11. DEBT

Long-term debt, including the current portion, consisted of the following:



	December 31,
	2013						2012
	Face			Carrying Value			Face			Carrying Value
Five-year revolving credit line due June 2018	$	—		$	—		$	62.0		$	62.0
4.6% notes due July 1, 2013	—			—			135.2			135.3
6.0% notes due October 1, 2015	141.8			141.7			249.6			249.4
8.95% notes due July 1, 2017	164.3			164.1			249.4			249.0
3.5% notes due April 1, 2023	400.0			397.4			—			—
Other	18.4			13.1			8.9			7.8
Total debt	724.5			716.3			705.1			703.5
Less: current portion	(0.1		)	(0.1		)	(136.0		)	(136.1		)
Long-term debt	$	724.4		$	716.2		$	569.1		$	567.4

All of the outstanding notes are unsecured and may be repaid in whole or in part, at our option at any time subject to a prepayment adjustment.

Debt issuance and repurchases

On March 12, 2013, we issued $400.0 aggregate principal amount of 3.5% senior unsecured notes due April 1, 2023 (“3.5% notes”), which resulted in $394.6 in net proceeds after original issue discount and underwriting fees. In addition, on February 26, 2013, we called for the redemption of our 4.6% notes due July 1, 2013 (“4.6% notes”), and commenced offers to purchase our 6.0% notes due October 1, 2015 (“6.0% notes”) and our 8.95% notes due July 1, 2017 (“8.95% notes”). In March 2013, we applied the net proceeds from the issuance of the 3.5% notes as follows: (1) to redeem all $135.2 principal amount of our 4.6% notes for a purchase price of $136.8 plus accrued interest of $1.5; (2) to repurchase $107.8 principal amount of our 6.0% notes for a purchase price of $121.1 plus accrued interest of $3.1; and (3) to repurchase $85.1 principal amount of our 8.95% notes for a purchase price of $108.3 plus accrued interest of $1.8. The redemption of the 4.6% notes and repurchase of the 6.0% and 8.95% notes resulted in a loss of $39.4 including transaction costs, which is included in Net loss on early extinguishment of debt in the accompanying consolidated statement of income for 2013.

During 2012, we repurchased portions of our 6.0% notes due October 1, 2015 with a total carrying value of $0.4 for a total purchase price of $0.5 including accrued interest, resulting in a loss of less than $0.1. During 2012, we also repurchased portions of our 8.95% notes due July 1, 2017 with a total carrying value of $0.6 for a total purchase price of $0.8 including accrued interest, resulting in a loss of $0.2. During 2011, we repurchased portions of our 4.6% notes due July 1, 2013, with a total carrying value of $5.5 for a total purchase price of $5.9 including accrued interest, resulting in a loss of $0.3. The net losses from our 2013, 2012 and 2011 debt repurchases are included in Net loss on early extinguishment of debt in the accompanying consolidated statements of income.

Revolving credit facility

On June 28, 2013, we amended and restated our existing Five Year Credit Agreement (the “Revolving Credit Facility”). The material terms and conditions of the Revolving Credit Facility remain substantially similar to the prior agreement except as set forth below. As the result of the amendment and restatement, the maximum amount we may borrow under the Revolving Credit Facility continues to be $400.0 with a $25.0 swingline, and the term was extended to June 28, 2018. Subject to the consent of the lenders, we have the ability under certain circumstances to extend the term through June 28, 2021, and to increase the maximum amount we may borrow under the Revolving Credit Facility up to $500.0.

In the second quarter of 2012, we had a net draw down of $170.0 from our Revolving Credit Facility for the purposes of funding the Umeco transaction. In April 2013, upon receiving proceeds from the close of the sale of Coating Resins, we repaid the outstanding portion of the Revolving Credit Facility. There was no outstanding balance on the facility as of December 31, 2013. At December 31, 2013, $400.0 was available for borrowing under the Revolving Credit Facility. We are required to comply with certain customary financial covenants under the facility: (i) the ratio of consolidated total debt to consolidated EBITDA, and (ii) the ratio of consolidated EBITDA to consolidated interest expense. We are in compliance with these covenants and expect to be in compliance for the foreseeable future.

Fair value

At December 31, 2013 and 2012, the fair value of our long-term debt, including the current portion, was $731.2 and $787.9, respectively. The fair value is based on a discounted cash flow analysis which incorporates the contractual terms of the notes and observable market-based inputs that include time value, interest rate curves, and credit spreads.

Non-U.S. credit facilities

At December 31, 2013 and 2012, we had approximately $7.3 and $36.6, respectively, of non-U.S. credit facilities which are renewable annually. There were outstanding borrowings of $0.5 and $4.4 under these facilities at December 31, 2013 and 2012, respectively.

Interest

The weighted average interest rate on all of our debt was 5.3% for 2013 and 6.2% for 2012. The weighted-average interest rate on short-term borrowings outstanding, which consisted of the current portion of non-U.S. credit facilities, as of December 31, 2013 and 2012 was 0.0% and 0.8%, respectively.

Cash payments during the years ended December 31, 2013, 2012 and 2011, included interest of $44.6, $43.5, and $42.4, respectively. Included in interest expense, net, in the accompanying consolidated statements of income for the years ended December 31, 2013, 2012 and 2011, was interest income of $1.4, $3.8, and $4.6, respectively. Capitalized interest for the years ended 2013 and 2012 was $21.6 and $11.8, respectively.

Maturities

Maturities of long-term debt for the next five years and thereafter are as follows:



	2014		2015		2016		2017		2018		Thereafter		Total
Long-term debt	$	0.1	$	142.1	$	0.1	$	164.3	$	—	$	417.9	$	724.5