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Term Loan
3 Months Ended
Mar. 31, 2013
Term Loan  
Term Loan

8.     Term Loan

 

In January 2013, in conjunction with our acquisition of ARCT, we entered into a $70 million senior unsecured term loan maturing January 21, 2018.  Borrowing under the term loan bears interest at the current one month LIBOR, plus 1.2%.  In conjunction with this term loan, we also acquired an interest rate swap which essentially fixes our per annum interest rate on the term loan at 2.15%.  As a result of entering into our term loan, we incurred deferred financing costs of $273,000 in the first three months of 2013, which were classified as part of other assets, net, on our consolidated balance sheet at March 31, 2013, and are being amortized over the remaining term of the term loan.