10.

Debt

Long-Term Debt

ICG's long-term debt of $15.5 million and $20.4 million at December 31, 2011 and 2010, respectively, related to its consolidated core companies and primarily consisted of a term loan at Procurian.


				As of December 31,
	Interest Rates			2011			2010
				(in thousands)

Procurian term loan		1.92-3.09	%	$	14,667		$	18,667
Capital leases		2.25-4.00	%		224			503
Other debt		7.0-10.27	%		629			1,241

					15,520			20,411
Current maturities					(4,759	)		(4,730	)

Long-term debt				$	10,761		$	15,681

ICG's long-term debt matures as follows:


2012	$	4,759
2013		4,093
2014		4,001
2015		2,667

	$	15,520

Loan and Credit Agreements

On August 3, 2010, Procurian and a number of its wholly-owned subsidiaries entered into a loan agreement with PNC Bank under which the company is able to borrow up to $15.0 million under a revolving line of credit. The line of credit matures on August 2, 2013 and provides for the issuance by the bank of up to $5.0 million of letters of credit, subject to specified fees and other terms. The line of credit is also subject to a 0.25% per annum unused commitment fee that is payable to the bank quarterly. Also on August 3, 2010, Procurian and the other borrowing companies under the line of credit borrowed $20.0 million under a term loan with PNC Bank. The proceeds from the term loan were used to fund a cash dividend paid to certain stockholders of Procurian, including ICG, on August 4, 2010. Procurian paid a nonrefundable $0.2 million commitment fee to PNC Bank upon the consummation of the new line of credit and term loan.

Both the line of credit and the term loan are secured by a first priority lien on the assets of the borrowing companies. The term loan and the line of credit both bear interest at either a base rate equal to the highest of PNC Bank's prime rate, the sum of the Federal Funds Open Rates plus 0.5% and the sum of the daily LIBOR rate plus 1.0%, or a daily to six month LIBOR rate plus a margin ranging from 1.75% to 2.5% depending on the then-current debt-to-EBITDA ratio of the borrowing companies, at Procurian's option. On August 6, 2010, Procurian entered into an interest rate swap hedge agreement whereby 50% of the term loan was effectively converted to a fixed interest rate of 1.34% by the hedge agreement. Procurian will still be required to pay the interest rate margin described above on the converted portion of the term loan, which would result in a final interest rate of between 3.09% and 3.84%. The termination date of the hedge agreement is August 1, 2015. Procurian has the right, but not the obligation, to terminate the hedge agreement, without cause and without penalty, on August 1, 2012.

At December 31, 2011, the effective interest rate being paid by Procurian under the term loan, including the applicable margin, was 2.04% for the portion of the loan tied to a floating LIBOR rate and 3.09% for the portion of the loan covered by the interest rate swap hedge agreement. Any outstanding principal and interest under the line of credit will become due and payable periodically through August 2, 2013. The principal under the term loan is payable in $0.3 million monthly installments through August 1, 2015, and any outstanding interest under the term loan will become due and payable periodically through August 1, 2015. Both the line of credit and the term loan are subject to a number of financial and other covenants that are specified in the loan documents. There were no amounts outstanding under the PNC Bank line of credit agreement as of December 31, 2011 and 2010.

On October 26, 2011, GovDelivery entered into a loan agreement with Venture Bank under which the company may borrow up to $1.0 million under a revolving line of credit that is secured by GovDelivery's assets. The parties have agreed to extend the term of the line of credit, which was set to mature on March 2, 2012. The line of credit bears interest at a base rate equal to the prime rate plus 2.0% but in no case less than 7.0% (the interest rate at December 31, 2011 was 7.0%). There was $0.4 million outstanding on this line of credit at December 31, 2011.

On December 18, 2009, ICG entered into an amended and restated letter of credit agreement with Comerica Bank (the "LC Agreement") that provides for the issuance of letters of credit of up to $10.0 million, subject to a cash-secured borrowing base, as defined by the LC Agreement. On December 17, 2010, the LC Agreement was extended to December 16, 2011. On December 16, 2011, ICG entered into a second amendment to LC Agreement to extend the term through December 14, 2012. Issuance fees of 0.50% per annum of the face amount of each letter of credit will be paid to Comerica Bank subsequent to issuance. The LC Agreement is also subject to a 0.25% per annum unused commitment fee payable to the bank on a quarterly basis. No amounts were outstanding under those agreements at December 31, 2011 or 2010.

On May 8, 2008, ICG entered into a series of loan agreements with Credit Suisse Capital LLC. Under those agreements, ICG could, from time to time, borrow funds secured by the cashless collar contracts that ICG previously entered into with respect to its shares of Blackboard common stock. On July 26, 2010, ICG terminated its remaining cashless collar contracts. Accordingly, the underlying loan agreements were also terminated as of that date. ICG did not at any time draw any amounts under the loan agreements.