(6) Long-Term Debt

The following is a summary of long-term debt outstanding:

(Dollars in thousands)	February 28, 2014		May 31, 2013
Unsecured long-term debt:
Medium-term notes sold through dealers	$	1,783,171	$	1,528,424
Medium-term notes sold to members		119,098		182,790
Subtotal		1,902,269		1,711,214
Unamortized discount		(616)		(627)
Total unsecured medium-term notes		1,901,653		1,710,587

Unsecured notes payable		4,032,167		3,709,074
Unamortized discount		(796)		(920)
Total unsecured notes payable		4,031,371		3,708,154
Total unsecured long-term debt		5,933,024		5,418,741

Secured long-term debt:
Collateral trust bonds		5,634,372		4,639,372
Unamortized discount		(178,564)		(181,640)
Total secured collateral trust bonds		5,455,808		4,457,732
Secured notes payable		1,514,088		819,960
Total secured long-term debt		6,969,896		5,277,692
Total long-term debt	$	12,902,920	$	10,696,433

In June 2013, we issued $400 million of 2.35 percent collateral trust bonds due 2020. In November 2013, we issued $400 million of 3.40 percent collateral trust bonds due 2023. On December 16, 2013, we redeemed $150 million of our $600 million 4.75 percent collateral trust bonds due March 1, 2014. The premium and unamortized issuance costs totaling $1.5 million were recorded during the third quarter of fiscal 2014. In January 2014, we issued $300 million of 1.10% collateral trust bonds due 2017 and $300 million of 2.15% collateral trust bonds due 2019.

At February 28, 2014 and May 31, 2013, we had unsecured notes payable totaling $3,999 million and $3,674 million, respectively, outstanding under bond purchase agreements with the Federal Financing Bank and a bond guarantee agreement with RUS issued under the Guaranteed Underwriter program, which provides guarantees to the Federal Financing Bank. During the nine months ended February 28, 2014, we borrowed $325 million under our committed loan facilities with the Federal Financing Bank. On November 21, 2013, we closed on a $500 million commitment from RUS to guarantee a loan from the Federal Financing Bank as part of the Guaranteed Underwriter Program that is available for advance through October 15, 2016. Advances under this facility have a 20 year maturity repayment period. At February 28, 2014, we had an aggregate amount of $924 million available under committed term loan facilities from the Federal Financing Bank as part of this program. We are required to maintain collateral on deposit in an amount at least equal to the balance of debt outstanding to the Federal Financing Bank under this program.

At February 28, 2014 and May 31, 2013, secured notes payable include $1,523 million and $1,542 million, respectively, in debt outstanding to the Federal Agricultural Mortgage Corporation under a note purchase agreement totaling $3,900 million. At February 28, 2014 and May 31, 2013, $26 million and $741 million, respectively, in debt outstanding to the Federal Agricultural Mortgage Corporation had a remaining maturity of less than one year and was classified as short-term debt and $1,497 and $801 million, respectively, was classified as long-term debt. Under the terms of the note purchase agreement, we can borrow up to $3,900 million at any time from the date of the agreement through January 11, 2016, and thereafter automatically extend the agreement on each anniversary date of the closing for an additional year, unless prior to any such anniversary date, the Federal Agricultural Mortgage Corporation provides CFC with a notice that the draw period will not be extended beyond the remaining term.

The agreement with the Federal Agricultural Mortgage Corporation is a revolving credit facility that allows us to borrow, repay and re-borrow funds at any time through maturity or from time to time as market conditions permit, provided that the principal amount at any time outstanding under the note purchase agreement is not more than the total available under the agreement. We are required to pledge eligible distribution system or power supply system loans as collateral in an amount at least equal to the total principal amount of notes outstanding under the agreement. See Note 3, Loans and Commitments, for additional information on the collateral pledged to secure notes payable under these programs.