Long-term debt



(Expressed in thousands)
Issued	Maturity Date	March 31, 2017			December 31, 2016
Senior Secured Notes	4/15/2018	$	150,000		$	150,000
Unamortized Debt Issuance Cost		(527		)	(648		)
		$	149,473		$	149,352

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 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 March 31, 2017, 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 the OMHHF 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.

On March 15, 2017, the Company announced that it would be redeeming a total of $30.0 million of the Notes. The Company delivered to the holders of the Notes a notice of partial redemption, notifying such holders of the Company's intent to redeem on April 15, 2017 (the "Redemption Date") $30.0 million aggregate principal amount of the outstanding Notes at a redemption price equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest thereon to the Redemption Date. Upon completion of the redemption, $120.0 million aggregate principal amount of the Notes would remain outstanding. The Company used the net proceeds from the asset sales of OMHHF to finance the redemption of the Notes to be redeemed.

Interest expense for both the three months ended March 31, 2017 and 2016 on the Notes was $3.3 million.