(6) Long-Term Debt

Long-term debt at December 31, 2012 and 2011 consisted of the following (in thousands):

	2012		2011
Long-term debt, including current portion:
$150,000,000 senior notes Series A due February 27, 2020	$	82,500	$	—
$350,000,000 senior notes Series B due February 27, 2023		192,500		—
$540,000,000 term loan due May 31, 2016		468,000		507,000
$325,000,000 revolving credit facility due November 9, 2015		185,000		95,000
$10,000,000 credit line due June 30, 2013		7,110		—
Senior notes due February 28, 2013		200,000		200,000
Other long-term debt		—		5
	$	1,135,110	$	802,005

The aggregate payments due on the long-term debt in each of the next five years were as follows (in thousands):

2013	$	272,110
2014		91,000
2015		289,000
2016		208,000
2017		—
Thereafter		275,000
	$	1,135,110

On December 13, 2012, the Company entered into a note purchase agreement with a group of institutional investors ("Senior Notes Series A and Senior Notes Series B"). The note purchase agreement provides for the issuance of unsecured fixed-rate notes, consisting of $150,000,000 of 2.72% Senior Notes Series A due February 27, 2020 and $350,000,000 of 3.29% Senior Notes Series B due February 27, 2023. No principal payments are required until maturity. The Company issued $82,500,000 of Senior Notes Series A and $192,500,000 of Senior Notes Series B on December 13, 2012, the proceeds of which were used to fund the acquisition of Penn. The balance of the Senior Notes Series A and Senior Notes Series B will be issued on February 27, 2013 for the primary purpose of refinancing $200,000,000 of floating rate senior notes due February 28, 2013. The Senior Notes Series A and Senior Notes Series B contains certain covenants on the part of the Company, including an interest coverage covenant, a debt-to-capitalization covenant and covenants relating to liens, asset sales and mergers, among others. The Senior Notes Series A and Senior Notes Series B also specifies certain events of default, upon the occurrence of which the maturity of the notes may be accelerated, including failure to pay principal and interest, violation of covenants or default on other indebtedness, among others. As of December 31, 2012, the Company was in compliance with all Senior Notes Series A and Senior Notes Series B covenants and had $82,500,000 outstanding under the Senior Notes Series A and $192,500,000 outstanding under the Senior Notes Series B.

The Company has a $325,000,000 unsecured revolving credit facility ("Revolving Credit Facility") with a syndicate of banks, with JPMorgan Chase Bank, N.A. as the administrative agent bank, with a maturity date of November 9, 2015. The variable interest rate spread varies with the Company's senior debt rating and is currently 1.5% over LIBOR or 0.5% over an alternate base rate calculated with reference to the agent bank's prime rate, among other factors ("Alternate Base Rate"). The commitment fee is currently 0.3%. The Revolving Credit Facility contains certain restrictive financial covenants including an interest coverage ratio and a debt-to-capitalization ratio. In addition to financial covenants, the Revolving Credit Facility contains covenants that, subject to exceptions, restrict debt incurrence, mergers and acquisitions, sales of assets, dividends and investments, liquidations and dissolutions, capital leases, transactions with affiliates and changes in lines of business. Borrowings under the Revolving Credit Facility may be used for general corporate purposes, the purchase of existing or new equipment, the purchase of the Company's common stock, or for business acquisitions. As of December 31, 2012, the Company was in compliance with all Revolving Credit Facility covenants and had $185,000,000 outstanding under the Revolving Credit Facility. The average borrowing under the Revolving Credit Facility during 2012 was $90,388,000, computing by averaging the daily balance, and the weighted average interest rate was 1.8%, computed by dividing the interest expense under the Revolving Credit Facility by the average Revolving Credit Facility borrowing. The Revolving Credit Facility includes a $25,000,000 commitment which may be used for standby letters of credit. Outstanding letters of credit under the Revolving Credit Facility were $3,936,000 as of December 31, 2012.

The Company has a credit agreement ("Term Loan") with a group of commercial banks, with Wells Fargo Bank, National Association as the administrative agent bank, with a maturity date of July 1, 2016. The Term Loan provides for a $540,000,000 five-year unsecured term loan facility with a variable interest rate based on LIBOR or an Alternate Base Rate calculated with reference to the agent bank's prime rate, among other factors. The interest rate spread varies with the Company's senior debt rating and is currently 1.5% over LIBOR or 0.5% over the Alternate Base Rate. The outstanding balance of the Term Loan is subject to quarterly amortization in increasing amounts and is prepayable, in whole or in part, without penalty. The Term Loan contains certain restrictive financial covenants including an interest coverage ratio and a debt-to-capitalization ratio. In addition to financial covenants, the Term Loan contains covenants that, subject to exceptions, restrict debt incurrence, mergers and acquisitions, sales of assets, dividends and investments, liquidations and dissolutions, capital leases, transactions with affiliates and changes in lines of business. As of December 31, 2012, the Company was in compliance with all Term Loan covenants and had $468,000,000 outstanding under the Term Loan, $65,000,000 of which was classified as current portion of long-term debt. The average borrowing under the Term Loan during 2012 was $495,517,000, computed by averaging the daily balance, and the average interest rate was 1.8%, computed by dividing the interest expense under the Term Loan by the average Term Loan borrowing.

The Company has $200,000,000 of unsecured floating rate senior notes ("Senior Notes") due February 28, 2013. The Senior Notes pay interest quarterly at a rate equal to LIBOR plus a margin of 0.5%. The Senior Notes are callable, at the Company's option, at par. No principal payments are required until maturity on February 28, 2013. The Company was in compliance with all Senior Notes covenants at December 31, 2012. As of December 31, 2012, $200,000,000 was outstanding under the Senior Notes and the 2012 average interest rate was 1.0%, computed by dividing the interest expense under the Senior Notes by the average Senior Notes borrowings of $200,000,000. As of December 31, 2012, all $200,000,000 of the Senior Notes were classified as long-term as the Company has the ability and the intent to refinance the Senior Notes on a long-term basis through the Senior Notes Series A and B described above.

The Company has a $10,000,000 line of credit ("Credit Line") with Bank of America, N.A. ("Bank of America") for short-term liquidity needs and letters of credit with a maturity date of June 30, 2013. The Credit Line allows the Company to borrow at an interest rate agreed to by Bank of America and the Company at the time each borrowing is made or continued. The Company had $7,110,000 of borrowings outstanding under the Credit Line as of December 31, 2012. Outstanding letters of credit under the Credit Line were $858,000 as of December 31, 2012.

The Company is of the opinion that the amounts included in the consolidated financial statements for outstanding debt materially represent the fair value of such debt at December 31, 2012 and 2011 due to their variable interest rates. The estimated fair value of total debt outstanding at December 31, 2012 was $1,133,842,000 which differs from the carrying amount of $1,135,110,000 included in the consolidated financial statements. The fair value was determined using an income approach that relies on inputs such as yield curves. The Company is of the opinion that the amounts including in the consolidated financial statements for outstanding debt as of December 31, 2012 materially represents the fair value of such debt due to their variable interest rates.