7. Debt

Debt consists of (in millions):


	September 30,		December 31,
	2012		2011
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		150
Senior Notes, interest at 6.125% payable semiannually, principal due on August 15, 2015		151		151
Revolving Credit Facility, expires September 28, 2017		1,015		—
Other		13		9

Total debt		1,529		510
Less current portion		354		351

Long-term debt	$	1,175	$	159

New Revolving Credit Facility

On September 28, 2012, the Company entered into a new five-year unsecured revolving credit facility with a syndicate of financial institutions. This new credit facility replaced early the Company’s previous $2.0 billion revolving credit facility and provides for aggregate multicurrency borrowings up to $3.5 billion. In addition, the Company has an accordion option to increase aggregate borrowing availability by an additional $1.0 billion, subject to obtaining additional or increased lender commitments from members of the syndication. Interest under the new credit facility is based upon LIBOR, NIBOR or EURIBOR plus 0.875% subject to a ratings-based grid, or the prime rate. The terms of the new credit facility provide for a financial covenant regarding maximum debt to capitalization. At September 30, 2012, the Company was in compliance with the financial covenant under the new credit facility.

At September 30, 2012, there were $1,015 million in borrowings, and there were $913 million in outstanding letters of credit issued, resulting in $1,572 million of funds available under the new credit facility.

The Company also had $1,944 million of additional outstanding letters of credit at September 30, 2012, 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.

The fair value of the Company’s debt is estimated using Level 2 inputs in the fair value hierarchy and is based on quoted prices for those or similar instruments. At September 30, 2012, the carrying value of the Company’s debt approximated its fair value.