Notes to the Consolidated Financial Statements at a price equal to 101% of their principal amount plus accrued and unpaid interest.
Cash proceeds from the sale of these notes was $983 million (net of discount and issuance costs).
The discount and issuance costs related to these notes, which totaled $17 million, will be amortized to interest expense over the respective terms of the notes.
In August 2010, PPG entered into a three-year credit agreement with several banks and financial institutions (the “Credit Agreement”).
The Credit Agreement provides for a $1.2 billion unsecured revolving credit facility.
In connection with entering into this Credit Agreement, the Notes to the Consolidated Financial Statements at a price equal to 101% of their principal amount plus accrued and unpaid interest.
Cash proceeds from the sale of these notes was $983 million (net of discount and issuance costs).
The discount and issuance costs related to these notes, which totaled $17 million, will be amortized to interest expense over the respective terms of the notes.
In August 2010, PPG entered into a three-year credit agreement with several banks and financial institutions (the ¡°Credit Agreement¡±).
The Credit Agreement provides for a $1.2 billion unsecured revolving credit facility.
In connection with entering into this Credit Agreement, the Company terminated its €650 million and its $1 billion revolving credit facilities that were each set to expire in 2011.
There were no outstanding amounts due under either revolving facility at the times of their termination.
The Company has the ability to increase the size of the Credit Agreement by up to an additional $300 million, subject to the receipt of lender commitments and other conditions.
The Credit Agreement will terminate and all amounts outstanding will be due and payable on August 5, 2013.
The Credit Agreement provides that loans will bear interest at rates based, at the Company¡¯s option, on one of two specified base rates plus a margin based on certain formulas defined in the Credit Agreement.
Additionally, the Credit Agreement contains a commitment fee on the amount of unused commitment under the Credit Agreement ranging from 0.125% to 0.625% per annum.
The applicable interest rate and the fee will vary depending on the ratings established by Standard & Poor¡¯s Financial Services LLC and Moody¡¯s Investor Service Inc.  for the Company¡¯s non-credit enhanced, longterm, senior, unsecured debt.
There were no amounts outstanding under the credit agreement at December 31, 2011; however, the available borrowing rate on a one month, U. S.  dollar denominated borrowing would have been 1.05 percent.
The Credit Agreement contains usual and customary restrictive covenants for facilities of its type, which include, with specified exceptions, limitations on the Company¡¯s ability to create liens or other encumbrances, to enter into sale and leaseback transactions and to enter into consolidations, mergers or transfers of all or substantially all of its assets.
The Credit Agreement also requires the Company to maintain a ratio of total indebtedness to total capitalization, as defined in the Credit Agreement, of 60 percent or less.
The Credit Agreement contains customary events of default that would permit the lenders to accelerate the repayment of any loans, including the failure to make timely payments when due under the Credit Agreement or other material indebtedness, the failure to satisfy covenants contained in the Credit Agreement, a change in control of the Company and specified events of bankruptcy and insolvency.
PPG¡¯s non-U.
S.  operations have uncommitted lines of credit totaling $679 million of which $36 million was used as of December 31, 2011.
These uncommitted lines of credit are subject to cancellation at any time and are generally not subject to any commitment fees.
Short-term debt outstanding as of December 31, 2011 and 2010, was as follows:
## Table 0 ##
PPG is in compliance with the restrictive covenants under its various credit agreements, loan agreements and indentures.
The Company¡¯s revolving credit agreements include a financial ratio covenant.
The covenant requires that the amount of total indebtedness not exceed 60% of the Company¡¯s total capitalization excluding the portion of accumulated other comprehensive income (loss) related to pensions and other postretirement benefit adjustments.
As of December 31, 2011, total indebtedness was 43 percent of the Company¡¯s total capitalization excluding the portion of accumulated other comprehensive income (loss) related to pensions and other postretirement benefit adjustments.
Additionally, substantially all of the Company¡¯s debt agreements contain customary cross-default provisions.
Those provisions generally provide that a default on a debt service payment of $10 million or more for longer than the grace period provided (usually 10 days) under one agreement may result in an event of default under other agreements.
None of the Company¡¯s primary debt obligations are secured or guaranteed by the Company¡¯s affiliates.
Interest payments in 2011, 2010 and 2009 totaled $212 million, $189 million and $201 million, respectively.
In October 2009, the Company entered into an agreement with a counterparty to repurchase up to 1.2 million shares of the Company¡¯s stock of which 1.1 million shares were purchased in the open market (465,006 of these shares were purchased as of December 31, 2009 at a weighted average price of $56.66 per share).
The counterparty held the shares until September of 2010 when the Company paid $65 million and took possession of these shares.
In December 2008, the Company entered into an agreement with a counterparty to repurchase 1.5 million
Notes to the Consolidated Financial Statements Unrealized currency translation adjustments related to translation of foreign denominated balance sheets are not presented net of tax given that no deferred U. S.  income taxes have been provided on undistributed earnings of nonU.
S.  subsidiaries because they are deemed to be reinvested for an indefinite period of time.
The tax (cost) benefit related to unrealized currency translation adjustments other than translation of foreign denominated balance sheets, for the years ended December 31, 2011, 2010 and 2009 was $(7) million, $8 million and $62 million, respectively.
The tax benefit related to the adjustment for pension and other postretirement benefits for the years ended December 31, 2011, 2010 and 2009 was $98 million, $65 million and $18 million, respectively.
The cumulative tax benefit related to the adjustment for pension and other postretirement benefits at December 31, 2011 and 2010 was $990 million and $889 million, respectively.
The tax (cost) benefit related to the change in the unrealized gain (loss) on marketable securities for the years ended December 31, 2011, 2010 and 2009 was $(0.2) million, $0.6 million and $0.1 million, respectively.
The tax benefit (cost) related to the change in the unrealized gain (loss) on derivatives for the years ended December 31, 2011, 2010 and 2009 was $19 million, $1 million and $(16) million, respectively.18.
Employee Savings Plan PPG’s Employee Savings Plan (“Savings Plan”) covers substantially all U. S.  employees.
The Company makes matching contributions to the Savings Plan based upon participants’ savings, subject to certain limitations.
For most participants not covered by a collective bargaining agreement, Company-matching contributions are established each year at the discretion of the Company and are applied to a maximum of 6% of eligible participant compensation.
For those participants whose employment is covered by a collective bargaining agreement, the level of Company-matching contribution, if any, is determined by the relevant collective bargaining agreement.
The Company-matching contribution was 100% for the first two months of 2009.
The Company-matching contribution was suspended from March 2009 through June 2010 as a cost savings measure in recognition of the adverse impact of the global recession.
Effective July 1, 2010, the Company match was reinstated at 50% on the first 6% of compensation contributed for most employees eligible for the Company-matching contribution feature.
This included the union represented employees in accordance with their collective bargaining agreements.
On January 1, 2011, the Company match was increased to 75% on the first 6% of compensation contributed by these eligible employees.
Compensation expense and cash contributions related to the Company match of participant contributions to the Savings Plan for 2011, 2010 and 2009 totaled $26 million, $9 million and $7 million, respectively.
A portion of the Savings Plan qualifies under the Internal Revenue Code as an Employee Stock Ownership Plan.
As a result, the tax deductible dividends on PPG shares held by the Savings Plan were $20 million, $24 million and $28 million for 2011, 2010 and 2009, respectively
## Table 1 ##
20.
Stock-Based Compensation The Company’s stock-based compensation includes stock options, restricted stock units (“RSUs”) and grants of contingent shares that are earned based on achieving targeted levels of total shareholder return.
All current grants of stock options, RSUs and contingent shares are made under the PPG Industries, Inc.
Amended and Restated Omnibus Incentive Plan (“PPG Amended Omnibus Plan”), which was amended and restated effective April 21, 2011.
Shares available for future grants under the PPG Amended Omnibus Plan were 9.7 million as of December 31, 2011.
Total stock-based compensation cost was $36 million, $52 million and $34 million in 2011, 2010 and 2009, respectively.
The total income tax benefit recognized in the accompanying consolidated statement of income related to the stock-based compensation was $13 million, $18 million and $12 million in 2011, 2010 and 2009, respectively.
Stock Options PPG has outstanding stock option awards that have been granted under two stock option plans: the PPG Industries, Inc.  Stock Plan (“PPG Stock Plan”) and the PPG Amended Omnibus Plan.
Under the PPG Amended Omnibus Plan and the PPG Stock Plan, certain employees of the Company have been granted options to purchase shares of common stock at prices equal to the fair market value of the shares on the date the options were granted.
The options are generally exercisable beginning from six to 48 months after being granted and have a maximum term of 10 years.
Upon exercise of a stock option, shares of Company stock are issued from treasury stock.
The PPG Stock Plan includes a restored option provision for options originally granted prior to January 1, 2003 that
Notes to the Consolidated Financial Statements performance of the operating segments.
Legacy items also include equity earnings (loss) from PPG’s approximate 40 percent investment in its former automotive glass and services business and $35 million and $30 million of costs in 2011 and 2010, respectively, related to the pension and other postemployment benefit liabilities of the divested business retained by PPG.
Corporate unallocated costs include the costs of corporate staff functions not directly associated with the operating segments, the cost of corporate legal cases, net of related insurance recoveries, and the cost of certain insurance and employee benefit programs.
Net periodic pension expense is allocated to the operating segments and the portion of net periodic pension expense related to the corporate staff functions is included in the Corporate unallocated costs.
For Optical and Specialty Materials, Commodity Chemicals and Glass, intersegment sales and transfers are recorded at selling prices that approximate market prices.
Product movement between Performance Coatings, Industrial Coatings and Architectural Coatings – EMEA is limited, is accounted for as an inventory transfer and is recorded at cost plus a mark-up, the impact of which is not significant to the segment income of the three coatings reportable segments.
## Table 2 ##
Notes to the Consolidated Financial Statements Company may issue additional debt from time to time pursuant to the Indenture.
The aggregate cash proceeds from the Notes, net of discounts and fees, was $1.24 billion.
The Notes are denominated in Euro and have been designated as hedges of net investments in the Company’s European operations.
For more information, refer to Note 9 “Financial Instruments, Hedging Activities and Fair Value Measurements.
” In November 2014, PPG completed a public offering of $300 million in aggregate principal amount of its 2.3% Notes due 2019 (the “2.3% Notes”).
These notes were issued pursuant to its existing shelf registration statement and pursuant to an indenture between the Company and The Bank of New York Mellon Trust Company, N. A. , as trustee, as supplemented (the “Indenture”).
The Company may issue additional debt from time to time pursuant to the Indenture.
The Indenture governing these notes contains covenants that limit the Company’s ability to, among other things, incur certain liens securing indebtedness, engage in certain sale-leaseback transactions, and enter into certain consolidations, mergers, conveyances, transfers or leases of all or substantially all the Company’s assets.
The terms of these notes also require the Company to make an offer to repurchase Notes upon a Change of Control Triggering Event (as defined in the Indenture) at a price equal to 101% of their principal amount plus accrued and unpaid interest.
Also in November 2014, the Company entered into three Euro-denominated borrowings as follows.
Notes to the Consolidated Financial Statements Company may issue additional debt from time to time pursuant to the Indenture.
The aggregate cash proceeds from the Notes, net of discounts and fees, was $1.24 billion.
The Notes are denominated in Euro and have been designated as hedges of net investments in the Company¡¯s European operations.
For more information, refer to Note 9 ¡°Financial Instruments, Hedging Activities and Fair Value Measurements.
¡± In November 2014, PPG completed a public offering of $300 million in aggregate principal amount of its 2.3% Notes due 2019 (the ¡°2.3% Notes¡±).
These notes were issued pursuant to its existing shelf registration statement and pursuant to an indenture between the Company and The Bank of New York Mellon Trust Company, N. A. , as trustee, as supplemented (the ¡°Indenture¡±).
The Company may issue additional debt from time to time pursuant to the Indenture.
The Indenture governing these notes contains covenants that limit the Company¡¯s ability to, among other things, incur certain liens securing indebtedness, engage in certain sale-leaseback transactions, and enter into certain consolidations, mergers, conveyances, transfers or leases of all or substantially all the Company¡¯s assets.
The terms of these notes also require the Company to make an offer to repurchase Notes upon a Change of Control Triggering Event (as defined in the Indenture) at a price equal to 101% of their principal amount plus accrued and unpaid interest.
Also in November 2014, the Company entered into three Euro-denominated borrowings as follows.3-year €500 million bank loan Interest on this loan is variable and is based on changes to the EURIBOR interest rate.
This loan contains covenants materially consistent with the five-year credit agreement, as discussed below.
At December 31, 2015, the average interest rate on this borrowing was 0.47%.15-year €80 million 2.5% fixed interest and 30-year €120 million 3.0% fixed interest notes PPG privately placed a 15-year €80 million 2.5% fixed interest note and a 30-year €120 million 3.0% fixed interest note.
These notes contain covenants materially consistent with the 2.3% Notes discussed above.
The cash proceeds related to these borrowings net of discounts and fees were as follows:
## Table 3 ##
(1) These debt arrangements are denominated in Euro and have been designated as net investment hedges of the Company¡¯s European operations.
For more information refer to Note 9 ¡°Financial Instruments, Hedging Activities and Fair Value Measurements.
¡± In December 2014, PPG completed a debt refinancing which included redeeming approximately $1.5 billion of public notes and a tender offer for any and all of its outstanding 9% debentures, due 2021 and the 7.70% notes, due 2038 (together, the ¡°Offers¡±).
The consideration for each $1,000 principal amount of the 2021 debentures was approximately $1,334 and was approximately $1,506 for the 2038 notes.
After the expiration of the Offers, PPG accepted for purchase all of the securities that were validly tendered.
An aggregate principal amount of $90 million was redeemed through the tender offer which required $43 million of premiums to be paid to the debt holders.
The following table is a summary of the debt instruments redeemed and the tender offers completed:

<table><tr><td><i>(Millions)</i></td><td>2011</td><td>2010</td></tr><tr><td>Other, weighted average 3.72% as of Dec. 31, 2011 and 3.39% as of December 31, 2010</td><td>33</td><td>24</td></tr><tr><td><i></i> <i>Total</i></td><td>$33</td><td>$24</td></tr></table>
<table><tr><td><i>(Millions)</i></td><td><i>2011</i></td><td><i>2010</i></td><td>2009</td></tr><tr><td>Royalty income</td><td>55</td><td>58</td><td>45</td></tr><tr><td>Share of net earnings (loss) of equity affiliates (See Note 5)</td><td>37</td><td>45</td><td>-5</td></tr><tr><td>Gain on sale of assets</td><td>12</td><td>8</td><td>36</td></tr><tr><td>Other</td><td>73</td><td>69</td><td>74</td></tr><tr><td><i>Total</i></td><td>$177</td><td>$180</td><td>$150</td></tr></table>
<table><tr><td><i>(Millions)</i> Reportable Business Segments</td><td><i>Performance</i><i>Coatings</i></td><td>Industrial Coatings</td><td><i>Architectural Coatings – EMEA</i></td><td><i>Optical</i><i>and</i><i>Specialty Materials</i></td><td>Commodity Chemicals</td><td><i>Glass<sup></sup><sup></sup></i></td><td>Corporate / Eliminations / Non- Segment Items -1</td><td>Consolidated Totals</td></tr><tr><td> 2011</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Net sales to external customers</td><td>$4,626</td><td>$4,158</td><td>$2,104</td><td>$1,204</td><td>$1,732</td><td>$1,061</td><td>$—</td><td>$14,885</td></tr><tr><td>Intersegment net sales</td><td>—</td><td></td><td></td><td>3</td><td>9</td><td>—</td><td>-12</td><td>—</td></tr><tr><td><i></i> <i>Total net sales</i></td><td>$4,626</td><td>$4,158</td><td>$2,104</td><td>$1,207</td><td>$1,741</td><td>$1,061</td><td>$-12</td><td>$14,885</td></tr><tr><td><i></i> <i>Segment income</i></td><td>$673</td><td>$438</td><td>$123</td><td>$326</td><td>$370</td><td>$97</td><td>$—</td><td>$2,027</td></tr><tr><td>Legacyitems<sup>-2</sup></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>-66</td></tr><tr><td>Interest expense, net of interest income</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>-168</td></tr><tr><td>Acquisition-related gain, net<sup>(3</sup><sup>)</sup></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>9</td></tr><tr><td>Corporateunallocated<sup>-4</sup></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>-205</td></tr><tr><td><i></i> <i>Income before income taxes</i></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>$1,597</td></tr><tr><td>Depreciation and amortization (See Note 1)</td><td>$115</td><td>$90</td><td>$113</td><td>$36</td><td>$41</td><td>$52</td><td>$20</td><td>$467</td></tr><tr><td>Share of net earnings of equity affiliates</td><td>2</td><td>1</td><td>2</td><td>—</td><td>1</td><td>24</td><td>7</td><td>37</td></tr><tr><td>Segmentassets<sup>-5</sup></td><td>4,017</td><td>2,614</td><td>2,626</td><td>610</td><td>690</td><td>919</td><td>2,906</td><td>14,382</td></tr><tr><td>Investment in equity affiliates</td><td>12</td><td>12</td><td>20</td><td>—</td><td>—</td><td>170</td><td>47</td><td>261</td></tr><tr><td>Expenditures for property</td><td>79</td><td>73</td><td>48</td><td>54</td><td>89</td><td>56</td><td>41</td><td>440</td></tr><tr><td> 2010</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Net sales to external customers</td><td>$4,281</td><td>$3,708</td><td>$1,874</td><td>$1,141</td><td>$1,434</td><td>$985</td><td>$—</td><td>$13,423</td></tr><tr><td>Intersegment net sales</td><td>—</td><td>-1</td><td>1</td><td>3</td><td>7</td><td>—</td><td>-10</td><td>—</td></tr><tr><td><i></i> <i>Total net sales</i></td><td>$4,281</td><td>$3,707</td><td>$1,875</td><td>$1,144</td><td>$1,441</td><td>$985</td><td>$-10</td><td>$13,423</td></tr><tr><td><i></i> <i>Segment income</i></td><td>$661</td><td>$378</td><td>$113</td><td>$307</td><td>$189</td><td>$74</td><td>$—</td><td>$1,722</td></tr><tr><td>Legacyitems<sup>-2</sup></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>-67</td></tr><tr><td>Interest expense, net of interest income</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>-155</td></tr><tr><td>Corporateunallocated<sup>-4</sup></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>-205</td></tr><tr><td><i></i> <i>Income before income taxes</i></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>$1,295</td></tr><tr><td>Depreciation and amortization (See Note 1)</td><td>$117</td><td>$95</td><td>$107</td><td>$36</td><td>$39</td><td>$56</td><td>$20</td><td>$470</td></tr><tr><td>Share of net earnings (loss) of equity affiliates</td><td>2</td><td>2</td><td>1</td><td>—</td><td>-1</td><td>26</td><td>15</td><td>45</td></tr><tr><td>Segmentassets<sup>-5</sup></td><td>4,027</td><td>2,620</td><td>2,759</td><td>597</td><td>587</td><td>893</td><td>3,492</td><td>14,975</td></tr><tr><td>Investment in equity affiliates</td><td>13</td><td>13</td><td>18</td><td>—</td><td>1</td><td>156</td><td>215</td><td>416</td></tr><tr><td>Expenditures for property</td><td>89</td><td>68</td><td>51</td><td>39</td><td>40</td><td>32</td><td>20</td><td>339</td></tr></table>
<table><tr><td>($ in millions)</td><td>Proceeds</td></tr><tr><td>3-year variable rate bank loan<sup>-1</sup></td><td>$620</td></tr><tr><td>2.30% notes, due 2019</td><td>297</td></tr><tr><td>15-year 2.5% fixed rate note<sup>-1</sup></td><td>99</td></tr><tr><td>30-year 3.0% fixed rate note<sup>-1</sup></td><td>142</td></tr><tr><td>Total cash proceeds</td><td>$1,158</td></tr></table>

Question: what would the remaining cost to repurchase shares under the october 2009 agreement be assuming the december 31 , 2009 weighted average share price ?
Answer: 5666000.0