Long-Term Debt

The principal amount (net of unamortized discounts and premiums), stated interest rate and maturity date of outstanding debt at June 30, 2017 and December 31, 2016 are as follows (dollars in thousands):



	June 30, 2017		December 31, 2016
Parent Company Debt:
Senior Notes:
5.50% Senior Notes due October 18, 2023, $750,000 principal	$	741,798	$	741,264
6.625% Senior Notes due October 23, 2043, $250,000 principal	246,650		246,627
Total long-term debt – Parent Company	988,448		987,891

Subsidiary Debt (non-recourse to Parent Company):
Jefferies:
5.125% Senior Notes, due April 13, 2018, $744,500 and $800,000 principal	755,058		817,813
8.50% Senior Notes, due July 15, 2019, $684,000 and $700,000 principal	746,551		778,367
2.375% Euro Medium Term Notes, due May 20, 2020, $562,300 and $529,975 principal	560,726		528,250
6.875% Senior Notes, due April 15, 2021, $750,000 principal	816,063		823,797
2.25% Euro Medium Term Notes, due July 13, 2022, $4,498 and $4,240 principal	4,116		3,848
5.125% Senior Notes, due January 20, 2023, $600,000 principal	617,044		618,355
4.85% Senior Notes, due January 15, 2027, $750,000 principal (1)	749,134		—
6.45% Senior Debentures, due June 8, 2027, $350,000 principal	376,813		377,806
3.875% Convertible Senior Debentures, due November 1, 2029, $345,000 principal	345,535		346,163
6.25% Senior Debentures, due January 15, 2036, $500,000 principal	512,220		512,396
6.50% Senior Notes, due January 20, 2043, $400,000 principal	421,164		421,333
Structured Notes (2)	399,556		255,203
National Beef Reducing Revolver Loan	275,000		—
National Beef Revolving Credit Facility	4,531		—
National Beef Term Loan	—		273,811
54 Madison Term Loans	343,112		406,028
Foursight Capital Credit Facilities	49,384		97,138
Other	120,431		132,244
Total long-term debt – subsidiaries	7,096,438		6,392,552

Long-term debt	$	8,084,886	$	7,380,443

(1) Amount includes $4.9 million 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 $392.8 million and $248.9 million at fair value at June 30, 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 22.8717 common shares (equivalent to a conversion price of approximately $43.72 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 six months ended June 30, 2017, Jefferies issued structured notes with a total principal amount of approximately $125.6 million. Structured notes of $392.8 million and $248.9 million at June 30, 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.

In June 2017, National Beef entered into a Third Amended and Restated Credit Agreement (the "Debt Agreement"). The Debt Agreement matures in June 2022 and includes a $275.0 million reducing revolver loan and a $275.0 million revolving credit facility. The reducing revolver loan commitment decreases by $13.8 million on each annual anniversary of the Debt Agreement. The Debt Agreement is secured by a first priority lien on substantially all of the assets of National Beef and its subsidiaries and includes customary covenants including a single financial covenant that requires National Beef to maintain a minimum tangible net worth; at June 30, 2017, National Beef was in compliance with the covenants.

At June 30, 2017, National Beef’s outstanding debt under the Debt Agreement consisted of a reducing revolver loan with an outstanding balance of $275.0 million and $8.1 million drawn on the revolving credit facility. The reducing revolving loan and the revolving credit facility bear interest at the Base Rate or the LIBOR Rate (as defined in the Debt Agreement), plus a margin ranging from 0.75% to 2.75% depending upon certain financial ratios and the rate selected. At June 30, 2017, the interest rate on the outstanding reducing revolving loan was 2.94% and the interest rate on the outstanding revolving credit facility was 5.00%.

Borrowings under the reducing revolver loan and the revolving credit facility are available for National Beef’s working capital requirements, capital expenditures and other general corporate purposes. Unused capacity under the revolving credit facility can also be used to issue letters of credit; letters of credit aggregating $14.0 million were outstanding at June 30, 2017. Amounts available under the revolving credit facility are subject to a borrowing base calculation primarily comprised of receivable and inventory balances; amounts available under the reducing revolver facility are constrained only by the annual reduction in the commitment amount. At June 30, 2017, after deducting outstanding amounts and issued letters of credit, $249.1 million of the unused revolving credit facility and $0.0 million of the reducing revolver commitment 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 June 30, 2017, 54 Madison had $59.1 million of 6.0% term loan debt maturing in January 2018, $129.8 million of 5.5% term loan debt maturing in February 2019, $0.5 million of 3.5% term loan debt maturing in March 2019, $51.9 million of 4.15% term loan debt maturing in April 2019, $101.3 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 June 30, 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 $65.0 million at June 30, 2017.