7. Long-term Debt

Long-term debt, net of current maturities, is as follows:

	June 30,			December 31,
	2014			2013
	(in thousands)

Senior secured credit facility	$	736,250		$	750,000
$300 million 5.875% senior unsecured notes due November 1, 2021	300,000			300,000
Other long term obligations	18,500			—
Capital leases	2,189			2,015
	1,056,939			1,052,015
Less current maturities of long-term debt	(27,823		)	(27,598		)
Less discount on senior secured credit facility Term Loan B	(1,140		)	(1,223		)
	$	1,027,976		$	1,023,194

The following is a schedule of future minimum repayments of long-term debt as of June 30, 2014 (in thousands):

Within one year	$	27,823
1-3 years	80,228
3-5 years	392,766
Over 5 years	556,122
Total minimum payments	$	1,056,939

Senior Secured Credit Facility

On October 30, 2013, the Company entered into a new senior secured credit facility. The new senior secured credit facility consists of a five year $500 million revolver, a five year $500 million Term Loan A facility, and a seven year $250 million Term Loan B facility. The Company’s senior secured credit facility had a gross outstanding balance of $736.3 million at June 30, 2014, consisting of a $487.5 million Term Loan A facility and a $248.8 million Term Loan B facility. This compares with a $750 million gross outstanding balance at December 31, 2013 which consisted of a $500 million Term Loan A facility and a $250 million Term Loan B facility. No balances were outstanding on the revolving credit facility at June 30, 2014 and December 31, 2013. Additionally, at June 30, 2014 and December 31, 2013, the Company was contingently obligated under letters of credit issued pursuant to the senior secured credit facility with face amounts aggregating $22.4 million and $22.1 million, respectively, resulting in $477.6 million and $477.9 million of available borrowing capacity as of June 30, 2014 and December 31, 2013, respectively, under the revolving credit facility.

Other Long Term Obligations

Other long term obligations represent contingent purchase price consideration related to the purchase of Plainridge Racecourse (See Note 5 to the condensed consolidated financial statements). This obligation is measured at its estimated fair value that will be paid over a ten year time period based on the annual earnings of the facility’s operations. At each reporting period, the Company will assess the fair value of this obligation and changes in its value will be recorded in earnings.

Covenants

The Company’s senior secured credit facility and $300 million 5.875% senior unsecured notes require it, among other obligations, to maintain specified financial ratios and to satisfy certain financial tests, including fixed charge coverage, interest coverage, senior leverage and total leverage ratios. In addition, the Company’s senior secured credit facility and $300 million 5.875% senior unsecured notes restrict, among other things, its ability to incur additional indebtedness, incur guarantee obligations, amend debt instruments, pay dividends, create liens on assets, make investments, engage in mergers or consolidations, and otherwise restrict corporate activities.

At June 30, 2014, the Company was in compliance with all required covenants.