8. Debt

Long-Term Debt

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

		As of
	Interest	March 31,			December 31,
	Rates	2014			2013
		(in thousands)

Term loans and lines of credit	5.5-11.65%	$	8,742		$	11,910
Current maturities			(3,500	)		(5,902	)
Long-term debt		$	5,242		$	6,008

ICG’s long-term debt matures as follows:

2014	(remaining nine months)	$	3,500
2015			4,645
2016			597
		$	8,742

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 new loans of $5.0 million each, both subject to a stated interest rate of 11.65%. Principal and interest payments related to the two loans are payable monthly (interest only payments were payable monthly for the first twelve months). Both loans are secured by Bolt’s assets, mature on May 1, 2016, and are subject to prepayment penalties. The loans have a fair value as of March 31, 2014 and December 31, 2013 of $8.1 million and $9.2 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 March 31, 2014 and December 31, 2013, $8.5 million and $9.7 million, respectively, was outstanding under the two loans.

On August 9, 2013, Bolt entered into certain loan 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. The loan has a fair value as of both March 31, 2014 and December 31, 2013 of $0.5 million. As of both March 31, 2014 and 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 was set to mature 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 were secured by GovDelivery’s assets. Each of the line of credit and the term loan was subject to a base interest rate equal to the prime rate plus 2.0% but in no case 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 had a fair value as of December 31, 2013 of $2.2 million. The amounts outstanding for the 2013 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” in ICG’s Consolidated Balance Sheets as of December 31, 2013. There was no prepayment penalties incurred upon the repayment of that debt.