9. Debt

The following is a summary of the Company's outstanding debt balances (in thousands of dollars):

	September 30,			December 31,
	2012			2011

Long-term notes payable	$	331,080		$	350,000

Less current portion of long-term debt		(24,063	)		(17,500	)

Long-term debt	$	307,017		$	332,500

Scheduled maturities of long-term debt in future years as of September 30, 2012 are as follows (in thousands of dollars):


2013	$	24,063
2014		52,500
2015		87,500
2016		142,954

Total	$	307,017

The Company executed a five year secured credit facility in November 2011 with a group of lenders (the "Bank Facility") consisting of a revolving line of credit that provides for up to $175.0 million of aggregate borrowing and an amortizing $350.0 million term loan. Under the Bank Facility the Company has granted a first priority lien on, security interest in and collateral assignment of substantially all of its assets. The Bank Facility matures on November 30, 2016. Borrowings under the Bank Facility bear interest, at the Company's option, at either (A) the highest of (i) the Prime Rate, (ii) the Federal Funds Effective Rate plus 0.5%, and (iii) the Adjusted LIBO Rate for an Interest Period of one month plus 1.0%, in each case plus an Applicable Margin based on the Company's Leverage Ratio or (B) the interest rate equal to (i) the rate for US dollar deposits in the London interbank market for the applicable Interest Period multiplied by (ii) the Statutory Reserve Rate, plus (iii) the Applicable Margin. Throughout the term of the Bank Facility, the Company pays an Unused Commitment Fee which ranges from 0.25 percent to 0.50 percent based on the Company's Leverage Ratio. As of September 30, 2012, $306.1 million of the term loan was outstanding and there was $9.9 million in letters of credit and $25.0 million of funded debt outstanding against the revolving credit facility. As of September 30, 2012 the interest rate was 2.75% on the Bank Facility and the Company paid $2.7 and $8.5 million of interest expense in the three and nine months ended September 30, 2012, respectively. The carrying value of debt is not materially different from its fair value. The Company was in compliance with all financial covenants under the Bank Facility as of September 30, 2012 and had borrowing capacity of $140.1 million under the revolving line of credit.

During the quarter ended March 31, 2012, the Company completed an equity offering, which resulted in the issuance of 2,875,000 shares of common stock and net proceeds of $217.6 million. The company used $30.8 million of these proceeds for the repayment of outstanding debt.