6. Long-term debt

Long-term debt as of December 31, consisted of the following:

	(in thousands)
	2012			2011
Borrowings under credit facility	$	26,215		$	19,888
Notes payable		17,441			7,989
Capitalized lease obligations		2,490			2,848
Total long-term debt		46,146			30,725
Less: Current maturities		(3,040	)		(1,936	)
Total maturities due after one year	$	43,106		$	28,789

Frozen Food Express Industries, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (continued)

As of December 31, 2012, the Company had a secured committed credit facility with an aggregate availability of $50.0 million that matures in March 2015. At December 31, 2012, borrowing base availability under the credit facility was $46.2 million, $26.2 million was borrowed and $5.4 million of standby letters of credit, which are used primarily for our self-insurance programs and legal matters, were issued. This reduced the availability under our credit facility to $14.6 million. As of December 31, 2012 loans outstanding under the credit facility were categorized as either LIBOR loans, which had an interest rate of 2.8%, or bank base rate loans which had an interest rate of 4.8%. Interest expense on the Credit Facility for the year ended December 31, 2012, 2011 and 2010 was $774,000, $577,000 and $58,000, respectively.

The obligations under the credit facility are guaranteed by Frozen Food Express Industries, Inc. and certain named subsidiaries and secured by a pledge of substantially all of our assets. The obligations bear interest at either (i) the Base Rate, which for any day is a per annum rate equal to the greater of (a) the Prime Rate for such day; (b) the Federal Funds Rate for such day, plus 0.50%; or (c) LIBOR for a 30 day interest period as determined on such day, plus 1.0%, plus the Applicable Margin; or (ii) at LIBOR for the applicable interest period, plus the Applicable Margin; and (iii) if any other obligation (including, to the extent permitted by law, interest not paid when due), at the Base Rate in effect from time to time, plus the Applicable Margin for Base Rate Revolver Loans (as defined in the credit facility). Interest shall accrue from the date the loan is advanced or the obligation is incurred or payable, until paid by the borrowers. If a loan is repaid on the same day made, one day's interest shall accrue. We are obligated to comply with certain covenants under the credit facility. The Company was in compliance with all debt covenants as of December 31, 2012.

In the normal course of business, the Company has entered into various master security agreements and a capital lease agreement to finance the purchase of revenue equipment at more favorable rates than through off-balance sheet operating leases. The master security agreements provide for funding structured as promissory notes. The Company entered into these master security agreements to finance the purchase of $22.6 million of revenue equipment. The effective interest rates on the promissory notes range from 4.4% to 7.9%. The capital lease obligation for approximately $3.0 million of revenue equipment is structured as a 60 month rental agreement with a fixed price purchase option. The effective interest rate on the lease is approximately 6.8%. The capital lease agreement requires us to pay personal property taxes, maintenance, and operating expenses. Interest expense related to our notes payable and capital lease obligation for the years ended December 31, 2012 and 2011 was $722,000 and $189,000, respectively. There were no notes payable or capital lease obligations in 2010.

As of December 31, 2012, aggregate maturities of long-term debt are as follows:

(in thousands)
2013		2014		2015			2016		2017		Thereafter		Total
$	3,040	$	3,148	$	29,040	^(a)	$	4,209	$	1,305	$	5,404	$	46,146

(a)	$26.2 million of this amount represents borrowings under our credit facility, which matures March 2015.