Debt

Debt consists of the following (in millions):



	June 30, 2013						December 31, 2012
	North America		International		Total		North America
Secured
Revolving credit facilities	$	1,095	$	4,357	$	5,452	$	354
Securitization notes payable	10,047		2,049		12,096		9,024
Total secured	11,142		6,406		17,548		9,378

Unsecured
Bank lines and credit facilities			1,238		1,238
Senior notes	4,000				4,000		1,500
Total unsecured	$	4,000	$	1,238	$	5,238	$	1,500

Secured Debt

Secured debt consists of securitization notes payable and other asset-secured credit facilities. The revolving secured debt facilities have revolving periods ranging from one to three years. At the end of the revolving period, if the facilities are not renewed, the debt will amortize over periods ranging from one to five years. Most of the secured debt was issued by variable interest entities, as further discussed in Note 7 - "Variable Interest Entities." These notes are repayable only from proceeds related to the underlying pledged finance receivables and leases.

In connection with our merger with GM, we recorded an acquisition accounting premium that is being amortized to interest expense over the expected term of the securitization notes payable outstanding at the merger date. Amortization for the six months ended June 30, 2013 and 2012 was $8 million and $19 million. At June 30, 2013, unamortized acquisition accounting premium of $2 million is included in secured debt. In connection with our acquisition of the international operations, we recorded an acquisition accounting discount that will accrete against interest expense over the expected term of the secured credit facilities outstanding at the applicable acquisition date. Accretion for the three and six months ended June 30, 2013 was $5 million. At June 30, 2013, remaining acquisition accounting discount of $48 million is included in secured debt.

Interest rates on the secured debt in North America are primarily fixed, ranging from 0.9% to 5.7% at June 30, 2013 and 0.9% to 13.4% at June 30, 2012. Interest rates on the secured debt in the international operations are primarily floating, ranging from 0.9% to 6.3% at June 30, 2013. Issuance costs on the secured debt of $46 million as of June 30, 2013 and $31 million as of December 31, 2012 are included in other assets on the consolidated balance sheets, and are amortized to interest expense over the expected term of the secured debt.

Unsecured Debt

Unsecured debt consists primarily of bank lines, which were assumed in the acquisition of the international operations, and senior unsecured notes. The tenor of our unsecured bank lines ranges up to three years. If not renewed, any balance outstanding under these bank lines is either immediately due in full or else will amortize over a defined period. Interest rates on unsecured bank lines ranged from 0.0% to 9.0% at June 30, 2013.

In May 2013, we issued $2.5 billion in aggregate principal amount of senior notes at rates ranging from 2.75% to 4.25%, and due between November 2016 and November 2023. Proceeds from the senior notes were used for the acquisition and funding support of the international operations, and are also used to support our overall growth. At June 30, 2013 we had $4.0 billion of senior notes that mature from 2016 through 2023 and have interest rates that range from 2.75% to 6.75%. All of our senior notes may be redeemed, at our option, in whole or in part, at any time before maturity at the redemption prices as set forth in the indentures that govern the senior notes plus accrued and unpaid interest and liquidated damages, if any, to the redemption date. In addition, if a change of control occurs, as that term is defined in the indentures that govern the senior notes, prior to the Company being rated “investment grade” by at least two of three listed rating agencies, the holders of senior notes will have the right, subject to certain conditions, to require the Company to repurchase their senior notes at a purchase price equal to 101% of the aggregate principal amount of senior notes repurchased plus accrued and unpaid interest and liquidated damages, if any, as of the date of repurchase. The senior notes are guaranteed solely by AmeriCredit Financial Services, Inc. ("AFSI"); none of our other subsidiaries are guarantors of the notes. See Note 15 - "Guarantor Consolidating Financial Statements" for further discussion.

The indentures that govern the senior notes provide for customary events of default, including nonpayment, failure to comply with covenants or other agreements in the indentures, if any subsidiary guarantee shall cease to be in full force and effect or any guarantor shall deny or disaffirm its obligations under its subsidiary guarantee, and certain events of bankruptcy or insolvency. If any event of default occurs and is continuing with respect to a series of senior notes, the trustee or the holders of at least 25% in principal amount of the then outstanding senior notes of such series may declare all of the senior notes of such series to be due and payable immediately.

The following table presents the expected scheduled principal and interest payments under our contractual debt obligations (in millions):



Years Ending December 31,	2013		2014		2015		2016		2017		Thereafter		Total
Secured debt	$	5,808	$	4,933	$	3,518	$	2,173	$	1,016	$	146	$	17,594
Unsecured debt	819		253		139		1,027		1,000		2,000		5,238
Interest	277		387		277		198		134		195		1,468
	$	6,904	$	5,573	$	3,934	$	3,398	$	2,150	$	2,341	$	24,300

As of June 30, 2013, we were in compliance with all covenants in our secured and unsecured debt.