Long-Term Debt

Our long-term debt consists of the following:



		March 31,		December 31,
(in thousands)		2012		2011
Acquisition related notes:
	Non-interest bearing acquisition note due in $5.0 million installments March 2012, 2014 and 2016	$	8,378	$	13,209
Notes:
	7.25% senior notes due June 2021	393,000		400,000
	5.7% senior debentures due August 2014	1,175		1,175
	7.55% senior debentures due April 2028	59,645		59,645
	8.5% deferrable interest subordinated notes due April 2012	34,768		34,768
Bank debt:
	Revolving line of credit borrowings due March 2016, weighted average interest rate of 6.8%	51,730		51,045
	Term loan facility borrowings through March 2016, weighted average interest rate of 4.0%	306,250		341,250
Other debt:
	Various interest rates with maturities through 2013	1,787		7,203
Total long-term debt		856,733		908,295
Less current portion of long-term debt		36,377		62,268
Long-term debt, net of current portion		$	820,356	$	846,027

For the three months ended March 2012, we repaid in total $52.2 million of our debt obligations. In April 2012 we repaid in full all amounts outstanding under the 8.5% deferrable interest subordinated notes due April 2012 upon the final maturity thereof.

Senior Notes

On May 20, 2011, we issued $400.0 million aggregate principal amount of 7.25% senior notes due 2021 (the "Notes"). Separate financial statements for each guarantor subsidiary are not included in this filing because each guarantor subsidiary is wholly-owned and the guarantees of the Notes are full and unconditional and joint and several. There are no significant restrictions on the ability of the parent company or any guarantor subsidiary to obtain funds from its subsidiaries by dividend or loan. The Notes bear interest at 7.25% per annum and mature on June 1, 2021. Interest is payable semi-annually in arrears on June 1 and December 1 of each year, beginning on December 1, 2011. For the three months ended March 31, 2012, we repurchased $7.0 million of the Notes.

Credit Agreement

On May 23, 2011, the Company, CoreLogic Australia Pty Limited and the guarantors named therein entered into a senior secured credit facility agreement (the "Credit Agreement") with Bank of America, N.A. as administrative agent and other financial institutions. The Credit Agreement provides for a $350.0 million five-year term loan facility (the "Term Facility") and a $550.0 million revolving credit facility (the "Revolving Facility"). The Revolving Facility includes a $100.0 million multicurrency revolving sub-facility and a $50.0 million letter of credit sub-facility. As of March 31, 2012, A$50.0 million, or $51.7 million, is outstanding under the multicurrency revolving sub-facility related to our acquisition of RP Data. The Credit Agreement also provides for the ability to increase the Term Facility and Revolving Facility commitments provided that the total credit exposure under the Credit Agreement does not exceed $1.4 billion in the aggregate. For the three months ended March 31, 2012, we paid $35.0 million of outstanding indebtedness under the Term Facility of which $30.6 million was a prepayment. This prepayment was applied to the most current portion of the term loan amortization schedule.

As of March 31, 2012 and December 31, 2011, we have recorded $13.4 million and $4.4 million, respectively, of accrued interest expense. For the three months ended March 31, 2012, debt prepayments resulted in $0.3 million of incremental interest expense in the accompanying condensed consolidated statements of income due to the write-off of unamortized debt issuance costs.

Acquisition-Related Notes

In March 2011, we entered into a new settlement services joint venture called STARS. Our initial investment in STARS was $20.0 million and we also issued a note payable for an additional $15.0 million of consideration, which is non-interest bearing and due in three equal installments. As of March 31, 2012, the discounted balance outstanding under the note was $8.4 million.

Interest Rate Swaps

In June 2011, we entered into amortizing interest rate swap transactions (“Swaps”) that have a termination date of May 2016. The Swaps are for an initial balance of $200.0 million, with a fixed interest rate of 1.73% and amortize quarterly by $2.5 million through September 30, 2013, $5.0 million from October 1, 2013 through September 30, 2014 and $7.5 million from October 1, 2014 through May 16, 2016, with a notional amount of $107.5 million.

We entered into the Swaps in order to convert a portion of our interest rate exposure on the Term Facility floating rate borrowings from variable to fixed. We have designated the Swaps as cash flow hedges. The estimated fair value of these cash flow hedges resulted in a liability of $5.2 million and $5.1 million at March 31, 2012 and December 31, 2011, respectively, which is included in the accompanying condensed consolidated balance sheets as a component of other assets.

For the three months ended March 31, 2012 and March 31, 2011, unrealized losses of $0.1 million (net of $0.1 million in deferred taxes) and unrealized gains of $0.8 million (net of $0.6 million in deferred taxes) were recognized in other comprehensive income/(loss) related to the Swaps.