Notes to CoNsolidated FiNaNCial statemeNts Note 8 – Financing Arrangements (continued) On May 11, 2011, the Company entered into a $500 million Amended and Restated Credit Agreement (Senior Credit Facility). This Senior  Credit Facility amended and restated the former senior credit facility, which was due to expire on July 10, 2012. The Senior Credit Facility  now matures on May 11, 2016. At December 31, 2011, the Company had no outstanding borrowings under the Senior Credit Facility but  had letters of credit outstanding totaling $17.2 million, which reduced the availability under the Senior Credit Facility to $482.8 million.  Under the Senior Credit Facility, the Company has two financial covenants: a consolidated leverage ratio and a consolidated interest  coverage ratio. At December 31, 2011, the Company was in full compliance with the covenants under the Senior Credit Facility. In 2011, the Company was notified that its variable-rate State of Ohio Pollution Control Revenue Refunding Bonds, maturing on June 1,  2033, had lost their tax-exempt status and would now be taxable to its bondholders. As part of the negotiation with the Internal Revenue  Service (IRS), the Company will redeem half of the $17 million balance during the first quarter of 2012. The remaining balance matures  on June 1, 2033. AGC is a joint venture of the Company. As of December 31, 2011, the Company had restricted cash of $3.6 million in a collateral account  to secure up to $3.6 million of the indebtedness between AGC and US Bank in the event AGC defaults on its credit facility with US  Bank. The $3.6 million collateral account is classified as restricted cash on the Consolidated Balance Sheet as of December 31, 2011. Certain of the Company’s foreign subsidiaries have facilities that also provide for long-term borrowings up to $23.8 million. At December  31, 2011, the Company had borrowings outstanding of $23.8 million, leaving no availability under these long-term facilities. The maturities of long-term debt for the five years subsequent to December 31, 2011 are as follows: 2012 – $14.3 million; 2013 – $0.9  million; 2014 – $272.7 million; 2015 – zero; and 2016 – $15.0 million. Interest paid was approximately $35 million in 2011, $36 million in 2010 and $39 million in 2009. This differs from interest expense due  to the timing of payments and interest capitalized of approximately $1.2 million in 2011, $0.7 million in 2010 and $1.8 million in 2009. The Company and its subsidiaries lease a variety of real property and equipment. Rent expense under operating leases amounted  to $44.5 million, $38.1 million and $43.5 million in 2011, 2010 and 2009, respectively. At December 31, 2011, future minimum lease  payments for noncancelable operating leases totaled $147.7 million and are payable as follows: 2012–$37.8 million; 2013–$31.7 million;  2014–$25.5 million; 2015–$21.0 million; 2016-$14.0 million and $17.7 million thereafter. 58 THE TIMKEN COMPANY