DEBT

Long-term debt



	Due Date	2013		2012		2011
1.35% Senior Notes	2017	$	699,277	$	699,091
4.00% Senior Notes	2042	298,545		298,493
7.375% Debentures	2027	119,366		129,060		$	129,056
7.45% Debentures	2097	3,500		3,500		3,500
2.00% to 2.02% Promissory Notes	Through 2023	1,685		2,109		6,808
3.125% Senior Notes	2014			499,912		499,867
		$	1,122,373	$	1,632,165	$	639,231

Maturities of long-term debt are as follows for the next five years: $502,991 in 2014; $355 in 2015; $217 in 2016; $700,150 in 2017 and $153 in 2018. Interest expense on long-term debt was $57,949, $36,188 and $31,883 for 2013, 2012 and 2011, respectively.

Among other restrictions, the Company’s Notes, Debentures and revolving credit agreement contain certain covenants relating to liens, ratings changes, merger and sale of assets, consolidated leverage and change of control as defined in the agreements. In the event of default under any one of these arrangements, acceleration of the maturity of any one or more of these borrowings may result. The Company was in compliance with all covenants for all years presented.

On December 4, 2012, the Company issued $700,000 of 1.35% Senior Notes due 2017 and $300,000 of 4.00% Senior Notes due 2042. The Senior Notes are covered under a shelf registration filed with the Securities and Exchange Commission (SEC) on December 16, 2009. The proceeds are being used for general corporate purposes, including repayment of short-term borrowings and financing acquisitions.

Short-term borrowings. At December 31, 2013 and 2012, there were no borrowings outstanding under the domestic commercial paper program. At December 31, 2011, borrowings outstanding under the domestic commercial paper program totaled $264,902 and were included in Short-term borrowings. The weighted-average interest rate related to these borrowings was 0.2% at December 31, 2011. Borrowings outstanding under various foreign programs of $96,551, $69,035 and $81,375 at December 31, 2013, 2012 and 2011, respectively, were included in Short-term borrowings. The weighted-average interest rate related to these borrowings was 7.8%, 2.8% and 4.9% at December 31, 2013, 2012 and 2011, respectively.

On September 19, 2012, Sherwin-Williams Luxembourg S.à r.l., a wholly-owned subsidiary of the Company, entered into a €95,000 (Euro) five-year revolving credit facility. This facility replaced the existing €97,000 (Euro) credit facility. On June 29, 2012, Sherwin-Williams Canada Inc., a wholly-owned subsidiary of the Company, entered into a new CAD 75,000 five-year credit facility which replaced the existing credit facility. On March 18, 2013, the aggregate amount of this credit facility was increased to CAD 150,000. These credit facilities are being used for general corporate purposes, including refinancing indebtedness and for acquisitions.

On January 30, 2012, the Company entered into a five-year credit agreement, subsequently amended on multiple dates, which gives the Company the right to borrow and to obtain the issuance, renewal, extension and increase of a letter of credit of up to an aggregate availability of $500,000. On April 23, 2012, the Company entered into a five-year credit agreement, subsequently amended on multiple dates, which gives the Company the right to borrow and to obtain the issuance, renewal, extension and increase of a letter of credit up to an aggregate availability of $250,000. On November 14, 2012, the Company entered into a three-year credit agreement, subsequently amended on multiple dates, which gives the Company the right to borrow and to obtain the issuance, renewal, extension and increase of a letter of credit up to an aggregate availability of $250,000. The three credit agreements entered into in 2012 replace prior credit facilities that matured in 2012 and 2011. At December 31, 2013, 2012 and 2011, there were no borrowings outstanding under any of these credit agreements.

The Company uses a revolving credit agreement primarily to satisfy its commercial paper program’s dollar for dollar liquidity requirement. On July 8, 2011, the Company entered into a new five-year $1.05 billion revolving credit agreement, which replaced the existing three-year $500,000 credit agreement. The new credit agreement allows the Company to extend the maturity of the facility with two one-year extension options and to increase the aggregate amount of the facility to $1.30 billion, both of which are subject to the discretion of each lender.