As of March 31, 2012 and December 31, 2011, long-term debt consisted of the following (in thousands):

			March 31,		December 31,
			2012		2011
Bank credit facility (due 2016), interest based on Prime and/or LIBOR plus an applicable margin,
	interest rate at March 31, 2012 and December 31, 2011 was 3.16% and 2.9%, respectively	$	139,000	$	85,000
Senior unsecured notes (due 2018), net of discount of $11.1 million and $11.6 million,
	respectively, which bear interest at the rate of 8.875%		713,883		713,409
	Debt classified as long-term	$	852,883	$	798,409

Credit Facility. As of March 31, 2012, there was $59.8 million in outstanding letters of credit and $139.0 million borrowed under the Partnership's bank credit facility, leaving approximately $436.2 million available for future borrowing based on the borrowing capacity of $635.0 million. On January 24, 2012, the Partnership amended its credit facility. This amendment increased its borrowing capacity from $485.0 million to $635.0 million and amended certain terms under the facility to provide additional financial flexibility during the remaining four-year term of the facility. The credit facility is guaranteed by substantially all of the Partnership's subsidiaries and is secured by first priority liens on substantially all of the Partnership's assets and those of the guarantors, including all material pipeline, gas gathering and processing assets, all material working capital assets and a pledge of all of the Partnership's equity interests in substantially all of its subsidiaries and its interest in HEP.

The Partnership may prepay all loans under the amended credit facility at any time without premium or penalty (other than customary LIBOR breakage costs), subject to certain notice requirements.

All material terms of the credit facility are described in Part II, “Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations – Indebtedness” in the Company's Annual Report on Form 10-K for the year ended December 31, 2011. The Partnership expects to be in compliance with all credit facility covenants for at least the next twelve months.