Long-Term Debt

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



	December 31,
	2014			2013
Unsecured notes	$	250,000		$	250,000
Term loan	123,750			138,750
Unamortized discounts and issuance costs of unsecured notes	(764		)	(1,222		)
	$	372,986		$	387,528
Current portion, long-term debt	$	15,000		$	15,000
Long-term debt	$	357,986		$	372,528

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 on the term loan of $3.75 million are made quarterly and commenced on June 30, 2013 and will continue through December 31, 2018 with final maturity payment in respect of the term loan, 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, 2014.