Note 14. Long-Term Debt

The principal amount (net of unamortized discounts and premiums), stated interest rate and maturity date of outstanding debt at March 31, 2015 and December 31, 2014 are as follows (dollars in thousands):


		March 31,		December 31,
		2015		2014

Parent Company Debt:
Senior Notes:
8.125% Senior Notes due September 15, 2015, $458,641 principal	$	458,040	$	457,723
5.50% Senior Notes due October 18, 2023, $750,000 principal		740,953		740,748
6.625% Senior Notes due October 23, 2043, $250,000 principal		247,000		246,991
Total long-term debt – Parent Company		1,445,993		1,445,462

Subsidiary Debt (non-recourse to Parent Company):
Jefferies:
3.875% Senior Notes, due November 9, 2015, $500,000 principal		505,851		507,944
5.5% Senior Notes, due March 15, 2016, $350,000 principal		360,702		363,229
5.125% Senior Notes, due April 13, 2018, $800,000 principal		839,383		842,359
8.5% Senior Notes, due July 15, 2019, $700,000 principal		826,229		832,797
2.375% Euro Senior Notes, due May 20, 2020, $559,850 principal		558,601		620,725
6.875% Senior Notes, due April 15, 2021, $750,000 principal		849,568		853,091
2.25% Euro Medium Term Notes, due July 13, 2022, $4,479 principal		3,956		4,379
5.125% Senior Notes, due January 20, 2023, $600,000 principal		622,716		623,311
6.45% Senior Debentures, due June 8, 2027, $350,000 principal		381,073		381,515
3.875% Convertible Senior Debentures, due November 1, 2029,
$345,000 principal		348,276		348,568
6.25% Senior Debentures, due January 15, 2036, $500,000 principal		512,969		513,046
6.50% Senior Notes, due January 20, 2043, $400,000 principal		421,885		421,960
Secured credit facility, due June 26, 2017		205,000		170,000
National Beef Term Loan		336,250		345,000
National Beef Revolving Credit Facility		181,916		135,144
Other		158,415		119,399
Total long-term debt – subsidiaries		7,112,790		7,082,467

Long-term debt	$	8,558,783	$	8,527,929

Subsidiary Debt:

Jefferies 3.875% Convertible Senior Debentures due 2029 are convertible into our common shares; each $1,000 are convertible into 22.2523 common shares (equivalent to a conversion price of approximately $44.94). 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.

At March 31, 2015, Jefferies has 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 $750.0 million with availability subject to one or more borrowing bases. 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 amounts 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 non-U.S. dollar borrowings, is based on the London Interbank Offered Rate. 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 March 31, 2015, 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 March 31, 2015, National Beef's credit facility consisted of a $375.0 million term loan and a revolving credit facility of $300.0 million, which matures in October 2018. In April 2015, National Beef increased its revolving credit facility to $375.0 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 0.75% to 2.75% depending upon certain financial ratios and the rate selected. At March 31, 2015, the interest rate on the outstanding term loan was 2.9% and the interest rate on the outstanding revolving credit facility was 2.9%. The credit facility contains a minimum tangible net worth covenant; at March 31, 2015, National Beef met this 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 Beef's 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 $20.1 million were outstanding at March 31, 2015. Amounts available under the revolver are subject to a borrowing base calculation primarily comprised of receivable and inventory balances. At March 31, 2015, after deducting outstanding amounts and issued letters of credit, $98.0 million of the unused revolver was available to National Beef.