Notes to Consolidated Financial Statements 56 NOTE 8 — LONG-TERM DEBT Total interest incurred during 2004, 2003 and 2002 was $401 million,  $353 million and $345 million, respectively, of which $23 million, $15 million  and $62 million, respectively, was capitalized. On November 24, 2003, the Company entered into the Third Amended and Restated Loan Agreement providing for bank financing totaling $2.5 billion from  a syndicate of banks each led by Bank of America, N.A. (collectively, the “Senior Credit Facility”). The Senior Credit Facility, as amended in 2004, consists entirely of a senior revolving credit facility which matures on November 24, 2008.  Interest on the Senior Credit Facility is based on the bank reference rate or Eurodollar rate. The Company’s borrowing rate on the Senior Credit Facility was approximately 3.3% at December 31, 2004 and 2.8% at December 31, 2003. Stand-by letters of credit totaling $51 million were outstanding as of December 31, 2004 under the Senior Credit Facility. In November 2004, in anticipation of the Mandalay merger, the Company entered into an amended and restated bank credit facility with a group of lenders led by Bank of America, N.A. The revised bank credit facility will be effective upon the closing of the Mandalay merger, will mature five years later, and will provide a total of $7.0 billion of borrowing capacity, consisting of a $5.5 billion senior revolving credit facility and $1.5 billion senior term loan facility. The remaining terms are substantially similar to the Company’s existing bank credit facility. In 2003, the Company issued $600 million of 6% Senior Notes due 2009. In 2004, the Company issued $525 million of 5.875% senior notes due 2014. Of this amount, $225 million of the senior notes were issued pursuant to the Company’s shelf registration statement, which completed the available securities issuances under that registration statement and $300 million of the senior notes were issued through a Rule 144A offering and subsequently exchanged for registered notes with identical At December 31 (In thousands) 2004 2003 Senior Credit Facility . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  $ 50,000 $ 1,525,000 $50 million revolving line of credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  — 50,000 Australian bank facility. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  — 11,868 Other note due to bank . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 38,000 $300 million 6.95% Senior Notes, due 2005, net. . . . . . . . . . . . . . . . . .  300,087 301,128 $176.4 million ($200 million in 2003) 6.625% Senior Notes, due 2005, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  176,096 196,029 $244.5 million ($250 million in 2003) 7.25% Senior  Notes, due 2006, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 235,511 236,294 $710 million 9.75% Senior Subordinated Notes, due 2007, net . . . . . . .  706,968 705,713 $200 million 6.75% Senior Notes, due 2007, net. . . . . . . . . . . . . . . . . .  189,115 183,405 $180.4 million ($200 million in 2003) 6.75% Senior Notes, due 2008, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 168,908 181,517 $200 million 6.875% Senior Notes, due 2008, net. . . . . . . . . . . . . . . . .  199,095 198,802 $1.05 billion ($600 million in 2003) 6% Senior  Notes, due 2009, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  1,056,453 600,000 $825 million 8.5% Senior Notes, due 2010, net. . . . . . . . . . . . . . . . . . .  822,214 821,722 $400 million 8.375% Senior Subordinated Notes, due 2011 . . . . . . . . .  400,000 400,000 $550 million 6.75% Senior Notes, due 2012 . . . . . . . . . . . . . . . . . . . . .  550,000 — $525 million 5.875% Senior Notes, due 2014, net. . . . . . . . . . . . . . . . . 522,301 — $100 million 7.25% Senior Debentures, due 2017, net . . . . . . . . . . . . . 81,919 81,211 Other notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  195 209 5,458,862 5,530,898 Less: Current portion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  (14) (9,008) $5,458,848 $ 5,521,890 Long-term debt consisted of the following: