Long-term Debt and Short-term Borrowings

Long-term debt at December 31, 2012 and 2011 is presented in the following table.



(in thousands)	2012		2011
Parent Company:
4.875% subordinated notes, due February 15, 2013, with semi-annual interest payments and principal to be paid at maturity	$	60,612	206,750
13.00% junior subordinated amortizing notes with quarterly interest and principal payments through May 15, 2013	13,566		38,229
5.125% subordinated notes, due June 15, 2017, with semi-annual interest payments and principal to be paid at maturity	450,000		450,000
7.875% senior notes, due February 15, 2019, $300 million par value with semi-annual interest payments and principal to be paid at maturity ⁽²⁾	293,554		—
LIBOR + 1.80% debentures, due April 19, 2035 with quarterly interest payments and principal to be paid at maturity (rate of 2.11% at December 31, 2012)	10,000		10,000
Hedge-related basis adjustment⁽¹⁾	13,935		21,188
Total long-term debt — Parent Company	841,667		726,167
Synovus Bank:
FHLB advances with interest and principal payments due at various maturity dates through 2018 and interest rates ranging from 0.32% to 4.66% at December 31, 2012 (weighted average interest rate of 0.71% at December 31, 2012)	880,701		633,839
Other notes payable and capital leases with interest and principal payments due at various maturity dates through 2031 (weighted average interest rate of 3.89% at December 31, 2012)	4,087		4,721
Total long-term debt — Synovus Bank	884,788		638,560
Total long-term debt	$	1,726,455	1,364,727


⁽¹⁾	Unamortized balance of terminated interest rate swaps reflected in debt for financial reporting purposes.

⁽²⁾Balance is net of capitalized debt issuance costs and discount

The provisions of the indentures governing Synovus’ long-term debt contain certain restrictions within specified limits on mergers, sales of all or substantially all of Synovus' assets and limitations on sales and issuances of voting stock of subsidiaries and limit Synovus’ ability to pay dividends on its capital stock if there is an event of default under the applicable indenture. As of December 31, 2012, Synovus and its subsidiaries were in compliance with the covenants in these agreements.

On February 13, 2012, Synovus issued $300 million aggregate principal amount of the 2019 Senior Notes in a public offering for aggregate proceeds of $292.6 million, net of discount and debt issuance costs. Concurrent with this offering, Synovus announced a Tender Offer for any and all of its 2013 Notes, with a then total principal amount outstanding of approximately $206.8 million. An aggregate principal amount of $146.1 million of the 2013 notes, representing approximately 71% of the outstanding principal amount, were tendered in the Tender Offer. Synovus paid total consideration of approximately$146.1 million for these notes, which was funded from a portion of the net proceeds of the 2019 Senior Notes.

The FHLB advances are secured by certain loans receivable with a recorded balance of approximately $3.8 billion at both December 31, 2012 and 2011.

Contractual annual principal payments on long-term debt for the next five years and thereafter are shown on the following table.



(in thousands)	Parent Company		Subsidiary	Total
2013	$	74,178	5,638	79,816
2014	—		260,394	260,394
2015	—		390,409	390,409
2016	—		225,368	225,368
2017	450,000		272	450,272
Thereafter	310,000		2,707	312,707
Total	$	834,178	884,788	1,718,966

The following table sets forth certain information regarding federal funds purchased and other securities sold under repurchase agreements:



(dollars in thousands)	2012			2011	2010
Total balance at December 31,	$	201,243		313,757	499,226
Weighted average interest rate at December 31,	0.16		%	0.24	0.30
Maximum month end balance during the year	$	398,853		452,903	543,690
Average amount outstanding during the year	320,338			389,583	480,700
Weighted average interest rate during the year	0.19		%	0.27	0.40