A summary of long-term debt follows: Total maturities of long-term debt over the next five years are 2005 - $506 million; 2006 - $882 million; 2007 - $1.2 billion; 2008 - $326 million; and 2009 - $1.3 billion. At December 31, 2004 and 2003, International Paper classified $87 million and $1.5 billion, respectively, of tenderable bonds, commercial paper and bank notes and Current maturities of long-term debt as Long-term debt. International Paper has the intent and ability to renew or convert these obligations, as evidenced by the available bank credit agreements described below. At December 31, 2004, International Paper’s unused contractually committed bank credit agreements amounted to $3.2 billion. The agreements generally provide for interest rates at a floating rate index plus a pre-determined margin dependent upon International Paper’s credit rating. In March 2004, International Paper replaced its maturing $750 million bank credit agreement with a five-year, $1.25 billion bank credit facility maturing in March 2009. Concurrently, an existing three- year bank credit agreement maturing in March 2006 was reduced from $1.5 billion to $750 million. These agreements have a facility fee of 0.15% that is payable quarterly. In addition, in November 2004, International Paper amended its receivables securitization program established in December 2001 to increase the line of credit from $650 million to $1.2 billion of commercial paper-based financings, based on the amount of qualifying receivables. The program extends through November 2007 with a facility fee of 0.20%. There were no borrowings under either the bank credit agreements or receivables securitization program at December 31, 2004. In November 2004, CHH entered into a short-term multi- currency credit facility with a NZ$400 million line of credit that extends through August 2005 with a facility fee of 0.05%. Also, CHH has an existing NZ$ 325 million multi-currency credit facility that supports its commercial paper program. This facility matures in two tranches from 2006 to 2008. The facility fee ranges from 0.27% to 0.32% at current credit ratings and is payable quarterly. The unused portion of these facilities at December 31, 2004 amounted to approximately NZ$344 million. At December 31, 2004, outstanding debt included approximately $227 million of commercial paper and bank notes with interest rates that fluctuate based on market conditions and the Company’s credit rating. Maintaining a strong investment-grade rating is an important element of International Paper’s corporate finance strategy. At December 31, 2004, the Company held long-term credit ratings of BBB (negative outlook) and Baa2 (negative outlook) by Standard & Poor’s (S&P) and Moody’s Investor Services (Moody’s), respectively. The Company currently has short-term credit ratings by S&P and Moody’s of A-3 and P-2, respectively. In millions at December 31 2004 2003 8 7/8% to 10% notes - due 2011 - 2012 $ 175 $ 392 8 7/8% notes  - 305 9.25% debentures - due 2011 125 125 8 3/8% to 9 1/2% debentures - due 2015 - 2024 300 300 8 1/8% notes  - 1,000 7 7/8% subordinated debentures  - 830 7% to 7 7/8% notes - due 2005 - 2007 649 1,041 6 7/8% notes - due 2023 - 2029 394 544 6.75% notes - due 2011 1,000 1,000 6.65% notes - due 2037 97 94 6.5% notes - due 2007 149 149 6.4% to 7.75% debentures - due 2025 - 2027 797 791 5.85% notes - due 2012 1,202 1,202 5 1/4% convertible subordinated  debentures - due 2025 464 464 5.25% to 5.5% notes - due 2014 - 2015 1,596 1,197 5 3/8% euro notes - due 2006 334 308 5 1/8% debentures - due 2012 102 99 3.8% to 4.25% notes - due 2008 - 2010 1,399 799 Zero-coupon convertible debentures - due 2021 1,141 1,099 Medium-term notes - due 2006 - 2009 (a) 43 52 Floating rate notes - due 2006 - 2010 (b) 1,794 1,127 Environmental and industrial development bonds - due 2005 - 2033 (c,d) 2,150 2,317 Commercial paper and bank notes (e) 227 53 Other (f) 500 249 Total (g) 14,638 15,537 Less: Current maturities 506 2,087 Long-term debt $14,132 $13,450 (a) The weighted average interest rate on these notes was 8.1% in 2004 and 2003. (b) The weighted average interest rate on these notes was 2.9% in 2004 and 2.4% in 2003. Includes $670 million of Euro borrowings with a weighted average interest rate of 2.7% in 2004. (c) The weighted average interest rate on these bonds was 5.6% in 2004 and 5.8% in 2003. (d) Includes $22 million of bonds at December 31, 2004 and $23 million of bonds at December 31, 2003, which may be tendered at various dates and/or under certain circumstances. (e) The weighted average interest rate was 6.1% in 2004 and 4.2% in 2003. Includes $162 million of New Zealand dollar commercial paper borrowings with an interest rate of 6.8% in 2004. (f) Includes $245 million of Australian dollar borrowings with a fixed interest rate of 5.5% and $29 million of New Zealand dollar borrowings with a fixed interest rate of 6.8% in 2004. Also includes $54 million at December 31, 2004 and $86 million at December 31, 2003 related to interest rate swaps treated as fair value hedges. (g) The fair market value was approximately $15.3 billion at December 31, 2004 and $16.4 billion at December 31, 2003. 68