Debt

Debt consists of the following (in millions):



	September 30, 2014						December 31, 2013
	North America		International		Total		North America		International		Total
Secured
Revolving credit facilities	$	697	$	5,736	$	6,433	$	1,678	$	7,322	$	9,000
Securitization notes payable	12,177		4,322		16,499		10,801		2,272		13,073
Total secured	$	12,874	$	10,058	$	22,932	$	12,479	$	9,594	$	22,073

Unsecured
Senior notes	$	7,858	$	—	$	7,858	$	4,000	$	—	$	4,000
Credit facilities	—		2,217		2,217		—		2,370		2,370
Other unsecured debt	—		767		767		—		603		603
Total unsecured	$	7,858	$	2,984	$	10,842	$	4,000	$	2,973	$	6,973

Secured Debt

Most of the secured debt was issued by variable interest entities, as further discussed in Note 6 - "Variable Interest Entities." This debt is repayable only from proceeds related to the underlying pledged finance receivables and lease related assets.

During the nine months ended September 30, 2014, we entered into $445 million in new revolving credit facilities and issued $7.1 billion in securitization notes payable.

We are required to hold funds in restricted cash accounts to provide additional collateral for borrowings under certain of our secured credit facilities. Additionally, certain of our secured credit facilities contain various covenants requiring minimum financial ratios, asset quality and portfolio performance ratios (portfolio net loss and delinquency ratios and pool level cumulative net loss ratios) as well as limits on deferment levels. Failure to meet any of these covenants could result in an event of default under these agreements. If an event of default occurs under these agreements, the lenders could elect to declare all amounts outstanding under these agreements to be immediately due and payable, enforce their interests against collateral pledged under these agreements, restrict our ability to obtain additional borrowings under these agreements and/or remove us as servicer. At September 30, 2014, we were in compliance with all covenants related to our credit facilities.

Unsecured Debt

In July 2014, our top-tier holding company issued $1.5 billion in senior notes, of which $700 million are due in July 2017 and $800 million are due in July 2019. Interest on the respective tranches is 2.625% and 3.50%, and is payable semiannually. In September 2014, our top-tier holding company issued $2.0 billion in senior notes, of which $750 million are due in September 2017 and $1.25 billion are due in September 2021. Interest on the respective tranches is 3.00% and 4.375%, and is payable semiannually. The other terms of all these senior notes are substantially the same as those of the senior notes our top-tier holding company has previously issued. We intend to use the net proceeds from these offerings for general corporate purposes.

All of the senior notes issued by our top-tier holding company may be redeemed, at our option, in whole or in part, at any time before maturity at the redemption prices set forth in the indentures that govern the senior notes, plus accrued and unpaid interest, to the redemption date. In addition, if a change of control occurs, as that term is defined in the indentures that govern the senior notes, prior to us being rated "investment grade" by at least two of three listed rating agencies, the holders of these senior notes will have the right, subject to certain conditions, to require us to repurchase their senior notes at a purchase price equal to 101% of the aggregate principal amount of senior notes repurchased plus accrued and unpaid interest, as of the date of repurchase. All of our senior notes are guaranteed solely by AmeriCredit Financial Services, Inc. ("AFSI"); none of our other subsidiaries are guarantors of our senior notes. See Note 15 - "Guarantor Consolidating Financial Statements" for further discussion.

The indentures that govern the senior notes issued by our top-tier holding company provide for customary events of default, including nonpayment, failure to comply with covenants or other agreements in the indentures, if any subsidiary guarantee shall cease to be in full force and effect or any guarantor shall deny or disaffirm its obligations under its subsidiary guarantee, and certain events of bankruptcy or insolvency. If any event of default occurs and is continuing with respect to a series of senior notes, the trustee or the holders of at least 25% in principal amount of the then outstanding senior notes of such series may declare all of the senior notes of such series to be due and payable immediately. At September 30, 2014, we were in compliance with all covenants related to our senior notes.

In May 2014 our Canadian subsidiary issued C$400 million of 3.25% senior notes through a private placement in Canada. The notes are due in May 2017 with interest payable semiannually. These notes are guaranteed by our top-tier holding company and by AFSI. We intend to use the net proceeds from this offering for general corporate purposes.

The International Segment issues unsecured debt through credit facilities with banks and other non-bank funding instruments. During the nine months ended September 30, 2014, we entered into $181 million of new unsecured committed credit facilities.

In October 2014, a European subsidiary issued €500 million of 1.875% notes under its euro medium term notes program, which are listed on the Irish Stock Exchange. These notes are due in October 2019 with interest payable annually. These notes are guaranteed by our top-tier holding company and by AFSI. We intend to use the net proceeds for general corporate purposes.