NOTE 11 — LONG-TERM DEBT

Long-term debt consists of the following:

	March 31,			December 31,
(in thousands)	2013			2012

Senior Secured Term Loan	$	199,500		$	200,000
Less: Unamortized discount	(1,878		)	(1,973		)
Net long-term debt	197,622			198,027
Less: Current portion	(2,000		)	(2,000		)

Long-term debt, less current portion	$	195,622		$	196,027

Legal fees and other direct expenses relating to the Senior Secured Term Loan were capitalized. At March 31, 2013, total debt issuance costs were $4.2 million, net of $0.3 million of accumulated amortization. At December 31, 2012, total debt issuance costs were $4.3 million, net of $0.1 million of accumulated amortization. Debt issuance costs are included in other assets in the accompanying condensed consolidated balance sheets.

Interest expense on the Senior Secured Term Loan, including amortization of debt issuance costs and the debt discount, totaled $3.2 million for the three months ended March 31, 2013 (no comparative amount in 2012). The interest rate at March 31, 2013 was 5.75%.