Debt

Debt as of September 30, 2013 and December 31, 2012 was as follows:



	September 30, 2013			December 31, 2012
	(In thousands)
7.875% Debentures due February 2013	$	—		$	4,757
6.75% Senior Notes due April 2015	136,465			136,465
6.75% Senior Notes due April 2016	197,377			197,377
7.0% Senior Notes due June 2017	295,000			295,000
7.625% Senior Notes due October 2018	250,000			250,000
7.0% Senior Notes due May 2019	250,000			250,000
4.5% Senior Notes due November 2020	200,000			200,000
8.0% Senior Notes due November 2021	150,000			150,000
5.375% Senior Notes due January 2022	425,000			—
7.5% Senior Notes due April 2027	200,000			200,000
Bank credit facility	—			86,600
Obligations under capital leases	189,011			176,445
Mortgage notes and other debt, maturities through 2047	4,711			5,698
Unamortized pricing discounts and other	(3,814		)	(4,292		)
Total debt	2,293,750			1,948,050
Less current maturities	(36,647		)	(31,429		)
Total long-term debt	$	2,257,103		$	1,916,621

Current maturities of debt at September 30, 2013 were primarily comprised of our capital leases. Our consolidated debt had a weighted average interest rate of 5.72% and 6.28% at September 30, 2013 and December 31, 2012, respectively. Approximately 92% and 87% of our total debt had a fixed interest rate at September 30, 2013 and December 31, 2012, respectively.

Stewart Acquisition Financing

In conjunction with our entry into a definitive agreement to acquire Stewart (See Note 1) on May 28, 2013, the Company also entered into an agreement with a leading bank to provide $1.825 billion of committed financing. This committed financing consisted of a $500 million replacement revolving facility (to be provided in the event amendments to SCI's existing bank credit facility could not be obtained), a $600 million term loan, and a $725 million senior unsecured bridge facility.

In July 2013, we entered into a new credit agreement with a syndicate of banks. The new $1.1 billion credit agreement replaces the existing $500 million bank credit facility providing for a new $500 million bank credit facility and a $600 million term loan, both maturing in July 2018. A significant amount of the term loan will be drawn upon the closing of and used to fund the Stewart Acquisition and includes quarterly amortization requirements. After the acquisition, the credit agreement requires us to use the first $200 million of divestiture proceeds to prepay our term loan while our leverage ratio exceeds 3.75X (net debt to EBITDA as defined in the credit agreement). The new $500 million bank credit facility will be used partially to fund the Stewart acquisition, but will primarily exist to provide the Company with flexibility for general corporate purposes.

In June 2013, Stewart launched a consent solicitation from the holders of Stewart's $200 million 6.5% senior notes due April 2019, which notes are expected to remain outstanding after our acquisition of Stewart. The consent solicitation requested, among other things, the waiver of the holders' change of control rights as they relate to the Stewart acquisition. Consenting holders received a 0.25% fee based on the aggregate principal amount of notes for which consents were delivered (half of which was immediately payable and half of which will be paid upon the closing of the Stewart acquisition), and upon the closing of the Stewart Acquisition, SCI will provide a guarantee of the notes. This consent solicitation was successful and the applicable waivers will only be effective upon closing of the Stewart acquisition.

Finally, in July 2013, the Company issued $425 million in 5.375% Senior Notes due January 2022, in a private placement offering made in accordance with rule 144A under the Securities Act of 1933. Pending the closing of the Stewart acquisition, the net proceeds are being held in an escrow account and reported as restricted cash. The issuance of these notes was a non-cash financing activity as the funds were deposited directly to the escrow account. In the event the Stewart acquisition does not close, SCI is required to redeem the notes at par value to the bond holders. The notes are subject to the provisions of the Company's Senior Indenture dated as of February 1, 1993, as amended, which includes certain covenants limiting, among other things, the creation of liens securing indebtedness and sale-leaseback transactions.

With the aforementioned $1.1 billion credit agreement and the newly issued $425 million Senior Notes, we believe we have completed the necessary financing to fund the Stewart acquisition when the transaction closes.

Bank Credit Agreement

As of September 30, 2013, the Company had a $500 million bank credit facility due July 2018 with a syndicate of banks.

In conjunction with entering into the new bank credit facility, all outstanding cash advances of $86.6 million were repaid. Our new bank credit facility includes a $175 million sublimit for letters of credit and provides us with flexibility for working capital, if needed, and is guaranteed by a majority of our domestic subsidiaries. The subsidiary guaranty is a guaranty of payment of the outstanding amount of the total lending commitment, including letters of credit. The bank credit facility contains certain financial covenants, including a minimum interest coverage ratio, a maximum leverage ratio, and certain dividend and share repurchase restrictions. We have no outstanding cash advances under our bank credit facility but currently do use it to support $31.8 million of letters of credit. We pay a quarterly fee on the unused commitment, which was 0.25% for the third quarter. As of September 30, 2013, we have $468.2 million in borrowing capacity under the bank credit facility.

Debt Extinguishments and Reductions

During the first nine months of 2013, we paid an aggregate of $19.7 million to retire $19.6 million in capital lease obligations and $0.1 million to retire other debt. Certain of the above transactions resulted in the recognition of a gain of $0.5 million recorded in Gains on early extinguishment of debt, net in our unaudited condensed consolidated statement of operations.

During the first nine months of 2012, we paid an aggregate of $19.3 million to retire capital lease obligations with no associated gain or loss recognized on early extinguishment of this debt.

Capital Leases

During the nine months ended September 30, 2013 and 2012, we acquired $34.0 million and $51.0 million, respectively, of capital leases, primarily related to transportation equipment.