reserves in Malaysia and Thailand. The remaining $855 mil- lion resulted from asset exchanges. The Corporation also recorded deferred income tax liabilities of $105 million related to the asset exchanges. The assets and liabilities relinquished in these exchanges included fixed assets of approximately $770 million, an additional equity invest- ment of $145 million and deferred income tax liabilities of $145 million. The Corporation has no short-term notes at December 31, 2003. Short-term notes payable to banks at December 31, 2002 amounted to $2 million, bearing interest at a weighted average rate of 1.4%. At December 31, 2003, the Corpora- tion has uncommitted arrangements with banks for unused lines of credit aggregating $206 million. Long-term debt at December 31 consists of the following: The aggregate long-term debt maturing during the next five years is as follows (in millions): 2004—$73 (included in cur- rent liabilities); 2005—$60; 2006—$88; 2007—$212 and 2008—$129. The Corporation’s long-term debt agreements contain restrictions on the amount of total borrowings and cash div- idends allowed. At December 31, 2003, the Corporation is permitted to borrow an additional $5 billion for the con- struction or acquisition of assets. At year-end, the amount that can be borrowed for the payment of dividends is $1.9 billion. During 2003, the Corporation repurchased $1,015 million of fixed rate debentures consisting of most of the Corporation’s 5.3% and 5.9% notes due in 2004 and 2006, respectively, as well as notes due in 2005 and 2007 assumed from Triton at the time of the acquisition. At December 31, 2003, the Corpo- ration’s public fixed rate debentures have a face value of $3,237 million ($3,222 million net of unamortized discount). Borrowings are due commencing in 2004 and extend through 2033. Interest rates on the debentures range from 5.3% to 7. 9% and have a weighted average rate of 7.2%. In connection with the sale of the Corporation’s interest in the Trans Alaska Pipeline in January 2003, $20 million of Marine Terminal Revenue Bonds were assumed by the purchaser. The Corporation has a $1.5 billion revolving credit agree- ment, which was unutilized at December 31, 2003 and expires in January 2006. Because of a credit downgrade in February 2004, borrowings under the facility currently would bear interest at 1.125% above the London Interbank Offered Rate. A facility fee of .375% per annum is currently payable on the amount of the credit line. At December 31, 2003, the interest rate was .725% above the London Inter- bank Offered Rate and the facility fee was .15%. In 2003, 2002 and 2001, the Corporation capitalized interest of $41 million, $101 million and $44 million, respectively, on major development projects. The total amount of interest paid (net of amounts capitalized), principally on short-term and long-term debt, in 2003, 2002 and 2001 was $313 mil- lion, $274 million and $121 million, respectively. 47 10. LONG-TERM DEBT 9. SHORT-TERM NOTES AND RELATED  LINES OF CREDIT Millions of dollars 2003 2002 Fixed rate debentures,  weighted average rate 7.2%, due through 2033 $3,222 $4,237 Pollution Control Revenue Bonds,  weighted average rate 6.5%,  due through 2032 53 53 Fixed rate notes, payable principally  to insurance companies,  weighted average rate 8.4%,  due through 2014 450 450 Project lease financing, weighted  average rate 5.1%, due  through 2014 164 169 Capitalized lease obligations,  weighted average rate 6.4%,  due through 2009 48 56 6.1% Marine Terminal Revenue  Bonds—Series 1994— City of Valdez, Alaska GLYPH<209> 20 Other loans, weighted average rate  9.3%, due through 2019 4 5 3,941 4,990 Less amount included in  current maturities 73 14 Total $3,868 $4,976