LONG-TERM DEBT / INTEREST EXPENSE

9 Months Ended

Sep. 30, 2013

LONG-TERM DEBT / INTEREST EXPENSE

LONG-TERM DEBT / INTEREST EXPENSE

NOTE 5.  LONG-TERM DEBT / INTEREST EXPENSE

Long-term debt consisted of the following:

	September 30,			December 31,
	2013			2012
	(unaudited)
	(in thousands)
Senior Credit Facility	$	1,094,993		$	1,096,112
Mortgage	1,097			2,444
Capital leases	2			6
Total debt	1,096,092			1,098,562
Less: current maturities	(3,099		)	(3,817		)
Long-term debt	$	1,092,993		$	1,094,745

For the nine months ended September 30, 2013 and 2012, net interest expense was $33.4 million and $33.0 million, respectively, and consisted primarily of interest on outstanding borrowings under the Term Loan Facility. Interest under both the Term Loan Facility and the Revolving Credit Facility is based on variable rates. At both September 30, 2013 and December 31, 2012, the interest rate under the Term Loan Facility was 3.75%. The Revolving Credit Facility was undrawn and had outstanding letters of credit of $1.1 million at both September 30, 2013 and December 31, 2012. At both September 30, 2013 and December 31, 2012, the commitment fee on the undrawn portion of the Revolving Credit Facility was 0.5%, and the outstanding letters of credit fee was 3.00%.

As of September 30, 2013, the Company believes that it is in compliance with all covenants under the Senior Credit Facility.