9. Debt

The components of debt and a reconciliation to the carrying amount of long-term debt is presented in the table below.


	September 27, 2013			December 31, 2012
	(in millions)
L-3 Communications:
Borrowings under Amended and Restated Revolving Credit Facility⁽¹⁾	$	—		$	—
3.95% Senior Notes due 2016		500			500
5.20% Senior Notes due 2019		1,000			1,000
4.75% Senior Notes due 2020		800			800
4.95% Senior Notes due 2021		650			650

Subtotal		2,950			2,950

L-3 Holdings:
3% Convertible Contingent Debt Securities due 2035⁽²⁾		689			689

Principal amount of long-term debt		3,639			3,639
Unamortized discounts		(9	)		(10	)

Carrying amount of long-term debt	$	3,630		$	3,629

⁽¹⁾

During the year-to-date period ended September 27, 2013, L-3 Communications’ aggregate borrowings and repayments under the Amended and Restated Revolving Credit Facility was $1,382 million. At September 27, 2013, L-3 Communications had the availability of substantially all of its $1 billion Amended and Restated Revolving Credit Facility, which expires on February 3, 2017.

⁽²⁾

Under select conditions, including if L-3 Holdings’ common stock price is more than 120% (currently $108.29) of the then current conversion price (currently $90.24) for a specified period, the conversion feature of the CODES will require L-3 Holdings, upon conversion, to pay the holders of the CODES the principal amount in cash, and if the settlement amount exceeds the principal amount, the excess will be settled in cash or stock or a combination thereof, at the Company’s option. At the current conversion price of $90.24, the aggregate consideration to be delivered upon conversion would be determined based on 7.6 million shares of L-3 Holdings’ common stock. See Note 10 to the audited consolidated financial statements for the year ended December 31, 2012, included in the Company’s Annual Report on Form 10-K, for additional information regarding the CODES, including conditions for conversion. L-3 Holdings’ closing stock price on October 23, 2013 was $95.98 share. Interest expense recognized was $5 million for both quarterly periods ended September 27, 2013 and September 28, 2012 and $15 million for both year-to-date periods ended September 27, 2013 and September 28, 2012. A portion of this interest expense was allocated to discontinued operations for the quarterly and year-to-date periods ended September 28, 2012 as a result of the spin-off of Engility. The carrying amount of the equity component (conversion feature) of the CODES was $64 million at September 27, 2013 and December 31, 2012.