Note 13. Long-Term Debt and Commitments

The following is a summary of long term debt:

(thousands of dollars)			Dec. 31, 2012	Dec. 31, 2011
			Dec. 31, 2012	Dec. 31, 2011
5.53% Series 2006A Senior Notes
	Due October 5, 2013		$ 50,000	$ 50,000
Floating Rate Series 2006A Senior Notes
	Due October 5, 2013 25,000		25,000	25,000
Variable/Fixed Rate Industrial
	Development Revenue Bonds Due August 1, 2012		--	8,000
Variable/Fixed Rate Industrial
	Development Revenue Bonds Series 1999 Due November 1, 2014		8,200	8,200
Installment obligations
	Due 2013		1,421	1,421
Other Borrowings
	Due 2014		834	1,380
		Total	85,455	94,001
Less: Current maturities			76,977	8,552
Long-term debt			$ 8,478	$ 85,449

The Variable/Fixed Rate Industrial Development Revenue Bonds due August 1, 2012 are tax-exempt 15-year instruments that were issued on August 1, 1997 to finance the construction of a PCC plant in Courtland, Alabama. The bonds bear interest at either a variable rate or fixed rate, at the option of the Company. Interest is payable semi-annually under the fixed rate option and monthly under the variable rate option. The Company selected the variable rate option on these borrowings

MINERALS TECHNOLOGIES INC. AND SUBSIDIARY COMPANIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

and the average interest rates were approximately 0.22% and 0.31% for the years ended December 31, 2012 and 2011, respectively. This obligation was repaid in August 2012.

The Variable/Fixed Rate Industrial Development Revenue Bonds due November 1, 2014 are tax-exempt 15-year instruments and were issued on November 30, 1999 to refinance the bonds issued in connection with the construction of a PCC plant in Jackson, Alabama. The bonds bear interest at either a variable rate or fixed rate at the option of the Company. Interest is payable semi-annually under the fixed rate option and monthly under the variable rate option. The Company selected the variable rate option on these borrowings and the average interest rates were approximately 0.22% and 0.31% for the years ended December 31, 2012 and 2011, respectively.

On May 31, 2003, the Company acquired land and limestone ore reserves from the Cushenbury Mine Trust for approximately $17.5 million. Approximately $6.1 million was paid at the closing and $11.4 million was financed through an installment obligation. The interest rate on this obligation is approximately 4.25%. The remaining principal payment of $1.4 million will be made in 2013.

On October 5, 2006, the Company, through private placement, entered into a Note Purchase Agreement and issued $75 million aggregate principal amount unsecured senior notes. These notes consist of two tranches: $50 million aggregate principal amount 5.53% Series 2006A Senior Notes (Tranche 1 Notes); and $25 million aggregate principal amount Floating Rate Series 2006A Senior Notes (Tranche 2 Notes). Tranche 1 Notes bear interest of 5.53% per annum, payable semi-annually. Tranche 2 Notes bear floating rate interest, payable quarterly. The average interest rate on Tranche 2 for the years ended December 31, 2012 and December 31, 2011 was 0.92% and 0.77%, respectively. The principal payment for both tranches is due on October 5, 2013. The Company expects to refinance these notes.

In January 2011, the Company entered into a Renminbi ("RMB") denominated loan agreement at its Refractories facility in China with the Bank of America totaling RMB 10.6 million, or $1.6 million. Principal of this loan is payable in installments over the next three years. Interest is payable semi-annually and is based upon the official RMB lending rate announced by the People's Bank of China. The average interest rate for the year ended December 31, 2012 was 7.4%.

The aggregate maturities of long-term debt are as follows: 2013 - $77.0 million; 2014 - $8.5 million; 2015 - $-- million; 2016 - $-- million; 2017 - $-- million; thereafter - $-- million.

The Company had available approximately $190.7 million in uncommitted, short-term bank credit lines, of which $7.1 million was in use at December 31, 2012.

Short-term borrowings as of December 31, 2012 and 2011 were $7.1 million and $5.8 million, respectively. The weighted average interest rate on short-term borrowings outstanding as of December 31, 2012 and 2011 was 5.8% and 5.3%, respectively.

During 2012, 2011 and 2010, respectively, the Company incurred interest costs of $3.5 million, $3.5 million and $3.5 million including $0.3 million, $0.3 million and $0.2 million, respectively, which were capitalized. Interest paid approximated the incurred interest cost.