Debt

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



	September 30, 2014		December 31, 2013
Accounts receivable securitization program	$	150.0	$	150.0
Secured promissory notes	6.6		7.8
Term loan credit facility	—		125.0
Revolving credit facilities	71.5		10.4
Senior notes	370.0		370.0
Related party credit agreements	4.2		5.8
Other indebtedness	9.8		14.0
	612.1		683.0
Less current portion of debt	268.7		283.6
Long-term debt	$	343.4	$	399.4

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 2014, the Company renewed its accounts receivable securitization program. The facility will expire by its terms on May 14, 2015, unless renewed.

The outstanding amount under the program was $150.0 million at both September 30, 2014 and December 31, 2013. During the nine months ended September 30, 2014 and 2013, total proceeds from the accounts receivable securitization program were approximately $775.4 million and $741.2 million, respectively, and total repayments were approximately $775.4 million and $741.2 million, respectively.

Term loan credit facility

The Company repaid its $125.0 million term loan credit facility in June 2014. The facility had a maturity date of October 28, 2014. Amounts prepaid may not be re-borrowed.

Revolving credit facilities

On October 1, 2014, the Company entered into a new syndicated line of credit facility that replaces its current $630.0 million facility which had a maturity date of July 1, 2015. The new credit agreement provides for a revolving unsecured credit facility in an aggregate principal amount of up to $850.0 million. The interest rates applicable to loans under the new credit agreement are generally based on Eurodollar, Federal Funds or prime rates plus applicable margins as defined in the agreement. The revolving credit facility contains a grid schedule that adjusts borrowing costs up or down based upon the Company’s consolidated leverage ratio. The grid schedule may result in fluctuations in borrowing costs ranging from 1.00% to 1.70% over Eurodollar and 0.00% to 0.70% over the base rate, as defined. Additionally, an annual facility fee of 0.125% to 0.30% is required on this revolving syndicated line of credit. Among other provisions, the credit agreement requires certain leverage and interest coverage ratios to be maintained. If any event of default occurs and is continuing, all amounts payable under the credit agreement may be declared immediately due and payable. The maturity date for the new credit facility is October 1, 2019. Borrowings under the old facility are reflected within current portion of long-term debt. Beginning in the fourth quarter of 2014, borrowings under the new facility will be reflected within long-term debt.

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 Notes, is considered to approximate fair value. The estimated fair values of the Senior Notes were derived principally from quoted prices for similar financial instruments (Level 2 in the fair value hierarchy).

As of September 30, 2014 and December 31, 2013, the carrying values and estimated fair values of the Senior Notes were as follows (in millions):



	September 30, 2014				December 31, 2013
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Senior notes - Series A	$	40.0	$	40.4	$	40.0	$	40.6
Senior notes - Series B	105.0		110.3		105.0		110.0
Senior notes - Series C	65.0		69.0		65.0		68.3
Senior notes - Series D	160.0		173.1		160.0		168.1
Total	$	370.0	$	392.8	$	370.0	$	387.0