8. Debt

Long-Term Debt

ICG’s long-term debt as of June 30, 2014 and December 31, 2013 consisted of the following:

			As of
	Interest		June 30,		December 31,
	Rates		2014		2013
			(in thousands)

Term loans and lines of credit		8.00%	$	496	$	11,910
Current maturities				-		(5,902	)
Long-term debt			$	496	$	6,008

ICG’s long-term debt as of June 30, 2014, of $0.5 million, matures in 2015.

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 were payable monthly (interest only payments were payable monthly for the first twelve months). Both loans were secured by Bolt’s assets, matured on May 1, 2016, and were subject to prepayment penalties. In June 2014, those loans were repaid, including the prepayment penalties and financing charges.

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 with options to extend the maturity date to August 9, 2015. The loan has a fair value as of both June 30, 2014 and December 31, 2013 of $0.5 million. As of both June 30, 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, the term loan was repaid; 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.