Long-Term Debt

The principal amount (net of unamortized discounts and premiums), stated interest rate and maturity date of outstanding debt at March 31, 2017 and December 31, 2016 are as follows (dollars in thousands):



	March 31, 2017		December 31, 2016
Parent Company Debt:
Senior Notes:
5.50% Senior Notes due October 18, 2023, $750,000 principal	$	741,529	$	741,264
6.625% Senior Notes due October 23, 2043, $250,000 principal	246,638		246,627
Total long-term debt – Parent Company	988,167		987,891

Subsidiary Debt (non-recourse to Parent Company):
Jefferies:
5.125% Senior Notes, due April 13, 2018, $800,000 principal	814,623		817,813
8.50% Senior Notes, due July 15, 2019, $700,000 principal	771,253		778,367
2.375% Euro Medium Term Notes, due May 20, 2020, $529,825 and $529,975 principal	528,220		528,250
6.875% Senior Notes, due April 15, 2021, $750,000 principal	819,951		823,797
2.25% Euro Medium Term Notes, due July 13, 2022, $4,239 and $4,240 principal	3,863		3,848
5.125% Senior Notes, due January 20, 2023, $600,000 principal	617,704		618,355
4.85% Senior Notes, due January 15, 2027, $750,000 principal (1)	738,748		—
6.45% Senior Debentures, due June 8, 2027, $350,000 principal	377,313		377,806
3.875% Convertible Senior Debentures, due November 1, 2029, $345,000 principal	345,850		346,163
6.25% Senior Debentures, due January 15, 2036, $500,000 principal	512,309		512,396
6.50% Senior Notes, due January 20, 2043, $400,000 principal	421,249		421,333
Structured Notes (2)	316,408		255,203
National Beef Term Loan	266,250		273,811
National Beef Revolving Credit Facility	6,593		—
54 Madison Term Loans	387,822		406,028
Foursight Capital Credit Facilities	154,327		97,138
Other	127,769		132,244
Total long-term debt – subsidiaries	7,210,252		6,392,552

Long-term debt	$	8,198,419	$	7,380,443

(1) Amount includes a decrease of $5.4 million to the carrying value of long-term debt associated with an interest rate swap based on its designation as a fair value hedge. See Notes 2 and 4 for further information.

(2) Includes $310.1 million and $248.9 million at fair value at March 31, 2017 and December 31, 2016, respectively.

Subsidiary Debt:

Jefferies 3.875% Convertible Senior Debentures due 2029 are convertible into our common shares; each $1,000 are convertible into 22.8163 common shares (equivalent to a conversion price of approximately $43.83 per share). 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.

During the three months ended March 31, 2017, Jefferies issued structured notes with a total principal amount of approximately $48.6 million. Structured notes of $310.1 million and $248.9 million at March 31, 2017 and December 31, 2016, respectively, contain various interest rate payment terms and are accounted for at fair value, with changes in fair value resulting from a change in the instrument specific credit risk presented in Accumulated other comprehensive income and changes in fair value resulting from non-credit components recognized in Principal transaction revenues.

In January 2017, Jefferies issued 4.85% senior notes with a principal amount of $750.0 million, due 2027.

At March 31, 2017, National Beef’s credit facility consisted of a term loan with an outstanding balance of $266.3 million and a revolving credit facility with a commitment of $285.0 million, both of which mature in October 2018. 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, 2017, the interest rate on the outstanding term loan was 2.53% and the interest rate on the outstanding revolving credit facility was 4.75%. The credit facility contains a minimum tangible net worth covenant; at March 31, 2017, 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 $12.5 million were outstanding at March 31, 2017. Amounts available under the revolver are subject to a borrowing base calculation primarily comprised of receivable and inventory balances. At March 31, 2017, after deducting outstanding amounts and issued letters of credit, $216.5 million of the unused revolver was available to National Beef.

54 Madison seeks long-term capital appreciation through real estate development and similar projects. Many of these development projects are funded through long-term debt at the project level. The debt holders do not have recourse to the Leucadia parent company. At March 31, 2017, 54 Madison had $77.8 million of 6.0% term loan debt maturing in January 2018, $129.7 million of 5.5% term loan debt maturing in February 2019, $0.5 million of 3.5% term loan debt maturing in March 2019, $78.3 million of 4.15% term loan debt maturing in April 2019, $101.0 million of 5.5% term loan debt maturing in January 2020 and $0.5 million of 3.5% term loan debt maturing in January 2020. As discussed further in Note 23, the majority of the debt holders are also investors in 54 Madison.

At March 31, 2017, Foursight Capital's credit facilities consisted of two warehouse credit commitments aggregating $200.0 million, which mature in December 2018 and March 2019. The 2018 credit facility bears interest based on the one-month LIBOR plus a credit spread fixed through its maturity and the 2019 credit facility bears interest based on the three-month LIBOR plus a credit spread fixed through its maturity. As a condition of the 2019 credit facility, Foursight Capital is obligated to maintain cash reserves in an amount equal to the quoted price of an interest rate cap sufficient to meet the hedging requirements of the credit commitment. The credit facilities are secured by first priority liens on auto loan receivables owed to Foursight Capital of approximately $176.9 million at March 31, 2017.