Honeywell 2006 Annual Report Download - page 91

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HONEYWELL INTERNATIONAL INC.
NOTES TO FINANCIAL STATEMENTS—(Continued)
(Dollars in millions, except per share amounts)
Note 14—Long-term Debt and Credit Agreements
December 31,
2006 2005
85⁄8% debentures due 2006 $ — $ 100
5.25% notes due 2006 — 336
51⁄8% notes due 2006 — 500
7.0% notes due 2007 350 350
71⁄8% notes due 2008 200 200
6.20% notes due 2008 200 200
Floating rate notes due 2009 300 —
Zero coupon bonds and money multiplier notes,
13.0%–14.26%, due 2009
100
100
Floating rate notes due 2009-2011 239 249
7.50% notes due 2010 1,000 1,000
61⁄8% notes due 2011 500 500
5.40% notes due 2016 400 —
Industrial development bond obligations, floating rate
maturing at various dates through 2037
65
65
65⁄8% debentures due 2028 216 216
9.065% debentures due 2033 51 51
5.70% notes due 2036 550 —
Other (including capitalized leases), 0.53%–16.40%,
maturing at various dates through 2016
161
210
4,332 4,077
Less—current portion (423) (995)
$3,909 $3,082
The schedule of principal payments on long-term debt is as follows:
At December 31,
2006
2007 $ 423
2008 416
2009 511
2010 1,130
2011 526
Thereafter 1,326
4,332
Less—current portion (423)
$ 3,909
We maintain a $2.3 billion five year revolving credit facility with a group of banks, arranged by Citigroup Global Markets Inc. and
J.P.Morgan Securities Inc. This credit facility contains a $500 million sub-limit for the issuance of letters of credit. The $2.3 billion
credit facility is maintained for general corporate purposes, including support for the issuance of commercial paper. We had no
borrowings outstanding under the credit facility at December 31, 2006. We have issued $145 million of letters of credit under the
credit facility at December 31, 2006.
The credit agreement does not restrict our ability to pay dividends and contains no financial covenants. The failure to comply with
customary conditions or the occurrence of customary events of default contained in the credit agreement would prevent any further
borrowings and would generally
66