NOTE 7. DEBT

The following table summarizes current and long-term portions of debt (in thousands):

	September 30, 2017		December 31, 2016
Senior debentures, net, maturing in February 2019, principal $6.6 million	$	-	$	-
Subordinated notes, net, maturing in May 2019, principal $5.9 million		-		6,310
Other		32		75
Senior revolving loan		-		1,725
Senior term loan, net		-		917
		32		9,027
Current portion		19		3,063
Long-term portion	$	13	$	5,964

We issued senior debentures in the principal amount of $6.6 million and related warrants in a private placement, in February 2017. In connection with the senior debenture private placement, in February 2017, we also entered into agreements that resulted in (i) a reduction in the annual interest rate on the subordinated notes from 11.75% to 7%, (ii) an extension of the maturity date of the subordinated notes to May 2019 from May 2018 and (iii) our first quarter 2017 payment of $0.2 million of note principal and $0.3 million of accrued note interest. The transactions, and the accounting therefore, are described further in Note 8.

Until July 2017, when we repaid the senior debentures and the subordinated notes in full with the proceeds from the sale of HN in July 2017, we accreted interest on the debentures at an effective rate of 160.6% per year and on the subordinated notes at 15.0% per year. Upon extinguishment in July 2017, we recognized a loss on extinguishment of $6.6 million for the differences between (i) the $0.6 million carrying amount of the senior debentures and the $6.6 million face value paid and (ii) the $5.3 million carrying amount of the subordinated notes and the $6.0 million face value paid.

In February 2017, we used the net proceeds from the senior debenture private placement discussed further in Note 8 to pay the senior revolving loan and the senior term loan in full.