9. Debt

Long-Term Debt

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

	Interest	As of December 31,
	Rates	2014			2013
		(in thousands)
Term loans and lines of credit	5.5%-11.65%	$	500		$	11,910
Current maturities			(500	)		(5,902	)
Long-term debt		$	-		$	6,008

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). As of December 31, 2014 and 2013, zero and $9.7 million, respectively, was outstanding under those loan agreements and are included in the line item “Term loans and lines of credit” in the table above. In June 2014, the loans including certain prepayment fees and financing charges, were paid in full.

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 with options which have extended the maturity date to August 9, 2015. The loan fair value has a fair value as of both December 31, 2014 and 2013 of $0.5 million, which is included in the line item “Term loans and lines of credit” in the table above. The loan matures in August 2015 and is included in the line item Current maturities of long term debt on the Consolidated Balance Sheets.

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. There was no amount outstanding under the line of credit as of December 31, 2014 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 amount outstanding as of December 31, 2013 is 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 Actua’s Consolidated Balance Sheets as of December 31, 2013.