3. Long-term Debt

Long-term debt consisted of the following:

	(in thousands)
	March 31, 2013			December 31, 2012
Borrowings under credit facility	$	25,839		$	26,215
Notes payable		16,801			17,441
Capitalized lease obligations		2,396			2,490
Total long-term debt		45,036			46,146
Less: Current maturities		(3,102	)		(3,040	)
Total maturities due after one year	$	41,934		$	43,106

As of March 31, 2013, the Company had a secured committed credit facility with an aggregate availability of $50 million that matures in March 2015. At March 31, 2013, the borrowing base availability under the credit facility was $42.1 million, $25.8 million was borrowed and $6.6 million of standby letters of credit were issued, which are used primarily for our self-insurance programs and legal matters. These reduced the availability under our credit facility to $9.7 million. As of March 31, 2013, loans outstanding under the credit facility were categorized as either LIBOR loans, which had an interest rate of 3.0%, or bank base rate loans which had an interest rate of 5.0%.

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 as follows: (i) for Base Rate Loans (as defined in the credit facility), at 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 in each case the Applicable Margin; (ii) for LIBOR Loans (as defined in the credit facility), at LIBOR for the applicable interest period plus the Applicable Margin; or (iii) for any other obligation under the credit facility (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 March 31, 2013.

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 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.