Long-Term Debt

Long-term debt consists of the following (in thousands):



	December 31,
	2013			2012
Unsecured notes	$	250,000		$	250,000
Term loan	138,750			—
Unamortized discounts and issuance costs of unsecured notes	(1,222		)	(1,681		)
	$	387,528		$	248,319
Current portion, long-term debt	$	15,000		$	—
Long-term debt	$	372,528		$	248,319

In August 2011, the Company issued $250 million aggregate principal amount of its 3.75 percent senior unsecured notes due September 1, 2016 (the “Notes”). The net proceeds from the issuance of the Notes were approximately $247.7 million, after deducting underwriting fees and other offering expenses, which are being amortized over a period of five years. Interest is payable on the Notes semiannually in arrears on March 1 and September 1. The proceeds from the Notes are being used for general corporate purposes, which may include working capital and capital expenditure needs, business acquisitions and repurchases of the Company’s common stock.

On April 5, 2013, the Company borrowed $150 million under the term loan facility incorporated in the Credit Agreement. Principal payments of $3.75 million are made quarterly and commenced on June 30, 2013 and will continue through December 31, 2018 with final maturity payment, including any interest due, on April 5, 2019. Interest is accrued at a one-month LIBOR rate, plus the scheduled spread and paid monthly. See Note 3, "Derivative Financial Instruments - Interest rates," for additional information on the effective interest rate on the term loan at December 31, 2013.