11. Debt

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

	March 31,			December 31,
	2013			2012

Long-term notes payable	$	320,139		$	326,704

Less current portion of long-term debt		(32,813	)		(26,250	)

Long-term debt	$	287,326		$	300,454

Scheduled maturities of long-term debt in future years as of March 31, 2013 are as follows (in thousands of dollars):

2013	$	19,688
2014		52,500
2015		87,500
2016		160,451

Total	$	320,139

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 March 31, 2013, $295.1 million of the term loan and $25.0 million of the revolving line of credit were outstanding. Additionally, there were $11.2 million in letters of credit outstanding against the revolving credit facility. As of March 31, 2013 the interest rate was 2.75% on the Bank Facility and the Company paid $2.1 million of interest expense in the quarter ended March 31, 2013. 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 March 31, 2013 and had borrowing capacity of $138.8 million under the revolving line of credit.

Although the consummation of the Merger would result in an event of default under the Company's Bank Facility, giving the lenders thereunder the right to accelerate all indebtedness outstanding thereunder, the Company and GE intend to repay amounts outstanding thereunder and terminate the Bank Facility contemporaneously with the closing of the Merger.