8. Debt

At March 31, 2012 and December 31, 2011, our obligations under debt arrangements consisted of the following:


	March 31, 2012		December 31, 2011
Senior secured credit facility	$	438,200	$	409,300
7.875% senior unsecured notes (including unamortized premium of $981 and $0 in 2012 and 2011, respectively)		350,981		250,000

Total long-term debt	$	789,181	$	659,300

We believe we were in compliance with the financial covenants contained in our credit agreement and senior unsecured notes indenture as of March 31, 2012.

Senior Unsecured Notes Issuance

On February 1, 2012, we issued an additional $100 million of aggregate principal amount of senior unsecured notes under our existing 7.875% senior unsecured notes due 2018 indenture. The notes were issued at 101% of face value at an effective interest rate of 7.682%. The notes have the same terms and conditions as the notes previously issued under the indenture. The issuance increased the total aggregate principal amount under the indenture to $350 million. The net proceeds were used to repay borrowings under our credit facility.

Senior Secured Credit Facility

At March 31, 2012, we had $438.2 million borrowed under our $775 million senior secured credit facility, with $75.6 million of the borrowed amount designated as a loan under the inventory sublimit. The credit facility can be increased up to $1 billion, subject to lender approval. The credit agreement allows up to $100 million of the capacity to be used for letters of credit, of which $4.9 million was outstanding at March 31, 2012. Due to the revolving nature of loans under our credit facility, additional borrowings and periodic repayments and re-borrowings may be made until the maturity date of June 30, 2015. The total amount available for borrowings under our credit facility at March 31, 2012 was $331.9 million.