Debt

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



	September 30, 2013		December 31, 2012
Accounts receivable securitization program	$	135.0	$	135.0
Secured promissory notes	7.8		14.5
Equipment credit facilities	—		12.0
Real estate credit agreement	—		101.7
Term loan credit facility	125.0		125.0
Series C convertible senior debentures	—		90.1
Revolving credit facilities	175.5		31.1
Senior notes	370.0		370.0
Related party credit agreements	6.4		114.9
Other indebtedness	13.7		17.3
	833.4		1,011.6
Less current portion of debt	188.9		519.4
Long-term debt	$	644.5	$	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 $150.0 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 $135.0 million at both September 30, 2013 and December 31, 2012. During the nine months ended September 30, 2013 and 2012, total proceeds from the accounts receivable securitization program were approximately $741.2 million and $688.9 million, respectively, and total repayments were approximately $741.2 million and $688.9 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.

Real estate credit agreement and interest rate swap

The Company repaid the outstanding balance of the real estate credit facility upon maturity in September 2013. The loan, which had an outstanding balance of $101.7 million at December 31, 2012, was not renewed. Additionally, in connection with the maturity of the loan, the related interest rate swap was also settled.

Term loan credit facility

During the three months ended September 30, 2013, the Company amended its $125.0 million unsecured term loan credit facility. The amendment removed the provision requiring prepayment of the loan upon the incurrence of additional indebtedness and extended the maturity date to October 28, 2014.

Series C convertible senior debentures

The Company redeemed for cash all remaining Series C convertible senior debentures (“Convertible debentures”) during the three months ended September 30, 2013. The Company paid cash of $122.8 million during the nine months ended September 30, 2013 to redeem the Convertible debentures, which resulted in there being no Convertible debentures outstanding at September 30, 2013. The difference between the fair value of the liability component of the Convertible debentures and the cash paid upon conversion was reflected as a $30.9 million reduction to additional paid-in capital during the nine months ended September 30, 2013.

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 Convertible debentures and Senior notes, is considered to approximate fair value. The estimated fair values 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 September 30, 2013 and December 31, 2012, the carrying and estimated fair values of the Convertible debentures and Senior notes were as follows (in millions):



	September 30, 2013				December 31, 2012
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Series C convertible senior debentures	$	—	$	—	$	90.1	$	106.7
Senior notes - Series A	40.0		41.2		40.0		41.1
Senior notes - Series B	105.0		111.5		105.0		112.3
Senior notes - Series C	65.0		69.5		65.0		70.4
Senior notes - Series D	160.0		172.6		160.0		177.2
Total	$	370.0	$	394.8	$	460.1	$	507.7