9. Debt

Long-Term Debt

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

	Interest			As of December 31,
	Rates			2013			2012
				(in thousands)
Term loans and lines of credit		5.50-11.65	%	$	11,910		$	9,981
Current maturities					(5,902	)		(336	)
Long-term debt				$	6,008		$	9,645

ICG’s long-term debt matures as follows:

2014	$	5,902
2015		4,645
2016		1,363
2017		—
2018		—
	$	11,910

Loan and Credit Agreements

On April 13, 2011, Bolt entered into an agreement with Horizon Technology Finance Corporation (“Horizon”) that provided for a loan in the amount of $5.0 million. That loan was subject to an interest rate of 11.75%, and initially matured on November 1, 2014. On October 26, 2012, Bolt entered into an additional agreement with Horizon that provided for the repayment of the original $5.0 million loan and the issuance of two $5.0 million in borrowings, both subject to a stated interest rate of 11.65%. Principal and interest payments related to these loans are payable monthly (interest only payments were payable monthly for the first twelve months). Both debt instruments are secured by Bolt’s assets, and both mature on May 1, 2016. Those debt instruments have a fair value as of December 31, 2013 and 2012 of $9.2 million and $9.3 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 December 31, 2013 and 2012, $9.7 million and $10.0 million, respectively, was outstanding under those loan agreements. There are prepayment penalties associated with these arrangements.

On August 9, 2013, as part of a debt financing, 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 December 31, 2013 of $0.5 million, due to warrants issued by Bolt to Neurone in connection with the debt agreement. As of December 31, 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 provided for a $2.0 million revolving credit facility that matured on November 30, 2013, and a $2.5 million term loan that matures on November 30, 2017, 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. 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 no amount outstanding under the line of credit as of December 31, 2013 and $2.2 million was outstanding under the term loan as of December 31, 2013. The term loan has a fair value as of December 31, 2013 of $2.2 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. In January 2014, GovDelivery repaid the term loan; accordingly, the $2.2 million outstanding balance as of December 31, 2013 was included in the line item “Current maturities of long term debt” on ICG’s Consolidated Balance Sheets as of December 31, 2013.