Long-term debt



(Expressed in thousands)
Issued	Maturity Date	At March 31, 2016		At December 31, 2015
Senior Secured Notes	4/15/2018	$	150,000	$	150,000

On April 12, 2011, the Company completed the private placement of $200 million in aggregate principal amount of 8.75% Senior Secured Notes due April 15, 2018 (the “Notes”) at par. The interest on the Notes is payable semi-annually on April 15th and October 15th. On April 15, 2014, the Company retired early a total of $50.0 million (25%) of the Notes.

The indenture for the Notes contains covenants which place restrictions on the incurrence of indebtedness, the payment of dividends, sale of assets, mergers and acquisitions and the granting of liens. The Notes provide for events of default including nonpayment, misrepresentation, breach of covenants and bankruptcy. The Company’s obligations under the Notes are guaranteed, subject to certain limitations. These guarantees may be shared, on a senior basis, under certain circumstances, with newly incurred debt outstanding in the future. At March 31, 2016, the Company was in compliance with all of its covenants.

Interest expense for both the three months ended March 31, 2016 and 2015 on the Notes was $3.3 million.