8. Debt

Long-Term Debt

ICG’s long-term debt as of September 30, 2013 and December 31, 2012 consisted of the following:

	Interest Rates			September 30, 2013		December 31, 2012
				(in thousands)
Term loans and lines of credit	5.50-11.65	%		13,003			9,981
Current maturities				(5,081	)		(336	)
Long-term debt			$	7,922		$	9,645

ICG’s long-term debt matures as follows:

2013 (remainder of year)	$	1,165
2014		4,213
2015		4,695
2016		2,373
2017		557
	$	13,003

Loan and Credit Agreements

On October 22, 2012, Bolt entered into certain debt agreements with Horizon Technology Ventures Corporation (“Horizon”). Those agreements provide for a term loan of $5.0 million and a $5.0 million line of credit, each of which is subject to an interest rate of 11.65% and matures on May 1, 2016. Those debt instruments have a fair value as of September 30, 2013 and December 31, 2012 of $9.5 million and $9.8 million, respectively, due to warrants issued by Bolt to Horizon in connection with the debt agreement and are included in the line item “Term loans and lines of credit” in the table above. As of September 30, 2013, $5.0 million and $5.0 million are outstanding under the term loan and the line of credit, respectively.

On August 9, 2013, Bolt entered into certain debt agreements with Neurone II Investments G.P. Ltd. (“Neurone”). Those agreements provide for a term loan of $0.5 million that is subject to an interest rate of 8.0% and matures on August 9, 2014. Those debt instruments have a fair value as of September 30, 2013 of $0.5 million, due to warrants issued by Bolt to Neurone in connection with the debt agreement. As of September 30, 2013, $0.5 million is outstanding under the term loan, which is included in the line item “Term loans and lines of credit” in the table above.

On November 30, 2012, GovDelivery entered into loan agreements with Venture Bank that provide for a $2.0 million revolving credit facility and a $2.5 million term loan in order to fund GovDelivery’s 2013 initiatives of replacing existing equipment and expanding the company’s data centers. Both the revolving credit facility and the term loan are secured by GovDelivery’s assets and mature on November 30, 2017. Each of the line of credit and the term loan bears interest at a base rate equal to the prime rate plus 2.0% but in no case will be less than 5.5%. There was $0.8 million and $2.3 million outstanding under the line of credit and term loan, respectively, as of September 30, 2013. Those debt instruments have a fair value as of September 30, 2013 of $0.8 million and $2.3 million. There was no amount outstanding under the line of credit as of December 31, 2012; there was $2.5 million outstanding under the term loan as of December 31, 2012. The fair value of the term loan as of December 31, 2012 was $2.4 million. The amounts outstanding for each period are included in the line item “Term loans and lines of credit” in the table above.