
8.	DEBT

Debt consisted of the following at March 31, 2014 and December 31, 2013:




(in thousands)	March 31, 2014			December 31, 2013
Term loan payable in quarterly principal installments of $750, from June 2013 to December 2016. Interest based on adjustable rate as determined by three month LIBOR (2.00% as of 3/31/2014)	$	25,500		$	26,250
Business line of credit payable on a revolving basis, plus interest based on adjustable rate as determined by one month LIBOR based on our ratio of funded debt to EBITDA	—			10,732
Total debt	25,500			36,982
Less current portion	(3,000		)	(3,000		)
	$	22,500		$	33,982

The following is a schedule of future debt maturities as of March 31, 2014, for the years ending December 31 (in thousands):




2014	$	2,250
2015	3,000
2016	3,000
2017	17,250
2018	—
Thereafter	—
	$	25,500

During the quarter ended March 31, 2014, we terminated an interest rate swap agreement we had entered into during 2005 to fix the interest rate on our debt, and as a result, we recorded a loss of $38,000.