5. DEBT

Our long-term debt, as of March 31, 2012 and December 31, 2011, was as follows (in thousands):


	March 31, 2012			December 31, 2011
Credit Agreement:
Term loan, mandatory principal payments during term, with remaining principal balance due December 2015, interest at adjusted LIBOR plus 3.75% (combined rate of 4.23% at March 31, 2012 and 4.30% at December 31, 2011)	$	183,000		$	190,000
$100 million revolving loan facility, due December 2015, interest at adjusted LIBOR plus applicable margin		—			—
Convertible Debt Securities:
2010 Convertible Notes – senior subordinated convertible notes; due March 1, 2017; cash interest at 3.0%; net of unamortized original issue discount ("OID") of $29,053 and $30,256, respectively		120,947			119,744

		303,947			309,744
Current portion of long-term debt, net		(20,500	)		(27,000	)

Total long-term debt, net	$	283,447		$	282,744

Credit Agreement. During the first quarter of 2012, we made a $7.0 million mandatory repayment on our Term Loan as a result of defined excess cash flows. This payment satisfied the $5.0 million mandatory repayment for the first quarter of 2012 and $2.0 million of the $5.0 million mandatory repayment for the second quarter of 2012. In addition, in April 2012, we made a prepayment of $5.0 million on our Term Loan.

As of March 31, 2012, we were in compliance with the financial ratios and other covenants related to the Credit Agreement. As of March 31, 2012, we had no borrowings outstanding on our revolving loan facility and had the entire $100 million available to us.

2010 Convertible Notes. As of March 31, 2012, and as it relates to our 2010 Convertible Notes, none of the contingent conversion features have been achieved, and thus, the 2010 Convertible Notes are not convertible by the holders.

Upon conversion of the 2010 Convertible Notes, we will settle our conversion obligation as follows: (i) we will pay cash for 100% of the par value of the 2010 Convertible Notes that are converted; and (ii) to the extent the value of our conversion obligation exceeds the par value, we will satisfy the remaining conversion obligation in our common stock, cash or any combination of our common stock and cash. As of March 31, 2012, the value of our conversion obligation did not exceed the par value of the 2010 Convertible Notes.