Long-Term Debt

Debt consists of the following (in thousands):



	March 31, 2013			December 31, 2012
$400,000,000 senior secured revolving credit facility, due in October 2015	$	99,390		$	217,494
Convertible senior subordinated debentures at 4.125%, due in February 2027	10,160			10,009
Other notes and lease obligations	7,068			7,299
	116,618			234,802
Less current maturities of long-term debt	(3,294		)	(5,427		)
	$	113,324		$	229,375

The reduction in debt during the quarter was the result of utilizing the proceeds from the sale of the discontinued operation ISG to reduce borrowing under the company's revolving credit agreement (the “Credit Agreement”). The company's Credit Agreement, entered into on October 28, 2010, provides for a $400 million senior secured revolving credit facility maturing in October 2015. Pursuant to the terms of the Credit Agreement, the company may from time to time borrow, repay and re-borrow up to an aggregate outstanding amount at any one time of $400 million, subject to customary conditions.

In 2007, the company issued $135,000,000 principal amount of Convertible Senior Subordinated Debentures due 2027. The debentures are unsecured senior subordinated obligations of the company guaranteed by substantially all of the company’s domestic subsidiaries, pay interest at 4.125% per annum on each February 1 and August 1, and are convertible upon satisfaction of certain conditions into cash, common shares of the company, or a combination of cash and common shares of the company, subject to certain conditions. The debentures allow the company to satisfy the conversion using any combination of cash or stock, and at the company’s discretion. The company intends to satisfy the accreted value of the debentures using cash. Assuming adequate cash on hand at the time of conversion, the company also intends to satisfy the conversion spread using cash, as opposed to stock.

The company may from time to time seek to retire or purchase its 4.125% Convertible Senior Subordinated Debentures due 2027, in open market purchases, privately negotiated transactions or otherwise. Such purchases or exchanges, if any, will depend on prevailing market conditions, the company's liquidity requirements, contractual restrictions and other factors. The amounts involved in any such transactions, individually or in the aggregate, may be material.

The liability components of the company’s convertible debt consist of the following (in thousands):



	March 31, 2013			December 31, 2012
Principal amount of liability component	$	13,350		$	13,350
Unamortized discount	(3,190		)	(3,341		)
Net carrying amount of liability component	$	10,160		$	10,009

The company is a party to interest rate swap agreements to effectively convert a portion of floating rate revolving credit facility debt to fixed rate debt to avoid the risk of changes in market interest rates. Specifically, interest rate swap agreements for notional amounts of $20,000,000 and $25,000,000 through May 2013, $18,000,000 through June 2013, $22,000,000 through September 2013 and $12,000,000 through April 2014 were entered into that fix the LIBOR component of the interest rate on that portion of the revolving credit facility debt at rates of 1.08%, 0.73%, 0.625%, 0.46% and 0.54% respectively, for effective aggregate rates of 3.08%, 2.73%, 2.625%, 2.46% and 2.54%, respectively. As of March 31, 2013, the weighted average floating interest rate on borrowing was 2.20% compared to 2.21% as of December 31, 2012.