Note 2—Long-Term Debt

Long-term debt at June 30, 2013 and December 31, 2012 consists of the following:



	June 30, 2013			December 31, 2012
	(in millions)
Senior Secured Credit Facility	$	20.0		$	—
Term Loan	318.3			319.7
7.75% Senior Subordinated Notes due 2022	325.0			325.0
8.75% Senior Subordinated Notes due 2020	350.0			350.0
8.625% Senior Notes due 2017	446.2			445.8
	1,459.5			1,440.5
Less current maturities	(3.3		)	(3.3		)
	$	1,456.2		$	1,437.3

Senior Secured Credit Facility: In August 2011, we entered into the Fourth Amended and Restated Credit Agreement (the "Credit Facility") with a revolving credit commitment of $410 million, which matures in August 2016. As of June 30, 2013, we had $20 million outstanding under the revolving credit facility, and had $8.1 million committed under letters of credit. In addition, upon closing of the Merger with Ameristsar, we anticipate entering into a new credit agreement which will provide for $1 billion in revolving credit facility and $1.6 billion in new term loans.

Term Loan: On March 19, 2012, we entered into a $325 million Incremental Term Loan (the "Term Loan") under the Credit Facility. The Term Loan matures with all outstanding principal amounts due and payable March 19, 2019. The Term Loan requires payments of $3.25 million annually, payable in equal quarterly installments, with any remaining amount of the Term Loan required to be repaid in full on the maturity date. The Term Loan bears interest, at our option, at either a LIBOR rate plus a margin of 3.00% or at a base rate plus a margin of 1.50%. The LIBOR rate carries a floor of 1.00%.

7.75% Senior Subordinated Notes due 2022: On March 19, 2012, we issued $325 million in aggregate principal amount of 7.75% senior subordinated notes due 2022 (“7.75% Notes”). The 7.75% Notes were issued at par with interest payable on April 1st and October 1st of each year. Net of initial purchasers’ fees and various costs and expenses, proceeds from the offering were approximately $318 million.

8.75% Senior Subordinated Notes due 2020: In May 2010, we issued $350 million in aggregate principal amount of 8.75% senior subordinated notes due 2020 ("8.75% Notes"). The 8.75% Notes were issued at par with interest payable on May 15th and November 15th of each year. Net of the initial purchasers' fees and various costs and expenses, proceeds from the offering were approximately $341.5 million.

8.625% Senior Notes due 2017: In August 2009, we issued $450 million in aggregate principal amount of 8.625% senior unsecured notes due 2017 ("8.625% Notes"). The 8.625% Notes were issued at a price of 98.597% of par, to yield 8.875% to maturity, with interest payable on August 1st and February 1st of each year. Net of the original issue discount, initial purchasers' fees and various costs and expenses, proceeds from the offering were approximately $434 million.

Loss on early extinguishment of debt: During the six months ended June 30, 2012, we incurred a $20.7 million loss related to the early redemption of our then existing 7.50% senior subordinated notes due 2015. The loss included redemption premiums, write off of previously unamortized debt issuance costs and original issuance discount costs.

Interest expense, net of capitalized interest and interest income was as follows:



	For the three months ended June 30,						For the six months ended June 30,
	2013			2012			2013			2012
	(in millions)
Interest expense	$	29.3		$	29.1		$	58.5		$	56.5
Interest income	(0.1		)	(0.2		)	(0.2		)	(0.3		)
Capitalized interest	(0.8		)	(6.4		)	(1.2		)	(11.8		)
Interest expense, net	$	28.4		$	22.5		$	57.1		$	44.4

Interest expense is capitalized on internally constructed assets at our overall weighted average cost of borrowing. Capitalized interest decreased in 2013 as compared to 2012 due to L'Auberge Casino and Hotel Baton Rouge construction prior to the September 2012 opening, and our investment in ACDL. During 2012, we capitalized interest on our investment in ACDL, as ACDL had not completed construction of phase one of the Ho Tram Strip beachfront complex of integrated resorts and residential developments in southern Vietnam. Construction of phase one of this development was substantially completed in the first quarter of 2013 and phase one of the integrated resort opened in July 2013.