Long-Term Debt

Long-term debt consisted of the following:



	September 30,		December 31,
	2013		2012
Credit agreement	$	40,490	$	57,814
Senior notes	35,000		35,000
	$	75,490	$	92,814

Under terms of the Credit Agreement with a group of banks, the Company may borrow up to $180 million, reduced for letters of credit issued. As of September 30, 2013, the Company had $134.6 million available under the Credit Agreement.

In December 2003, the Company issued $100 million in Senior Unsecured Notes (the "Notes") consisting of $65 million of notes with an interest rate of 6.08 percent and a 7 year maturity and $35 million of notes with an interest rate of 6.81 percent and a 10 year maturity. Proceeds from the issuance of the Notes were used to pay down the term loan and revolving credit facility borrowing outstanding at that time. As of September 30, 2013, the Company has classified the $35 million of Senior Notes due in December 2013 as a long-term liability since the intent of our recently completed private placement of notes totaling $100 million will be used to repay the Notes.

Subsequent Event

On October 22, 2013, the Company entered into a note purchase agreement for the private placement of notes totaling $100 million with a group of institutional investors. The proceeds will be used to grow key businesses and to repay existing debt. The four series of notes will range in face value from $11 million to $40 million, with interest rates ranging from 4.67% to 5.45% that will expire between 2021 and 2026. The average interest rate on this new debt is 5.07% compared to the current rate of 6.81% on the $35 million which will be paid off in December 2013. Also on October 22, 2013, our Credit Agreement was amended to reflect reference to the private placement of notes.