December 31,
(US$ in millions)		2004		2003
Commercial paper with an average interest
	rate of 2.37% at December 31, 2004	$	401	$	426
Lines of credit:
Unsecured variable interest rates from
	1.39% to 10.5%		140		460
Other			–		3
Total short-term debt		$	541	$	889

Bunge's short-term borrowings, predominantly held with commercial banks, are primarily used to fund readily marketable inventories and other working capital requirements. The weighted average interest rate on short-term borrowings at December 31, 2004 and 2003 was 4.2% and 2.36%, respectively.

In connection with the financing of readily marketable inventories, Bunge recorded interest expense on debt financing readily marketable inventories of $46 million, $34 million and $31 million for the years ended December 31, 2004, 2003 and 2002, respectively.

At December 31, 2004, Bunge had a $600 million commercial paper program facility to fund working capital requirements. At December 31, 2004, Bunge had approximately $199 million of unused and available borrowing capacity under its commercial paper program facility and other committed short-term lines of credit with a number of lending institutions.