Company’s long-term debt securities are issued by either HFSG Holding Company or HLI, and are unsecured obligations of HFSG Holding Company or HLI, and rank on a parity with all other unsecured and unsubordinated indebtedness of HFSG Holding Company or HLI.

Debt is carried net of discount. Short-term and long-term debt by issuance are as follows:



	As of
	June 30, 2014		December 31, 2013
Revolving Credit Facility	$	—	$	238
Senior Notes and Debentures
4.75% Notes, due 2014	—		200
4.0% Notes, due 2015	289		289
7.3% Notes, due 2015	167		167
5.5% Notes, due 2016	275		275
5.375% Notes, due 2017	415		415
4.0% Notes, due 2017	295		295
6.3% Notes, due 2018	320		320
6.0% Notes, due 2019	413		413
5.5% Notes, due 2020	499		499
5.125% Notes, due 2022	796		796
7.65% Notes, due 2027	80		79
7.375% Notes, due 2031	63		63
5.95% Notes, due 2036	299		298
6.625% Notes, due 2040	295		295
6.1% Notes, due 2041	326		326
6.625% Notes, due 2042	178		178
4.3% Notes, due 2043	298		298
Junior Subordinated Debentures
7.875% Notes, due 2042	600		600
8.125% Notes, due 2068	500		500
Total Notes and Debentures	$	6,108	$	6,306
Less: Current maturities	289		200
Long-term Debt	$	5,819	$	6,106
Total Debt	$	6,108	$	6,544

Revolving Credit Facilities

The Company has a senior unsecured revolving credit facility (the “Credit Facility”) that provides for borrowing capacity up to $1.75 billion (which is available in U.S. dollars, and in Euro, Sterling, Canadian dollars and Japanese Yen) through January 6, 2016. Of the total availability under the Credit Facility, up to $250 is available to support letters of credit issued on behalf of the Company or subsidiaries of the Company. Under the Credit Facility, the Company must maintain a minimum level of consolidated net worth of $14.9 billion. The definition of consolidated net worth under the terms of the Credit Facility, excludes AOCI and includes the Company’s outstanding junior subordinated debentures and perpetual preferred securities, net of discount. In addition, the Company’s maximum ratio of consolidated total debt to consolidated total capitalization is 35%, and the ratio of consolidated total debt of subsidiaries to consolidated total capitalization is limited to 10%. As of June 30, 2014, the Company was in compliance with all financial covenants under the Credit Facility.

HLIKK previously had four revolving credit facilities in support of operations. These credit facilities were transfered with the sale of HLIKK on June 30, 2014.