DEBT

The Company’s borrowings consist of the following:



	As of
	September 30, 2014			December 31, 2013
(in thousands)	September 30, 2014			December 31, 2013
7.25% unsecured notes due February 1, 2019	$	398,204		$	397,893
AUD Revolving credit borrowing	43,669			44,625
Other indebtedness	6,885			8,258
Total Debt	448,758			450,776
Less: current portion	(50,460		)	(3,168		)
Total Long-Term Debt	$	398,298		$	447,608

The Company’s other indebtedness at September 30, 2014 and December 31, 2013 is at interest rates from 0% to 6% and matures from 2014 to 2017.

During the three months ended September 30, 2014 and 2013, the Company had average borrowings outstanding of approximately $450.9 million and $449.8 million, respectively, at average annual interest rates of approximately 7.0%. During the three months ended September 30, 2014 and 2013, the Company incurred net interest expense of $8.8 million and $8.6 million, respectively.

During the nine months ended September 30, 2014 and 2013, the Company had average borrowings outstanding of approximately $451.4 million and $477.5 million, respectively, at average annual interest rates of approximately 7.0%. During the nine months ended September 30, 2014 and 2013, the Company incurred net interest expense of $24.9 million and $25.6 million, respectively.

At September 30, 2014, the fair value of the Company’s 7.25% unsecured notes, based on quoted market prices, totaled $468.0 million, compared with the carrying amount of $398.2 million. At December 31, 2013, the fair value of the Company’s 7.25% unsecured notes, based on quoted market prices, totaled $475.2 million, compared with the carrying amount of $397.9 million. The carrying value of the Company’s other unsecured debt at September 30, 2014 approximates fair value.