Debt

Debt consists of the following (in millions):



	December 31, 2014						December 31, 2013
	North America		International		Total		North America		International		Total
Secured Debt
Revolving credit facilities	$	1,701	$	5,327	$	7,028	$	1,678	$	5,686	$	7,364
Securitization notes payable - consumer	13,253		2,868		16,121		10,801		2,202		13,003
Securitization notes payable - commercial	500		1,565		2,065		—		1,706		1,706
Total secured debt	$	15,454	$	9,760	$	25,214	$	12,479	$	9,594	$	22,073

Unsecured Debt
Senior notes	$	7,846	$	604	$	8,450	$	4,000	$	—	$	4,000
Credit facilities	—		2,974		2,974		—		2,370		2,370
Other unsecured debt	—		793		793		—		603		603
Total unsecured debt	$	7,846	$	4,371	$	12,217	$	4,000	$	2,973	$	6,973

Secured Debt

Most of the secured debt was issued by variable interest entities, as further discussed in Note 8 - "Variable Interest Entities." This debt is repayable only from proceeds related to the underlying pledged finance receivables and leasing related assets.

Interest rates on the secured debt in the North America Segment are primarily fixed, ranging from 1.00% to 4.65% at December 31, 2014. Interest rates on the secured debt in the International Segment are primarily floating, ranging from 0.35% to 13.43% at December 31, 2014. Issuance costs on the secured debt of $60 million as of December 31, 2014 and $37 million as of December 31, 2013 are included in other assets on the consolidated balance sheets, and are amortized to interest expense over the expected term of the secured debt.

The terms of our revolving credit facilities provide for a revolving period and subsequent amortization period, and are expected to be repaid over periods ranging up to five years. During 2014, we entered into new credit facilities and increased capacity on existing credit facilities for a total borrowing capacity increase of $5.5 billion.

Securitization notes payable at December 31, 2014 are due beginning in 2016 through 2022. In the year ended December 31, 2014 we issued securitization notes payable of $10.7 billion with a weighted-average interest rate of 1.4% maturing on various dates through 2022.

In connection with our merger with GM, we recorded an acquisition accounting premium that is being accreted to interest expense over the expected term of the securitization notes payable outstanding at the merger date. Accretion for the years ended December 31, 2014, 2013 and 2012 was $1 million, $10 million and $32 million. In connection with our acquisition of the international operations, we recorded an acquisition accounting discount that will amortize to interest expense over the expected term of the secured debt outstanding at the applicable acquisition date. Amortization for the years ended December 31, 2014 and 2013 was $30 million and $12 million. At December 31, 2014, the remaining acquisition accounting discount of $17 million is included in secured debt.

We are required to hold funds in restricted cash accounts to provide additional collateral for borrowings under certain of our secured debt agreements. Additionally, certain of our secured revolving credit facilities contain various covenants requiring minimum financial ratios, asset quality and portfolio performance ratios (portfolio net loss and delinquency ratios and pool level cumulative net loss ratios) as well as limits on deferment levels. Failure to meet any of these covenants could result in an event of default under these agreements. If an event of default occurs under these agreements, the lenders could elect to declare all amounts outstanding under these agreements to be immediately due and payable, enforce their interests against collateral pledged under these agreements, restrict our ability to obtain additional borrowings under these agreements and/or remove us as servicer. At December 31, 2014, we were in compliance with all covenants related to our secured revolving credit facilities.

Unsecured Debt

At December 31, 2014, we had $8.4 billion outstanding in senior notes that mature from 2016 through 2023 and have interest rates that range from 1.875% to 6.75%.

Our top-tier holding company has outstanding $7.5 billion of senior notes which may be redeemed, at our option, in whole or in part, at any time before maturity at the redemption prices set forth in the indentures that govern the senior notes, plus accrued and unpaid interest, 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 us being rated "investment grade" by at least two of three listed rating agencies, the holders of these senior notes will have the right, subject to certain conditions, to require us 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, as of the date of repurchase. All of our senior notes are guaranteed solely by AmeriCredit Financial Services, Inc. ("AFSI"); none of our other subsidiaries are guarantors of our senior notes. See Note 21 - "Guarantor Consolidating Financial Statements" for further discussion.

In May 2014, our primary Canadian operating subsidiary issued C$400 million of 3.25% senior notes through a private placement in Canada. The notes are due in May 2017 with interest payable semiannually. These notes are guaranteed by our top-tier holding company and by AFSI.

In July 2014, our top-tier holding company issued $1.5 billion in senior notes, of which $700 million are due in July 2017 and $800 million are due in July 2019. Interest rates on the respective tranches are 2.625% and 3.50%, payable semiannually.

In September 2014, our top-tier holding company issued $2.0 billion in senior notes, of which $750 million are due in September 2017 and $1.25 billion are due in September 2021. Interest on the respective tranches is 3.00% and 4.375%, and is payable semiannually.

In October 2014, a European subsidiary issued €500 million of 1.875% notes under our Euro medium term notes program, which are listed on the Irish Stock Exchange. These notes are due in October 2019 with interest payable annually. These notes are guaranteed by our top-tier holding company and by AFSI.

Subsequent to December 31, 2014, our top-tier holding company issued an additional $2.0 billion in fixed rate senior notes, of which $1.0 billion are due in January 2020 and $1.0 billion are due in January 2025. Interest rates on the respective tranches are 3.15% and 4.0%, payable semiannually. In addition, our top-tier holding company issued $250 million in floating rate senior notes which are due in January 2020. The interest rate, which is reset quarterly, is equal to three-month LIBOR plus 1.56%.

The terms of 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. In the case of the senior notes issued by our top-tier holding company and by our primary Canadian operating subsidiary, 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. In the case of the Euro medium term notes, if any event of default occurs and is continuing with respect to a note, any holder may declare such note to be due and payable immediately. At December 31, 2014, we were in compliance with all covenants related to our senior notes.

The International Segment utilizes unsecured credit facilities with banks as well as non-bank instruments as funding sources. During 2014, we entered into $282 million of new unsecured committed credit facilities.

The terms of advances under our unsecured credit facilities are determined and agreed to by us and the lender on the borrowing date for each advance and can have maturities up to five years. Interest rates on unsecured credit facilities and other unsecured debt ranged from 0.98% to 13.35% at December 31, 2014.

In connection with our acquisition of the international operations, we recorded an acquisition discount that will amortize to interest expense over the expected term of the unsecured debt at the applicable acquisition date. Amortization for the years ended December 31, 2014 and 2013 was $4 million and $2 million. At December 31, 2014, the remaining acquisition accounting discount of $1 million is included in unsecured debt.

Issuance costs on the unsecured debt of $75 million as of December 31, 2014 and $40 million as of December 31, 2013 are included in other assets on the consolidated balance sheets, and are amortized to interest expense over the expected term of the unsecured debt.

Contractual Debt Obligations

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



	Years Ending December 31,
	2015		2016		2017		2018		2019		Thereafter		Total
Secured debt	$	11,880	$	7,296	$	4,353	$	1,331	$	371	$	—	$	25,231
Unsecured debt	2,611		1,881		2,902		1,335		1,489		2,000		12,218
Interest	955		772		399		205		117		199		2,647
	$	15,446	$	9,949	$	7,654	$	2,871	$	1,977	$	2,199	$	40,096