Debt (Tables)

12 Months Ended

Dec. 31, 2014

The carrying value and fair value of the Company's debt is as follows (in thousands):



	December 31, 2014				December 31, 2013
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Cash Convertible Senior Subordinated Notes	$	117,259	$	116,819	$	117,259	$	118,432
Senior Secured Notes	305,000		309,194		305,000		320,823
First Lien Credit Facility	—		—		235,000		235,000
Total Debt	$	422,259	$	426,013	$	657,259	$	674,255

Debt Instrument Redemption

On or after June 15, 2015, KCG may redeem all or a part of the Senior Secured Notes upon not less than 30 nor more than 60 days’ notice, at the redemption prices (expressed as percentages of principal amount) set forth below plus accrued and unpaid interest and additional interest under the Senior Secured Notes Registration Rights Agreement (defined below), if any, on the Senior Secured Notes redeemed, to the applicable redemption date, if redeemed during the 12-month period beginning on June 15 of the years indicated below:



Year	Percentage
2015	104.125	%
2016	102.063	%
2017 and thereafter	100.000	%

Recorded Expenses with Respect to Long-term Debt

The Company recorded expenses with respect to the Debt as follows (in thousands):



	For the year ended December 31,
	2014		2013		2012
Interest expense	$	31,724	$	34,138	$	1,194
Amortization of debt issuance cost ⁽¹⁾	13,217		16,832		276
Commitment fee	1,575		792		1,034
Total	$	46,516	$	51,762	$	2,504

⁽¹⁾

Of the $13.2 million of amortization of debt issuance cost incurred during 2014, $9.6 million is included in Writedown of debt issuance costs and $3.6 million is in Other expenses. The writedown amounts were incurred as a result of the $235.0 million repayment of the First Lien Credit Facility made in 2014. For 2013, $3.6 million is included in Other expense while $13.2 million is included in Writedown of debt issuance cost as a result of the $300.0 million repayment of the First Lien Credit Facility.