Long-Term Debt

The principal amount (net of unamortized discounts and premiums), stated interest rate and maturity date of outstanding debt at September 30, 2016 and December 31, 2015 are as follows (dollars in thousands):



	September 30, 2016		December 31, 2015
Parent Company Debt:
Senior Notes:
5.50% Senior Notes due October 18, 2023, $750,000 principal	$	741,002	$	740,239
6.625% Senior Notes due October 23, 2043, $250,000 principal	246,615		246,583
Total long-term debt – Parent Company	987,617		986,822

Subsidiary Debt (non-recourse to Parent Company):
Jefferies:
5.50% Senior Notes, due March 15, 2016, $0 and $350,000 principal	—		353,025
5.125% Senior Notes, due April 13, 2018, $800,000 principal	820,974		830,298
8.50% Senior Notes, due July 15, 2019, $700,000 principal	785,411		806,125
2.375% Euro Senior Notes, due May 20, 2020, $557,900 and $528,625 principal	555,962		526,436
6.875% Senior Notes, due April 15, 2021, $750,000 principal	827,601		838,765
2.25% Euro Medium Term Notes, due July 13, 2022, $4,463 and $4,229 principal	4,035		3,779
5.125% Senior Notes, due January 20, 2023, $600,000 principal	619,000		620,890
6.45% Senior Debentures, due June 8, 2027, $350,000 principal	378,292		379,711
3.875% Convertible Senior Debentures, due November 1, 2029, $345,000 principal	346,473		347,307
6.25% Senior Debentures, due January 15, 2036, $500,000 principal	512,481		512,730
6.50% Senior Notes, due January 20, 2043, $400,000 principal	421,415		421,656
Structured Notes (1)	211,094		—
National Beef Term Loan	283,750		310,000
National Beef Revolving Credit Facility	23,292		120,080
54 Madison Term Loans	275,095		116,211
Foursight Capital Credit Facilities	53,855		109,501
Other	125,914		117,246
Total long-term debt – subsidiaries	6,244,644		6,413,760

Long-term debt	$	7,232,261	$	7,400,582

(1) Includes $204.4 million at fair value at September 30, 2016.

Subsidiary Debt:

Jefferies 3.875% Convertible Senior Debentures due 2029 are convertible into our common shares; each $1,000 are convertible into 22.7041 common shares (equivalent to a conversion price of approximately $44.04). The debentures are convertible at the holders’ option any time beginning on August 1, 2029 and convertible at any time if: 1) our common stock price is greater than or equal to 130% of the conversion price for at least 20 trading days in a period of 30 consecutive trading days; 2) if the trading price per debenture is less than 95% of the price of our common stock times the conversion ratio for any 10 consecutive trading days; 3) if the debentures are called for redemption; or 4) upon the occurrence of specific corporate actions. The debentures may be redeemed for par, plus accrued interest, on or after November 1, 2012 if the price of our common stock is greater than 130% of the conversion price for at least 20 days in a period of 30 consecutive trading days and we may redeem the debentures for par, plus accrued interest, at our election any time on or after November 1, 2017. Holders may require us to repurchase the debentures for par, plus accrued interest, on November 1, 2017, 2019 and 2024. In addition to ordinary interest, commencing November 1, 2017, contingent interest will accrue at 0.375% if the average trading price of a debenture for 5 trading days ending on and including the third trading day immediately preceding a six-month interest period equals or exceeds $1,200 per $1,000 debenture.

During the nine months ended September 30, 2016, Jefferies issued structured notes with a total principal amount of approximately $218.6 million. Certain of the structured notes contain various interest rate payment terms and are accounted for at fair value, with changes in fair value resulting from a change in the instrument-specific credit risk presented in Accumulated other comprehensive income and changes in fair value resulting from non-credit components recognized in Principal transaction revenues.

In addition, on January 21, 2016, Jefferies issued $15.0 million of Class A Notes, due 2022, which bear interest at 6.75% per annum and $7.5 million of Class B Notes, due 2022, which bear interest at 13.45% per annum, secured by aircraft and related operating leases and which are non-recourse to Jefferies. In June 2016, the Class A Notes and the Class B Notes were repurchased and retired.

At September 30, 2016, National Beef’s credit facilities consisted of a term loan with an outstanding balance of $283.8 million and a revolving credit facility with a commitment of $285.0 million, both of which mature in October 2018. The revolving credit facility commitment was voluntarily reduced by National Beef in the third quarter of 2016 from $375.0 million to $285.0 million. The term loan and the revolving credit facility bear interest at the Base Rate or the LIBOR Rate (as defined in the credit facility), plus a margin ranging from 0.75% to 2.75% depending upon certain financial ratios and the rate selected. At September 30, 2016, the interest rate on the outstanding term loan was 3.27% and the interest rate on the outstanding revolving credit facility was 5.25%. The credit facility contains a minimum tangible net worth covenant; at September 30, 2016, National Beef met this covenant. The credit facility is secured by a first priority lien on substantially all of the assets of National Beef and its subsidiaries.

Borrowings under the revolving credit facility are available for National Beef’s working capital requirements, capital expenditures and other general corporate purposes. Unused capacity under the facility can also be used to issue letters of credit; letters of credit aggregating $12.6 million were outstanding at September 30, 2016. Amounts available under the revolver are subject to a borrowing base calculation primarily comprised of receivable and inventory balances. At September 30, 2016, after deducting outstanding amounts and issued letters of credit, $247.7 million of the unused revolver was available to National Beef.

At September 30, 2016, 54 Madison had $116.7 million of 6.0% term loan debt maturing in May 2017, $53.4 million of 6.0% term loan debt maturing in January 2018, $0.5 million of 3.5% term loan debt maturing in March 2019, $104.0 million of 5.5% term loan debt maturing in January 2020 and $0.5 million of 3.5% term loan debt maturing in January 2020. As discussed further in Note 24, the majority of the debt holders are also investors in 54 Madison.

At September 30, 2016, Foursight Capital's credit facilities consisted of two warehouse credit commitments aggregating $200.0 million, which mature in March 2017 and December 2018. The 2017 credit facility bears interest based on the three-month LIBOR plus a credit spread fixed through its maturity and the 2018 credit facility bears interest based on the one-month LIBOR plus a credit spread fixed through its maturity. As a condition of the 2017 credit facility, Foursight Capital is obligated to maintain interest rate caps with a notional amount no less than the outstanding loan on any day, which was $30.7 million at September 30, 2016.