10. Debt

Long-term debt consisted of the following:

	March 31, 2014					December 31, 2013
	In Denominated					In Denominated
($ in millions)	Currency		In U.S. $			Currency		In U.S. $

Notes Payable
7.375% Senior Notes, due September 2019	$	—	$	—		$	315.4	$	315.4
6.75% Senior Notes, due September 2020	$	500.0	500.0			$	500.0	500.0
5.75% Senior Notes, due May 2021	$	500.0	500.0			$	500.0	500.0
5.00% Senior Notes, due March 2022	$	750.0	750.0			$	750.0	750.0
4.00% Senior Notes, due November 2023	$	1,000.0	1,000.0			$	1,000.0	1,000.0
Senior Credit Facilities, due June 2018 (at variable rates)
Term B Loan, British sterling denominated	£	36.4	60.5			£	36.8	60.8
Term C Loan, euro denominated	€	79.6	109.4			€	80.6	111.2
Multi-currency revolver, U.S. dollar denominated	$	275.0	275.0			$	—	—
Multi-currency revolver, euro denominated	€	—	—			€	70.0	96.6
Latapack-Ball Notes Payable (at various rates and terms)	$	216.0	216.0			$	215.8	215.8
Other (including discounts and premiums)	Various		2.5			Various		(2.0		)
			3,413.4					3,547.8
Less: Current portion of long-term debt and callable long-term debt			(55.7		)			(365.3		)
			$	3,357.7				$	3,182.5

The senior credit facilities bear interest at variable rates and include the term loans described in the table above, as well as a long-term, multi-currency committed revolving credit facility that provides the company with up to the U.S. dollar equivalent of $1 billion.

On December 9, 2013, Ball announced the redemption of its outstanding 7.375 percent senior notes due in September 2019. The redemption occurred on January 10, 2014, at a price per note of 108.01 percent of the outstanding principal amount plus accrued interest. The redemption of the bonds resulted in a pretax charge in the first quarter of 2014 of $33.1 million for the call premium and the write off of unamortized financing costs and premiums.

At March 31, 2014, taking into account outstanding letters of credit and excluding availability under the accounts receivable securitization program, approximately $709 million was available under the company’s long-term, multi-currency committed revolving credit facilities, which are available until June 2018. In addition to these facilities, the company had approximately $818 million of short-term uncommitted credit facilities available at March 31, 2014, of which $200.2 million was outstanding and due on demand. At December 31, 2013, the company had $57.3 million outstanding under short-term uncommitted credit facilities.

In August 2011, the company entered into an accounts receivable securitization agreement for a term of three years, as amended from time to time. The maximum the company can borrow under the amended agreement can vary between $85 million and $210 million depending on the seasonal accounts receivable balances in the company’s North American packaging businesses. There were $157.0 million of accounts receivable sold under this agreement at March 31, 2014, and none were sold at December 31, 2013. Borrowings under the securitization agreement, if any, are included within the short-term debt and current portion of long-term debt line on the balance sheet.

The fair value of the long-term debt at March 31, 2014, and at December 31, 2013, approximated its carrying value. The fair value reflects the market rates at each period end for debt with credit ratings similar to the company’s ratings and is classified as Level 2 within the fair value hierarchy. Rates currently available to the company for loans with similar terms and maturities are used to estimate the fair value of long-term debt based on discounted cash flows.

The senior notes and senior credit facilities are guaranteed on a full, unconditional and joint and several basis by certain of the company’s wholly owned domestic subsidiaries. Certain foreign denominated tranches of the senior credit facilities are similarly guaranteed by certain of the company’s wholly owned foreign subsidiaries. Note 18 contains further details, as well as required unaudited condensed consolidating financial information for the company, segregating the guarantor subsidiaries and non-guarantor subsidiaries as defined in the senior notes agreements.

The U.S. note agreements, bank credit agreement and accounts receivable securitization agreement contain certain restrictions relating to dividend payments, share repurchases, investments, financial ratios, guarantees and the incurrence of additional indebtedness. The most restrictive of the company’s debt covenants require the company to maintain an interest coverage ratio (as defined in the agreements) of no less than 3.50 and a leverage ratio (as defined) of no greater than 4.00. The company was in compliance with all loan agreements and debt covenants at March 31, 2014, and December 31, 2013, and has met all debt payment obligations.

The Latapack-Ball debt facilities contain various covenants and restrictions but are non-recourse to Ball Corporation and its wholly owned subsidiaries.