Note 14. Long-Term Debt

The following summarizes our long-term debt at September 30, 2014 and December 31, 2013 (dollars in thousands):


		September 30,		December 31,
		2014		2013

Parent Company Debt:
Senior Notes:
8.125% Senior Notes due September 15, 2015	$	457,411	$	456,515
5.50% Senior Notes due October 18, 2023		740,547		739,960
6.625% Senior Notes due October 23, 2043		246,983		246,958
Subordinated Notes:
3.75% Convertible Senior Subordinated Notes due April 15, 2014				97,581
Total long-term debt Parent company		1,444,941		1,541,014

Subsidiary Debt (non-recourse to Parent Company):
Jefferies:
5.875% Senior Notes, due June 8, 2014				255,676
3.875% Senior Notes, due November 9, 2015		510,026		516,204
5.5% Senior Notes, due March 15, 2016		365,739		373,178
5.125% Senior Notes, due April 13, 2018		845,310		854,011
8.5% Senior Notes, due July 15, 2019		839,300		858,425
2.375% Euro Senior Notes, due May 20, 2020		655,129
6.875% Senior Notes, due April 15, 2021		856,575		866,801
2.25% Euro Medium Term Notes, due July 13, 2022		4,605		4,792
5.125% Senior Notes, due January 20, 2023		623,900		625,626
6.45% Senior Debentures, due June 8, 2027		381,951		383,224
3.875% Convertible Senior Debentures, due November 1, 2029		348,856		349,707
6.25% Senior Debentures, due January 15, 2036		513,122		513,343
6.50% Senior Notes, due January 20, 2043		422,033		422,245
Secured credit facility, due June 26, 2017		258,000		200,000
National Beef Term Loans		353,750		375,000
National Beef Revolving Credit Facility		106,431
Other		89,529		41,619
Total long-term debt subsidiaries		7,174,256		6,639,851

Long-term debt	$	8,619,197	$	8,180,865

Parent Company Debt:

The 3.75% Convertible Senior Subordinated Notes due 2014 were converted primarily in April 2014 into 4,606,109 common shares prior to maturity and are no longer outstanding.

Subsidiary Debt:

Jefferies 3.875% Convertible Senior Debentures due 2029 are convertible into our common shares; each $1,000 are convertible into 22.1312 common shares (equivalent to a conversion price of approximately $45.19). The debentures are convertible at the holders option any time beginning on August 1, 2029 and convertible at any time if: 1) our common stock price is greater than or equal to 130% of the conversion price for at least 20 trading days in a period of 30 consecutive trading days; 2) if the trading price per debenture is less than 95% of the price of our common stock times the conversion ratio for any 10 consecutive trading days; 3) if the debentures are called for redemption; or 4) upon the occurrence of specific corporate actions. The debentures may be redeemed for par, plus accrued interest, on or after November 1, 2012 if the price of our common stock is greater than 130% of the conversion price for at least 20 days in a period of 30 consecutive trading days and we may redeem the debentures for par, plus accrued interest, at our election any time on or after November 1, 2017. Holders may require us to repurchase the debentures for par, plus accrued interest, on November 1, 2017, 2019 and 2024. In addition to ordinary interest, commencing November 1, 2017, contingent interest will accrue at 0.375% if the average trading price of a debenture for 5 trading days ending on and including the third trading day immediately preceding a six-month interest period equals or exceeds $1,200 per $1,000 debenture.

On August 26, 2011, Jefferies entered into a committed senior secured revolving credit facility ("Jefferies Credit Facility") with a group of commercial banks in U.S. dollars, Euros and Sterling, in an aggregate committed amount of $950.0 million with availability subject to one or more borrowing bases and of which $250.0 million can be borrowed without a borrowing base requirement. On June 26, 2014, Jefferies amended and restated the Credit Facility for three years and reduced the committed amount to $750.0 million. The borrowers under the Jefferies Credit Facility are Jefferies Bache Financial Services, Inc., Jefferies Bache, LLC and Jefferies Bache Limited, with a guarantee from Jefferies Group LLC. On September 1, 2014, Jefferies Bache, LLC merged with and into Jefferies LLC, (a U.S. broker-dealer), with Jefferies LLC as the surviving entity; Jefferies is a borrower under the Credit Facility. The Jefferies Credit Facility contains certain financial covenants, including, but not limited to, restrictions on future indebtedness of Jefferies subsidiaries, minimum tangible net worth and liquidity requirements and minimum capital requirements. Interest is based on, in the case of U.S. dollar borrowings, the Federal funds rate or the London Interbank Offered Rate or, in the case of Euro and Sterling borrowings, the Euro Interbank Offered Rate and the London Interbank Offered Rate, respectively. The obligations of each borrower under the Credit Facility are secured by substantially all the assets of such borrower, but none of the borrowers is responsible for any obligations of any other borrower. At September 30, 2014, borrowings under the Jefferies Credit Facility were denominated in U.S. dollars and Jefferies is in compliance with debt covenants under the Jefferies Credit Facility.

At September 30, 2014, National Beefs credit facility consisted of a $375.0 million term loan and a revolving credit facility of $300.0 million. The term loan and the revolving credit facility bear interest at the Base Rate or the LIBOR Rate (as defined in the credit facility), plus a margin ranging from .75% to 2.50% depending upon certain financial ratios and the rate selected. At September 30, 2014, the interest rate on the outstanding term loan was 2.9% and the interest rate on the outstanding revolving credit facility was 3.1%. The amended credit facility contains a minimum tangible net worth covenant, but does not contain the numerical covenants requiring certain leverage and fixed charge ratios that were in the previous agreement. At September 30, 2014, National Beef met the tangible net worth covenant. The credit facility is secured by a first priority lien on substantially all of the assets of National Beef and its subsidiaries.

Borrowings under the revolving credit facility are available for National Beefs working capital requirements, capital expenditures and other general corporate purposes. Unused capacity under the facility can also be used to issue letters of credit; letters of credit aggregating $25.3 million were outstanding at September 30, 2014. Amounts available under the revolver are subject to a borrowing base calculation primarily comprised of receivable and inventory balances. At September 30, 2014, after deducting outstanding amounts and issued letters of credit, $168.3 million of the unused revolver was available to National Beef.