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Debt And Financing Obligations
6 Months Ended
Jun. 30, 2011
Debt And Financing Obligations  
Debt And Financing Obligations

5. Debt and Financing Obligations

Term Loan and Revolving Credit Facility

On July 1, 2011, we repaid in full the $33.3 million principal amount of our term loan and a prepayment penalty of $0.3 million. As a result of the repayment, in the third quarter of 2011, we expect to record a loss on extinguishment of debt of $1.1 million, which will consist of a $0.8 million non-cash charge related to the write-off of unamortized debt issuance costs and a debt discount and the $0.3 million prepayment penalty. As of June 30, 2011, the carrying amount of the term loan was classified as a current liability.

As of June 30, 2011, $4.0 million was borrowed under our revolving credit facility which bore interest at a variable rate of 3.75%. Borrowing availability under the revolving credit facility is currently $14.4 million.