Long-term debt



(Expressed in thousands)
Issued	Maturity Date	December 31, 2016			December 31, 2015
Senior Secured Notes	4/15/2018	$	150,000		$	150,000
Unamortized Debt Issuance Cost		(648		)	(1,132		)
		$	149,352		$	148,868

On April 12, 2011, the Company completed the placement of $200.0 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. As of December 31, 2016, the Company was in compliance with all of its covenants.

As discussed in Note 3, "Discontinued operations," during 2016, the Company sold substantially all of the assets of OMHHF and ceased its operations. Under the indenture for the Notes, OMHHF is a restricted subsidiary and the Company has pledged its equity interests in OMHHF as collateral for the Notes. Net proceeds received by the Company and restricted subsidiaries from asset sales must either be used within twelve months from the date of June 2, 2016 to make an offer to repurchase the Notes or to make an investment in Replacement Assets, as defined in the indenture or, if any such proceeds are not so applied, and the total thereof is at least $15.0 million, the Company must offer to purchase Notes at par with an aggregate principal amount equal to the amount of such proceeds.

Interest expense for the year ended December 31, 2016 on the Notes was $13.1 million ($13.1 million in 2015 and $14.3 million in 2014). Interest paid on the Notes for both the years ended December 31, 2016 and 2015 was $13.1 million.