notes to the consolidated financial statements on march 18 , 2008 , ppg completed a public offering of $ 600 million in aggregate principal amount of its 5.75% ( 5.75 % ) notes due 2013 ( the 201c2013 notes 201d ) , $ 700 million in aggregate principal amount of its 6.65% ( 6.65 % ) notes due 2018 ( the 201c2018 notes 201d ) and $ 250 million in aggregate principal amount of its 7.70% ( 7.70 % ) notes due 2038 ( the 201c2038 notes 201d and , together with the 2013 notes and the 2018 notes , the 201cnotes 201d ) .
the notes were offered by the company pursuant to its existing shelf registration .
the proceeds of this offering of $ 1538 million ( net of discount and issuance costs ) and additional borrowings of $ 195 million under the 20ac650 million revolving credit facility were used to repay existing debt , including certain short-term debt and the amounts outstanding under the 20ac1 billion bridge loan .
no further amounts can be borrowed under the 20ac1 billion bridge loan .
the discount and issuance costs related to the notes , which totaled $ 12 million , will be amortized to interest expense over the respective lives of the notes .
short-term debt outstanding as of december 31 , 2008 and 2007 , was as follows : ( millions ) 2008 2007 .

<i>(Millions)</i>
2008
2007
€1 billion bridge loan agreement, 5.2%
$—
$1,047
U.S. commercial paper, 5.3% as of Dec. 31, 2008
222
617
€650 million revolving credit facility, weighted average 2.9% as of Dec. 31, 2008<sup>(1)</sup>
200
—
Other, weighted average 4.0% as of Dec. 31, 2008
362
154
<i></i> <i>Total</i>
$784
$1,818

total $ 784 $ 1818 ( 1 ) borrowings under this facility have a term of 30 days and can be rolled over monthly until the facility expires in 2010 .
ppg is in compliance with the restrictive covenants under its various credit agreements , loan agreements and indentures .
the company 2019s revolving credit agreements include a financial ratio covenant .
the covenant requires that the amount of total indebtedness not exceed 60% ( 60 % ) of the company 2019s total capitalization excluding the portion of accumulated other comprehensive income ( loss ) related to pensions and other postretirement benefit adjustments .
as of december 31 , 2008 , total indebtedness was 45% ( 45 % ) of the company 2019s 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 2019s 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 2019s primary debt obligations are secured or guaranteed by the company 2019s affiliates .
interest payments in 2008 , 2007 and 2006 totaled $ 228 million , $ 102 million and $ 90 million , respectively .
rental expense for operating leases was $ 267 million , $ 188 million and $ 161 million in 2008 , 2007 and 2006 , respectively .
the primary leased assets include paint stores , transportation equipment , warehouses and other distribution facilities , and office space , including the company 2019s corporate headquarters located in pittsburgh , pa .
minimum lease commitments for operating leases that have initial or remaining lease terms in excess of one year as of december 31 , 2008 , are ( in millions ) $ 126 in 2009 , $ 107 in 2010 , $ 82 in 2011 , $ 65 in 2012 , $ 51 in 2013 and $ 202 thereafter .
the company had outstanding letters of credit of $ 82 million as of december 31 , 2008 .
the letters of credit secure the company 2019s performance to third parties under certain self-insurance programs and other commitments made in the ordinary course of business .
as of december 31 , 2008 and 2007 guarantees outstanding were $ 70 million .
the guarantees relate primarily to debt of certain entities in which ppg has an ownership interest and selected customers of certain of the company 2019s businesses .
a portion of such debt is secured by the assets of the related entities .
the carrying values of these guarantees were $ 9 million and $ 3 million as of december 31 , 2008 and 2007 , respectively , and the fair values were $ 40 million and $ 17 million , as of december 31 , 2008 and 2007 , respectively .
the company does not believe any loss related to these letters of credit or guarantees is likely .
10 .
financial instruments , excluding derivative financial instruments included in ppg 2019s financial instrument portfolio are cash and cash equivalents , cash held in escrow , marketable equity securities , company-owned life insurance and short- and long-term debt instruments .
the fair values of the financial instruments approximated their carrying values , in the aggregate , except for long-term long-term debt ( excluding capital lease obligations ) , had carrying and fair values totaling $ 3122 million and $ 3035 million , respectively , as of december 31 , 2008 .
the corresponding amounts as of december 31 , 2007 , were $ 1201 million and $ 1226 million , respectively .
the fair values of the debt instruments were based on discounted cash flows and interest rates currently available to the company for instruments of the same remaining maturities .
2008 ppg annual report and form 10-k 45 .

Question: Analyse this data from a financial earnings document. as of december 31 , 2008 , what would be the cash flow impact if the guarantees and letters of credit were called , in millions?
Choices:
1.2
12
152.0
160
208
Correct choice index: 2