expiring in October 2012 and a $1.1 billion facility expiring in October 2010. We also have $278.9 million in uncommitted credit lines that support our foreign operations. As of May 30, 2010, there were no amounts outstanding on the fee-paid committed credit lines and $76.5 was drawn on the uncommitted lines. The credit facilities contain several covenants, including a requirement to maintain a fixed charge coverage ratio of at least 2.5. We were in compliance with all credit facility covenants as of May 30, 2010. segment accounted for 23 percent of its fiscal 2010 net sales, and the five largest customers in our Bakeries and Foodservice seg- ment accounted for 45 percent of its fiscal 2010 net sales. We enter into interest rate, foreign exchange, and certain commodity and equity derivatives, primarily with a diversified group of highly rated counterparties. We continually monitor our positions and the credit ratings of the counterparties involved and, by policy, limit the amount of credit exposure to any one party. These transactions may expose us to potential losses due to the risk of nonperformance by these counterparties; however, we have not incurred a material loss. We also enter into com- modity futures transactions through various regulated exchanges. The amount of loss due to the credit risk of the counterparties, should the counterparties fail to perform according to the terms of the contracts, is $60.1 million against which we hold $20.0 million of collateral. Under the terms of master swap agreements, some of our transactions require collateral or other security to support financial instruments subject to threshold levels of exposure and counterparty credit risk. Collateral assets are either cash or U.S.Treasury instruments and are held in a trust account that we may access if the counterparty defaults. Long-term Debt In May 2010, we paid $437.0 million to repur- chase in a cash tender offer $400.0 million of our previously issued debt. We repurchased $220.8 million of our 6.0 percent notes due 2012 and $179.2 million of our 5.65 percent notes due 2012. As a result of the repurchase, we recorded interest expense of $40.1 million which represented the premium paid in the tender offer, the write-off of the remaining discount and unamortized fees, and the settlement of related swaps. We issued commercial paper to fund the repurchase. During fiscal 2010, we repaid $88.0 million of long-term bank debt held by wholly owned foreign subsidiaries. In January 2009, we issued $1.2 billion aggregate principal amount of 5.65 percent notes due 2019. In August 2008, we issued $700.0 million aggregate principal amount of 5.25 percent notes due 2013. The proceeds of these notes were used to repay a portion of our outstanding commercial paper. Interest on these notes is payable semi-annually in arrears. These notes may be redeemed at our option at any time for a specified make-whole amount. These notes are senior unsecured, unsubordinated obli- gations that include a change of control repurchase provision. In June 2010, subsequent to our fiscal 2010 year end, we issued $500.0 million aggregate principal amount of 5.4 percent notes due 2040. The significant terms of these notes are similar to our previously issued notes. Certain of our long-term debt and noncontrolling interests agreements contain restrictive covenants. As of May 30, 2010, we were in compliance with all of these covenants. As of May 30, 2010, the $40.6 million pre-tax loss recorded in AOCI associated with our previously designated interest rate swaps will be reclassified to net interest over the remaining lives of the hedged transactions.The amount expected to be reclassified from AOCI to net interest in fiscal 2011 is $13.1 million pre-tax. General Mills 64 To ensure availability of funds, we maintain bank credit lines sufficient to cover our outstanding short-term borrowings. Com- mercial paper is a continuing source of short-term financing. We issue commercial paper in the United States and Europe. Our commercial paper borrowings are supported by $2.9 billion of fee-paid committed credit lines, consisting of a $1.8 billion facility Notes Payable The components of notes payable and their respective weighted-average interest rates at the end of the periods were as follows: In Millions Notes Payable Weighted- Average Interest Rate Notes Payable Weighted- Average Interest Rate May 30, 2010 ................................................... May 31, 2009 ............................................... ......................................................................................................................................................................................... U.S. commercial paper $ 973.0 0.3% $401.8 0.5% Euro commercial paper — — 275.0 0.5 Financial institutions 77.1 10.6 135.4 12.9 ......................................................................................................................................................................................... Total $1,050.1 1.1% $812.2 2.6% NOTE 8. DEBT