DEBT

The Company’s long-term debt consists of the following (dollars in thousands):



	2014		2013
$400 million 6.20% Subordinated Debentures due 2042	$	400,000	$	400,000
$400 million 6.75% Junior Subordinated Debentures due 2065	318,732		318,729
$400 million 4.70% Senior Notes due 2023	398,684		398,533
$400 million 5.00% Senior Notes due 2021	398,583		398,362
$400 million 6.45% Senior Notes due 2019	399,669		399,602
$300 million 5.625% Senior Notes due 2017	299,397		299,124
$100 million 4.09% Promissory Note due 2039	99,228		—
Long-term Debt	$	2,314,293	$	2,214,350

On August 21, 2014, the Company signed a promissory note due September 1, 2039 with a face amount of $100.0 million, collateralized by the Company’s new headquarters in Chesterfield, Missouri. Principal and interest are paid monthly on the promissory note, with an interest rate of 4.09%. The liability for the note is included in long-term debt on the consolidated balance sheets.

On September 19, 2013, RGA issued 4.70% Senior Notes due September 15, 2023 with a face amount of $400.0 million. These senior notes have been registered with the Securities and Exchange Commission. The net proceeds from the offering were approximately $395.1 million and will be used for general corporate purposes. Capitalized issue costs were approximately$3.4 million.

On August 21, 2012, RGA issued 6.20% Fixed-To-Floating Rate Subordinated Debentures due September 15, 2042 with a face amount of $400.0 million. These subordinated debentures have been registered with the Securities and Exchange Commission. The net proceeds from the offering were approximately $393.7 million and will be used for general corporate purposes. Capitalized issue costs were approximately $6.3 million.

On September 25, 2014 the Company entered into a new syndicated revolving credit facility with a five year term and an overall capacity of $850.0 million, replacing its existing $850.0 million syndicated revolving credit facility, which was scheduled to mature in December 2015. The Company may borrow cash and may obtain letters of credit in multiple currencies under this facility. See - Note 12 "Commitments, Contingencies and Guarantees" for information regarding the Company's credit facilities. As of December 31, 2014 and 2013, respectively, the Company had no cash borrowings outstanding and $204.8 million and $67.6 million in issued, but undrawn, letters of credit under its syndicated revolving credit agreements. As of December 31, 2014 and 2013, the average interest rate on long-term debt outstanding was 5.69% and 5.76%, respectively.

Certain of the Company’s debt agreements contain financial covenant restrictions related to, among others, liens, the issuance and disposition of stock of restricted subsidiaries, minimum requirements of consolidated net worth, maximum ratios of debt to capitalization and change of control provisions. A material ongoing covenant default could require immediate payment of the amount due, including principal, under the various agreements. Additionally, the Company’s debt agreements contain cross-default covenants, which would make outstanding borrowings immediately payable in the event of a material uncured covenant default under any of the agreements, including, but not limited to, non-payment of indebtedness when due for an amount in excess of $100.0 million, bankruptcy proceedings, or any other event which results in the acceleration of the maturity of indebtedness. As of December 31, 2014 and 2013, the Company had $2,314.3 million and $2,214.4 million, respectively, in outstanding borrowings under its debt agreements and was in compliance with all covenants under those agreements.

The ability of the Company to make debt principal and interest payments depends on the earnings and surplus of subsidiaries, investment earnings on undeployed capital proceeds, and the Company’s ability to raise additional funds. Future principal payments due on long-term debt as of December 31, 2014, were as follows (dollars in thousands):



2015	$	2,178
2016	2,470
2017	302,573
2018	2,681
2019	402,792
Thereafter	1,606,337
Total	$	2,319,031