4.DEBT

At September 30, 2014 and December 31, 2013, the Company’s debt consisted of the following (in millions):

	September			December
	2014			2013
Term Notes:
5.79%, payable through 2020	$	42.0		$	45.5
3.66%, payable through 2023	77.5			77.5
4.16%, payable through 2027	55.0			55.0
4.31%, payable through 2032	37.5			37.5
4.35%, payable through 2044	100.0			—
Title XI Bonds:
5.34%, payable through 2028	30.8			33.0
5.27%, payable through 2029	33.0			35.2
Capital leases	1.7			2.4
Total debt	377.5			286.1
Less current portion	(17.1		)	(12.5		)
Total long-term debt	$	360.4		$	273.6

In January 2014, the Company issued $100 million of 30-year senior unsecured notes (the “Notes”). The Notes have a weighted average life of 14.5 years and bear interest at a rate of 4.35 percent, payable semi-annually. The proceeds are expected to be used for general corporate purposes. The Notes will begin to mature in 2021, with annual principal payments of $5.0 million in 2021, $7.5 million in 2022 and 2023, $10.0 million from 2024 to 2027, and $8.0 million in 2028. Starting in 2029, and in each year thereafter until 2044, annual principal payments will be $2.0 million.