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134 UNUM • 2014 ANNUAL REPORT
Notes To Consolidated Financial Statements
Note 8. Debt
Debt consists of the following:
December 31
(in millions of dollars) Interest Rates Maturities 2014 2013
Long-term Debt
Senior Secured Notes issued 2007 Variable 2037 $ 398.4 $ 440.0
Senior Notes issued 1998 7.000% 2018 200.0 200.0
Senior Notes issued 1998 6.750–7.250% 2028 365.8 365.8
Senior Notes issued 2002 7.375% 2032 39.5 39.5
Senior Notes issued 2005 6.850% 2015 — 296.8
Senior Notes issued 2009 7.125% 2016 350.0 350.0
Senior Notes issued 2010 5.625% 2020 399.7 399.7
Senior Notes issued 2012 5.750% 2042 248.7 248.6
Senior Notes issued 2014 4.000% 2024 349.5 —
Medium-term Notes issued 1990–1996 7.000–7.190% 2023–2028 50.8 50.8
Junior Subordinated Debt Securities issued 1998 7.405% 2038 226.5 226.5
Fair Value Hedges Adjustment (0.2) (5.7)
Total Long-term Debt 2,628.7 2,612.0
Short-term Debt
Senior Notes issued 2005 6.850% 2015 151.9 —
Total Short-term Debt 151.9 —
Total Debt $2,780.6 $2,612.0
The prior year amount for securities lending has been reclassified from short-term debt to other liabilities in our consolidated balance
sheets to conform to the current year presentation and is therefore no longer included in the chart above. Cash flows resulting from the
change in the securities lending liability in prior years have also been reclassified from financing to investing in our statements of cash flows
to conform to the current year presentation.
Collateralized debt is comprised of our senior secured notes and ranks highest in priority, followed by unsecured notes, which consist
of senior notes and medium-term notes, followed by junior subordinated debt securities. The senior notes due 2018 and medium-term
notes are non-callable and the junior subordinated debt securities are callable under limited, specified circumstances. The remaining debt
is callable and may be redeemed, in whole or in part, at any time.
The aggregate contractual principal maturities are $151.9 million in 2015, $350.0 million in 2016, $200.0 million in 2018,
and $2,081.0 million in 2020 and thereafter.