LONG-TERM DEBT

Long-term debt is summarized as follows:



	December 31,
(In thousands)	2016		2015

Junior subordinated debentures related to trust preferred securities	$	—	$	164,950
Subordinated notes	246,550		246,170
Senior notes	287,560		400,334
Capital lease obligations	740		912
Total	$	534,850	$	812,366

The preceding amounts represent the par value of the debt adjusted for any unamortized premium or discount or unamortized debt issuance costs. The amount of long-term debt as of December 31, 2015 presented in the schedule differs from the amount presented in our 2015 Form 10-K as a result of the reclassification of $5 million of unamortized debt issuance costs to long-term debt in compliance with ASU 2015-03.

Trust Preferred Securities

We elected to exercise our right to redeem the junior subordinated debentures related to trust preferred securities issued to the following trusts. Redemptions included a total of $129 million in the third quarter of 2016, and $36 million in the fourth quarter of 2016. The following schedule presents the outstanding trust preferred securities balances as of December 31, 2016 and 2015.



(In thousands)	December 31, 2016		December 31, 2015		Coupon rate ¹	Redemption Date

Amegy Statutory Trust I	$	—	$	51,547	3mL+2.85% (3.38%)	September 17, 2016
Amegy Statutory Trust II	—		36,083		3mL+1.90% (2.22%)	October 7, 2016
Amegy Statutory Trust III	—		61,856		3mL+1.78% (2.29%)	September 15, 2016
Stockmen’s Statutory Trust II	—		7,732		3mL+3.15% (3.75%)	September 26, 2016
Stockmen’s Statutory Trust III	—		7,732		3mL+2.89% (3.42%)	September 17, 2016
Total	$	—	$	164,950


¹	Designation of “3mL” is three-month LIBOR.

The junior subordinated debentures for the Amegy and Stockmen’s Trusts were assumed by the Parent through previous acquisitions and mergers, and were previously direct and unsecured obligations of the Parent. They were subordinate to other indebtedness and general creditors.

Subordinated Notes

Subordinated notes were issued by the Parent and consist of the following at December 31, 2016:



(In thousands)	Subordinated notes
Coupon rate	Balance		Par amount		Maturity

5.65%	$	160,195	$	162,000	Nov 2023
6.95%	86,355		87,891		Sep 2028
Total	$	246,550	$	249,891

These notes are unsecured, and interest is payable quarterly on the 6.95% notes and semiannually on the 5.65% notes. For the 6.95% notes, interest payments commenced December 15, 2013 to the earliest possible redemption date of September 15, 2023, after which the interest rate changes to an annual floating rate equal to 3mL+3.89%. Interest payments on the 5.65% notes commenced May 15, 2014 to the earliest possible redemption date of November 15, 2018, after which they are payable quarterly at an annual floating rate equal to 3mL+4.19%.

Senior Notes

Senior notes were issued by the Parent and consist of the following at December 31, 2016:



(In thousands)	Senior notes
Coupon rate	Balance		Par amount		Maturity

4.50%	152,411		163,857		March 2017
4.50%	135,149		145,231		June 2023
Total	$	287,560	$	309,088

These notes are unsecured and interest is payable semiannually. The notes were issued under a shelf registration filed with the SEC and were sold via the Company’s online auction process and direct sales. The notes are not redeemable prior to maturity.

Debt Redemptions and Repurchases

We redeemed or repurchased the following amounts of long-term debt during 2016 and 2015:



(In thousands)	2016		2015
Note type	Par amount		Par amount
Trust preferred:
3mL+2.85%			$	3,093
3mL+2.85% (3.38%)	$	51,547
3mL+1.90% (2.22%)	36,083
3mL+1.78% (2.29%)	61,856
3mL+3.15% (3.75%)	7,732
3mL+2.89% (3.42%)	7,732
	164,950		3,093
Convertible subordinated notes:
6.00%			79,276
5.50%			71,592
	—		150,868
Subordinated notes:
6.00%			32,366
5.50%			52,078
	—		84,444
Senior notes:
3.30% - 3.70%			27,281
3.60%	11,108
4.00%	89,360
	100,468		27,281
Federal Home Loan Bank Advances			22,009
Total	$	265,418	$	287,695

Debt Extinguishment Costs

Debt extinguishment costs are as follows for the years 2016, 2015 and 2014:



(In thousands)	2016		2015		2014

Early tender premiums	$	—	$	2,395	$	33,971
Write-offs of unamortized debt discount and issuance costs and fees	353		135		10,451
Total	$	353	$	2,530	$	44,422

Maturities of Long-term Debt

Maturities of long-term debt are as follows for the years succeeding December 31, 2016:



(In thousands)	Consolidated		Parent only

2017	$	152,608	$	152,411
2018	225		—
2019	259		—
2020	59		—
2021	—		—
Thereafter	381,699		381,699
Total	$	534,850	$	534,110

The $381.7 million of Parent only maturities payable after 2021 consists of senior notes and subordinated notes.