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Term Loan
6 Months Ended
Jun. 30, 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 $288,000, which are being amortized over the remaining term of the term loan. The net balance of these deferred financing costs was $264,000, which are classified as part of other assets, net, on our consolidated balance sheet at June 30, 2013.