Question-and-Answer Session
Operator
(Operator Instructions) Your first question is from the line of George Staphos -
Bank of America Securities.
George Staphos - Bank of America Securities
Maybe a quick question to start regarding the balance sheet - can you remind us what the maturity schedule looks like over the next couple years? I remember roughly speaking in 2011 you've got about $400 million coming due and then in '12 about $600 million. And then I had a question on Montana Phase III. I remember that that will likely close in the fourth quarter of 2010. Can you do something similar to what you did this year which is obviously something to the major conservancy, maybe pull forward that cash flow to the beginning of the year, guys?
David Lambert
Let me address the balance sheet first, George. In 2010 we have about $56 million due. In 2011 at the end of the quarter we had $376 million due of senior notes. We've already prepaid $62 million of that that I alluded to earlier. We're down to just about $300 million in 2011. So we continue to have a runway that looks quite reasonable as far as how we approach our upcoming debt maturities. Credit markets have improved dramatically over the past quarter.
Our public bonds that we're trading at a significant discount to par when things were being disrupted are now trading at well over par at very low yields. And so we feel pretty comfortable about the upcoming opportunities to refinance our debt.
George Staphos - Bank of America Securities
And on Montana Phase III, is that a fourth quarter closing, from what I recall? Can you pull that forward by any chance?
Rick R. Holley
Yes, George, this is Rick Holley. I think that at least we're still planning at this time for it to be a fourth quarter closing. And I presume that the Nature Conservancy is in the process of still funding that because that portion of the transaction is funded with private individuals. So we've not heard anything different but my guess it'll be an early fourth quarter call.
George Staphos - Bank of America Securities
All right, two last ones and I'll turn it over. If we look at the last two quarters worth of real estate sales and what you're projecting for this coming quarter, the run rate's been relatively consistent over the last three quarters. I realize real estate sales are kind of hard to project, but is there any reason that you can see right now where that run rate shouldn't continue for the foreseeable future, ex again, the timing on Montana?
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