Debt

Long-term debt consisted of the following:



	March 31, 2014			December 31, 2013
LONG-TERM DEBT
12.75% Senior Secured Notes due December 15, 2016	$	210,000		$	210,000
7.0% Convertible Notes due December 15, 2017	57,500			57,500
Revolving Credit Facility due December 15, 2015	—			—
Other, primarily capital leases	895			998
Total long-term debt	268,395			268,498
Less: unamortized discount	(21,398		)	(22,502		)
Less: current portion	(396		)	(397		)
Total long-term portion	246,601			245,599
TOTAL DEBT	$	246,997		$	245,996

During December of 2011, the Company issued $225,000 aggregate principal amount of 12.75% Senior Secured Notes due 2016 (the “Secured Notes”), $57,500 aggregate principal amount of 7.0% Convertible Senior Notes due 2017 (the “Convertible Notes”) and entered into a $100,000 senior secured asset based revolving credit facility (the “Revolving Credit Facility”). Net proceeds from these transactions (collectively referred to as the “Debt Transactions”) were used to complete the acquisition of Tube Supply, repay existing debt and for general corporate purposes. In November 2013, the Company purchased and subsequently retired $15,000 aggregate principal amount of the Secured Notes. In January 2014, the Company partially exercised the accordion option under its revolving credit facility to increase the aggregate commitments by $25,000. As a result, the Company's borrowing capacity increased from $100,000 to $125,000, and the Company maintains the ability to exercise the accordion for an additional $25,000 of aggregate commitments in the future.

Secured Notes

The Secured Notes will mature on December 15, 2016. The Company pays interest on the Secured Notes at a rate of 12.75% per annum in cash semi-annually. The Secured Notes are fully and unconditionally guaranteed, jointly and severally, by certain 100% owned domestic subsidiaries of the Company (the Note Guarantors). Refer to Note 16 for Guarantor Financial Information disclosure.

Subject to certain conditions, within 95 days after the end of each fiscal year, the Company must make an offer to purchase the Secured Notes with certain of its excess cash flow (as defined in the indenture) for such fiscal year at 103% of the principal amount thereof, plus accrued and unpaid interest. For the fiscal year ended December 31, 2013, the Company estimated that it had no excess cash flow (as defined in the indenture) and therefore, the Company did not make an offer to purchase the Secured Notes.

Convertible Notes

The Convertible Notes are due December 15, 2017. The Company pays interest on the Convertible Notes at a rate of 7.0% per annum in cash semi-annually. The Convertible Note holders may convert their Convertible Notes during the three months immediately succeeding March 31, 2014, as the last reported sale price of the Company's common stock exceeded $13.36 for at least 20 of the last 30 consecutive trading days ending on March 31, 2014. If any Convertible Notes were to be surrendered, the Company would settle them via a combination of cash and shares of its common stock. If all the Convertible Notes were to be surrendered, the Company has estimated that it would deliver cash of $57,500 and issue approximately 1,644 shares of common stock. Although the conversion of the Convertible Notes is outside the control of the Company at March 31, 2014, the carrying value of the outstanding Convertible Notes are classified as long-term debt in the Consolidated Balance Sheet at March 31, 2014, as the Company would have the ability and intent to utilize its Revolving Credit Facility, which is classified as long-term, to settle the cash portion of the conversion.

Revolving Credit Facility

The weighted average interest rate for borrowings under the Revolving Credit Facility for the three months ended March 31, 2014 was 3.12%. The Company pays certain customary recurring fees with respect to the Revolving Credit Facility.

The Revolving Credit Facility contains a springing financial maintenance covenant requiring the Company to maintain the ratio (as defined in the Revolving Credit Facility Loan and Security Agreement) of EBITDA to fixed charges of 1.1 to 1.0 when excess availability is less than the greater of 10% of the calculated borrowing base (as defined in the Revolving Credit Facility Loan and Security Agreement) or $12,500. In addition, if excess availability is less than the greater of 12.5% of the calculated borrowing base (as defined in the Revolving Credit Facility Loan and Security Agreement) or $15,625, the lender has the right to take full dominion of the Company’s cash collections and apply these proceeds to outstanding loans under the Revolving Credit Facility. The Company's ratio of EBITDA to fixed charges was 0.14 for the twelve months ended March 31, 2014. At this ratio, the Company's current maximum borrowing capacity would be $99,683 before triggering full dominion of the Company's cash collections. As of March 31, 2014, the Company had $115,308 of of available borrowing capacity under the Revolving Credit Facility.