Note 9—Long-term debt:


	December 31, 2011		March 31, 2012
	(In millions)
Valhi:
Snake River Sugar Company	$	250.0	$	250.0
Subsidiary debt:
Kronos International:
6.5% Senior Secured Notes		360.6		371.0
European revolving credit facility		—		106.4
CompX promissory note payable to TIMET		22.2		21.2
CompX bank credit facility		2.0		2.0
NL promissory note		9.0		9.0
WCS financing capital lease		71.1		70.8
WCS 6% promissory notes		11.7		11.7
Other		9.8		10.2

Total subsidiary debt		486.4		602.3

Total debt		736.4		852.3
Less current maturities		19.0		18.9

Total long-term debt	$	717.4	$	833.4

Kronos—Senior Secured Notes – In March 2011, Kronos redeemed €80 million of its €400 million 6.5% Senior Secured Notes at 102.17% of the principal amount for an aggregate of $115.7 million, including a $2.5 million call premium. During the third and fourth quarters of 2011, Kronos repurchased in open market transactions an aggregate of €40.8 million principal amount of the Senior Notes for an aggregate of €40.6 million (an aggregate of $57.6 million when repurchased). Following such partial redemption and repurchases, €279.2 million principal amount of Senior Notes remain outstanding. We recognized a $3.3 million pre-tax interest charge related to the prepayment of the Senior Notes in the first quarter of 2011, consisting of the call premium and the write-off of unamortized deferred financing costs and original issue discount associated with the redeemed Senior Notes.

Revolving European credit facility—During the first three months of 2012, Kronos borrowed €80 million ($107.4 million when borrowed) under its European credit facility. The average interest rate on these borrowings at March 31, 2012 was 1.94%.

Canada – At March 31, 2012, an aggregate of Cdn. $7.3 million letters of credit were outstanding under Kronos' Canadian subsidiary's loan agreement with the Bank of Montreal which provides solely for the issuance of up to Cdn. $10.0 million in letters of credit.

CompX – The interest rate on the balance outstanding under the credit facility at March 31, 2012 was 3.4%. CompX prepaid $1.0 million of principal on the promissory note payable to affiliate during the first quarter of 2012. The interest rate on the promissory note at March 31, 2012 was 1.6%.

Restrictions and Other—Certain of the credit facilities with unrelated, third-party lenders described above require the respective borrowers to maintain minimum levels of equity, require the maintenance of certain financial ratios, limit dividends and additional indebtedness and contain other provisions and restrictive covenants customary in lending transactions of this type. We are in compliance with all of our debt covenants at March 31, 2012. We believe we will be able to comply with the financial covenants contained in all of our credit facilities through the maturity of the respective facility; however, if future operating results differ materially from our expectations, we may be unable to maintain compliance.