Travelers 2012 Annual Report Download - page 223

THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
8. DEBT
Debt outstanding was as follows:
(at December 31, in millions) 2012 2011
Short-term:
Commercial paper ................................................. $ 100 $ 100
5.00% Senior notes due March 15, 2013 ................................. 500 —
5.375% Senior notes due June 15, 2012 .................................. —250
Total short-term debt ............................................. 600 350
Long-term:
5.00% Senior notes due March 15, 2013 ................................. —500
5.50% Senior notes due December 1, 2015 ............................... 400 400
6.25% Senior notes due June 20, 2016 ................................... 400 400
5.75% Senior notes due December 15, 2017 ............................... 450 450
5.80% Senior notes due May 15, 2018 ................................... 500 500
5.90% Senior notes due June 2, 2019 .................................... 500 500
3.90% Senior notes due November 1, 2020 ............................... 500 500
7.75% Senior notes due April 15, 2026 .................................. 200 200
7.625% Junior subordinated debentures due December 15, 2027 ................ 125 125
6.375% Senior notes due March 15, 2033 ................................. 500 500
6.75% Senior notes due June 20, 2036 ................................... 400 400
6.25% Senior notes due June 15, 2037 ................................... 800 800
5.35% Senior notes due November 1, 2040 ............................... 750 750
8.50% Junior subordinated debentures due December 15, 2045 ................. 56 56
8.312% Junior subordinated debentures due July 1, 2046 ..................... 73 73
6.25% Fixed-to-floating rate junior subordinated debentures due March 15, 2067 .... 107 115
Total long-term debt .............................................. 5,761 6,269
Total debt principal ............................................... 6,361 6,619
Unamortized fair value adjustment ..................................... 52 53
Unamortized debt issuance costs ....................................... (63) (67)
Total debt ...................................................... $6,350 $6,605
2012 Debt Repayments. On May 29, 2012, the Company purchased and retired $8.5 million
aggregate principal amount of its 6.25% fixed-to-floating rate junior subordinated debentures due
March 15, 2067. On June 15, 2012, the Company’s $250 million, 5.375% senior notes matured and were
fully paid.
2011 Debt Repayment. On June 1, 2011, the Company repaid the remaining $9 million principal
balance on its 7.22% real estate non-recourse debt.
Description of Debt
Commercial Paper—The Company maintains an $800 million commercial paper program,
supported by a $1.0 billion bank credit agreement that expires on June 10, 2013. (See ‘‘Line of Credit
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