7. Debt

Debt consists of (in millions):


	September 30,		December 31,
	2011		2010
Senior Notes, interest at 6.5% payable semiannually, principal due on March 15, 2011	$	—	$	150

Senior Notes, interest at 7.25% payable semiannually, principal due on May 1, 2011		—		201

Senior Notes, interest at 5.65% payable semiannually, principal due on November 15, 2012		200		200

Senior Notes, interest at 5.5% payable semiannually, principal due on November 19, 2012		150		151

Senior Notes, interest at 6.125% payable semiannually, principal due on August 15, 2015		151		151

Other		11		34

Total debt		512		887
Less current portion		2		373

Long-term debt	$	510	$	514

Senior Notes

On March 15, 2011, the Company repaid $150 million of its 6.5% unsecured Senior Notes using available cash balances and on May 1, 2011, the Company repaid $200 million of its 7.25% unsecured Senior Notes using available cash balances. The remaining Senior Notes contain reporting covenants, and the Company was in compliance at September 30, 2011.

Revolving Credit Facilities

On April 21, 2008, the Company replaced its existing $500 million unsecured revolving credit facility with an aggregate of $3 billion of unsecured credit facilities and borrowed $2 billion to finance the cash portion of the Grant Prideco acquisition. These facilities consisted of a $2 billion, five-year revolving credit facility and a $1 billion, 364-day revolving credit facility which was terminated early in February 2009. At September 30, 2011 there were no borrowings against the remaining credit facility, and there were $731 million in outstanding letters of credit issued under this facility, resulting in $1,269 million of funds available under this revolving credit facility. Interest under this multicurrency facility is based upon LIBOR, NIBOR or EURIBOR plus 0.26% subject to a ratings-based grid, or the prime rate. The credit facility contains a financial covenant regarding maximum debt to capitalization and the Company was in compliance at September 30, 2011.

The Company also had $1,773 million of additional outstanding letters of credit at September 30, 2011, primarily in Norway, that are under various bilateral committed letter of credit facilities. Other letters of credit are issued as bid bonds and performance bonds.