NOTE 8 — LONG-TERM DEBT

A summary of long-term debt at September 30, 2014 and December 31, 2013, including related interest rates at September 30, 2014, follows (dollars in millions):


	September 30, 2014		December 31, 2013
Senior secured asset-based revolving credit facility (effective interest rate of 1.7%)	$	2,280	$	2,440
Senior secured revolving credit facility		—		—
Senior secured term loan facilities (effective interest rate of 5.3%)		5,538		5,598
Senior secured first lien notes (effective interest rate of 5.8%)		10,492		9,695
Other senior secured debt (effective interest rate of 6.6%)		464		448

First lien debt		18,774		18,181
Senior unsecured notes (effective interest rate of 7.2%)		9,696		10,195

Total debt (average life of 6.2 years, rates averaging 5.9%)		28,470		28,376
Less amounts due within one year		1,044		786

	$	27,426	$	27,590

2014 Activity

During March 2014, we issued $3.500 billion aggregate principal amount of notes, comprised of $1.500 billion aggregate principal amount of 3.75% senior secured notes due 2019 and $2.000 billion aggregate principal amount of 5.00% senior secured notes due 2024, and repaid at maturity all $500 million aggregate principal amount of our outstanding 5.75% senior unsecured notes. During April 2014, we used proceeds from the March 2014 debt issuance to redeem all $1.500 billion aggregate principal amount of our outstanding 8¹/₂% senior secured notes due 2019 and all $1.250 billion aggregate principal amount of our outstanding 7⁷/₈% senior secured notes due 2020. The pretax loss on retirement of debt related to these redemptions was $226 million.

2013 Activity

During March 2013, we redeemed all $201 million aggregate principal amount of our 9⁷/₈% senior secured second lien notes due 2017. The pretax loss on retirement of debt related to this redemption was $17 million.