5.	Long-Term Debt


	March 31, 2012		December 31, 2011		March 31, 2011
	(Dollars in Thousands)
6.6% Senior Notes, due 2018	$	298,525	$	298,476	$	298,333
7% Debentures, due 2025		124,424		124,417		124,399
6.25% Senior Notes, due 2037		228,089		247,915		247,890
6.875% Notes, due 2011		--		--		242,140
Term Loan Facility, due 2015, interest rate of 1.87% at March 31, 2012; 2.20% at December 31, 2011; and 1.93% at March 31, 2011		245,000		250,000		250,000
Revolving Facility, interest rate of 1.62% at March 31, 2012 and 2.64% at December 31, 2011		135,000		35,000		--
AR Credit Facility, interest rate of 1.60% at March 31, 2012 and 1.66% at December 31, 2011		100,000		100,000		--
Other notes		3,790		4,276		5,857

Total debt		1,134,828		1,060,084		1,168,619
Less current maturities		(7,650)		(7,182)		(7,101)

Long-term debt	$	1,127,178	$	1,052,902	$	1,161,518

On January 23, 2012, the Corporation repurchased $20,000,000 par value of its outstanding 6.25% Senior Notes due 2037 at 90.75. This repurchase was financed with borrowings of $18,200,000 under the Corporation's Revolving Facility.

On April 13, 2012, the Corporation renewed its AR Credit Facility for a one-year term ending April 20, 2013.

The Credit Agreement and the AR Credit Facility require the Corporation's ratio of consolidated debt to consolidated earnings before interest, taxes, depreciation, depletion and amortization (EBITDA), as defined, for the trailing twelve month period (the "Ratio") to not exceed 3.50x as of the end of any fiscal quarter, provided that the Corporation may exclude from the Ratio debt incurred in connection with certain acquisitions for a period of 180 days so long as the Corporation maintains specified ratings on its long-term unsecured debt and the Ratio calculated without such exclusion does not exceed 3.75x. Additionally, if no amounts are outstanding under both the Revolving Facility and the AR Credit Facility, consolidated debt, including debt guaranteed by the Corporation, may be reduced by the Corporation's unrestricted cash and cash equivalents in excess of $50,000,000, such reduction not to exceed $200,000,000, for purposes of the covenant calculation.

The Corporation amended the Ratio to ensure that the impact of business development costs for the proposed business combination with Vulcan Materials Company ("Vulcan") and the seasonal working capital requirements of the Corporation's newly-acquired Colorado operations do not impair liquidity available under the Corporation's Credit Agreement and AR Credit Facility. The amendments temporarily increase the maximum Ratio to 3.95x at March 31, 2012 and June 30, 2012, stepping down to 3.75x at September 30, 2012. The Ratio returns to the pre-amendment maximum of 3.50x for the December 31, 2012 calculation date. The amendments also allow the Corporation to exclude from the Ratio at March 31, 2012 and June 30, 2012 debt associated with the newly-acquired Colorado operations, which was allowed only through the March 31, 2012 calculation date prior to the amendments.

Accumulated other comprehensive loss includes the unamortized value of terminated forward starting interest rate swap agreements. For the three months ended March 31, 2012 and 2011, the Corporation recognized $251,000 and $234,000, respectively, as additional interest expense. The ongoing amortization of the terminated value of the forward starting interest rate swap agreements will increase annual interest expense by approximately $1,000,000 until the maturity of the 6.6% Senior Notes in 2018.