		2,905
Less: Current portion	125		172
Net long-term manufacturing operations debt	$	2,729	$	2,733



(in millions)	January 31, 2013		October 31, 2012
Financial Services operations:
Asset-backed debt issued by consolidated SPEs, at fixed and variable rates, due serially through 2019	$	811	$	994
Bank revolvers, at fixed and variable rates, due dates from 2013 through 2019	726		763
Commercial paper, at variable rates, matured in 2013	—		31
Borrowings secured by operating and finance leases, at various rates, due serially through 2017	71		78
Total financial services operations debt	1,608		1,866
Less: Current portion	811		1,033
Net long-term financial services operations debt	$	797	$	833

Financial Services Operations

On February 14, 2013, NFC completed the sale of $200 million of two-year investor notes secured by assets of the wholesale note owner trust. Proceeds were used to reduce borrowings under the variable funding notes ("VFN") facility. In conjunction with this sale, and in accordance with the terms of the VFN facility, the maximum capacity of the VFN facility was reduced from $750 million to $500 million.

In December 2012, our Mexican financial services operation settled all of its commercial paper. The commercial paper program expired in February 2013.