Long-Term Debt

Long-term debt consists of the following (in thousands):



	March 31, 2014			December 31, 2013
Unsecured notes	$	250,000		$	250,000
Term loan	135,000			138,750
Unamortized discounts and issuance costs of unsecured notes	(1,108		)	(1,222		)
	$	383,892		$	387,528
Current portion, long-term debt	$	15,000		$	15,000
Long-term debt	$	368,892		$	372,528

In August 2011, the Company issued $250 million aggregate principal amount of its 3.750 percent senior unsecured notes due September 1, 2016 (the “Notes”). The net proceeds from the issuance of the Notes were approximately $247.7 million, after deducting underwriting discounts and offering expenses, which are being amortized over a period of five years. Interest on the Notes is payable semiannually in arrears on March 1 and September 1. The proceeds from the Notes are being used for general corporate purposes, which may include working capital and capital expenditure needs, business acquisitions and repurchases of the Company’s common stock.

The Credit Agreement discussed in Note 11, "Credit Agreement," of the Notes to the Consolidated Financial Statements above, incorporated a $150 million term loan facility that matures on April 5, 2019. On April 5, 2013 the Company drew down $150 million under the term loan facility. Interest is accrued at the one-month LIBOR rate plus the scheduled spread and paid monthly. Quarterly principal payments of $3.75 million commenced on June 30, 2013 and will continue through December 31, 2018 with the final maturity payment including any accrued interest due on April 5, 2019. See Note 5, "Derivative Financial Instruments - Interest Rates, " for additional information on the effective interest rate on the term loan at March 31, 2014.