Debt

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



	June 30, 2013		December 31, 2012
Accounts receivable securitization program	$	150.0	$	135.0
Secured promissory notes	7.6		14.5
Equipment credit facilities			12.0
Real estate credit agreement	99.8		101.7
Term loan credit facility	125.0		125.0
Series C convertible senior debentures	62.4		90.1
Revolving credit facilities	114.0		31.1
Senior notes	370.0		370.0
Related party credit agreements	6.9		114.9
Other indebtedness	15.9		17.3
	951.6		1,011.6
Less current portion of debt	444.6		519.4
Long-term debt	$	507.0	$	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. In May 2013, the Company renewed its accounts receivable securitization program. The facility will expire by its terms on May 15, 2014, unless renewed.

The outstanding amount under the program was $150.0 million and $135.0 million at June 30, 2013 and December 31, 2012, respectively. During the six months ended June 30, 2013 and 2012, total proceeds from the accounts receivable securitization program were approximately $482.2 million and $459.3 million, respectively, and total repayments were $467.2 million and $459.3 million, respectively.

Related Party Credit Agreements

In May 2013, the Company repaid its promissory note with BFDS, which had an outstanding balance of $107.0 million at December 31, 2012. The promissory note matured on July 1, 2013 and was not renewed.

Series C convertible senior debentures

Holders of the Company's Series C convertible senior debentures were eligible to convert these bonds from April 1, 2013 to June 30, 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. During the three months ended June 30, 2013, the Company used cash to settle debenture conversions of $39.2 million, of which $29.7 million was the accreted principal. Holders of the debentures continue to be eligible to convert these bonds from July 1, 2013 to September 30, 2013 because the stock price conversion feature had been met at June 30, 2013. 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.

At June 30, 2013, the accreted principal balance of the convertible debentures was $62.4 million. On July 11, 2013, the Company announced the redemption of all remaining Series C debentures on August 15, 2013. The Company expects that debenture holders will request conversion to common shares of DST stock and the Company plans to fund the full conversion value in cash.

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 June 30, 2013. The estimated fair value of the convertible debentures and Senior Notes was derived principally from quoted prices from similar financial instruments (Level 2 in the fair value hierarchy).

As of June 30, 2013, the carrying and estimated fair value of the Series C convertible senior debentures and Senior Notes were as follows (in millions):



	June 30, 2013				December 31, 2012
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Convertible senior debentures - Series C	$	62.4	$	76.9	$	90.1	$	106.7
Senior Notes - Series A	40.0		40.8		40.0		41.1
Senior Notes - Series B	105.0		110.3		105.0		112.3
Senior Notes - Series C	65.0		68.6		65.0		70.4
Senior Notes - Series D	160.0		170.9		160.0		177.2
Total	$	432.4	$	467.5	$	460.1	$	507.7