Debt

The Company is obligated under notes and other indebtedness as follows (in millions):



	March 31, 2013		December 31, 2012
Accounts receivable securitization program	$	135.0	$	135.0
Secured promissory notes	13.1		14.5
Equipment credit facilities			12.0
Real estate credit agreement	100.8		101.7
Term loan credit facility	125.0		125.0
Series C convertible senior debentures	91.9		90.1
Revolving credit facilities	78.6		31.1
Senior notes	370.0		370.0
Related party credit agreements	107.4		114.9
Other indebtedness	16.6		17.3
	1,038.4		1,011.6
Less current portion of debt	564.5		519.4
Long-term debt	$	473.9	$	492.2

Accounts Receivable Securitization Program

DST securitizes certain of its domestic accounts receivable through an accounts receivable securitization program with a third-party bank. The maximum amount that can be outstanding under this program is $150 million. On May 17, 2012, the Company renewed its accounts receivable securitization program. The facility will expire by its terms on May 16, 2013, unless renewed.

At both March 31, 2013 and December 31, 2012, the outstanding amount under the program was $135.0 million. During the three months ended March 31, 2013 and 2012, total proceeds from the accounts receivable securitization program were approximately $226.5 million and $222.9 million and total repayments were approximately $226.5 million and $222.9 million, respectively.

Series C convertible senior debentures

Holders of the Company's Series C convertible senior debentures were eligible to convert these bonds as of April 1, 2013 as a result of DST's common stock trading above 120% of the applicable conversion price for at least 20 trading days during the period of 30 consecutive trading days ended March 31, 2013. The senior debentures will continue to be convertible through June 30, 2013 and, as a result, they have been classified as a current liability as of March 31, 2013. Conversion rights, and ultimate classification as a current or non-current liability, for subsequent quarters will be a function of future DST stock prices. Additionally, holders of unconverted bonds are eligible to receive contingent interest during the period from February 14, 2013 through August 15, 2013, as the average trading price of the Series C debentures for the applicable five trading-day reference period exceeded 120% of the accreted principal amount of the Series C debentures.

The Company has received notification of conversions during the period from April 1, 2013 through April 30, 2013, resulting in an estimated cash settlement of approximately $39.5 million during the second quarter of 2013, of which $29.7 million is the accreted principal and accrued interest of the bonds. Cash will be used to settle the accreted principal, accrued and unpaid interest and conversion value over the principal and accrued and unpaid interest amounts of these conversions.

Fair Value

Based upon the borrowing rates currently available to the Company and its subsidiaries for indebtedness with similar terms and average maturities, the carrying value of long-term debt, with the exception of the senior debentures and Senior Notes, is considered to approximate fair value at March 31, 2013. The estimated fair value of the convertible debentures and Senior Notes was derived principally from quoted prices from similar assets (Level 2 in the fair value hierarchy).

As of March 31, 2013, the carrying and estimated fair value of the Series C convertible senior debentures and Senior Notes were as follows (in millions):



	March 31, 2013
	Carrying Value		Estimated Fair Value
Convertible senior debentures - Series C	$	91.9	$	123.6
Senior Notes - Series A	40.0		41.3
Senior Notes - Series B	105.0		113.3
Senior Notes - Series C	65.0		71.1
Senior Notes - Series D	160.0		179.0
Total	$	461.9	$	528.3