4. Long-term debt

Long-term debt consists of the following:

(in millions)	March 31, 2013			December 31, 2012			Interest Rate

Recourse Debt:
Senior unsecured notes, due 2018	$	460.0		$	460.0		9.0%
Senior unsecured notes, due June 2036 (Cdn$210.0)		206.7			211.1		6.0%
Senior unsecured notes, due July 2014		190.0			190.0		5.9%
Series A senior unsecured notes, due August 2015		150.0			150.0		5.9%
Series B senior unsecured notes, due August 2017		75.0			75.0		6.0%
Non-Recourse Debt:
Epsilon Power Partners term facility, due 2019		32.7			33.5		7.4%
Cadillac term loan, due 2025		37.2			37.8		6.0% – 8.0%
Piedmont construction loan, due 2013		127.6	⁽¹⁾		127.4		Libor plus 3.5%
Meadow Creek term loan, due 2030		229.3	⁽²⁾		208.7		1.3% – 5.1%
Rockland term loan, due 2031		86.5			86.5		6.4%
Other long-term debt		0.8			0.3		5.5% – 6.7%
Less current maturities		(121.7	)		(121.2	)

Total long-term debt	$	1,474.1		$	1,459.1

Current maturities consist of the following:

	March 31, 2013			December 31, 2012		Interest Rate

Current Maturities:
Epsilon Power Partners term facility, due 2019	$	3.5		$	3.0	7.4%
Cadillac term loan, due 2025		2.3			2.4	6.0% – 8.0%
Piedmont construction loan, due 2013		55.1	⁽¹⁾		55.1	Libor plus 3.5%
Meadow Creek term loan, due 2013		59.5	⁽²⁾		59.5	1.3% – 5.1%
Rockland term loan, due 2031		1.2			1.2	6.4%
Other current maturities		0.1			—	5.5% – 6.7%

Total current maturities	$	121.7		$	121.2

⁽¹⁾: The terms of the Piedmont project-level debt financing include a $51.0 million bridge loan, a portion of which we expect to repay with the proceeds from the stimulus grant expected to be received from the U.S. Treasury, and an $82.0 million construction loan that we expect to convert to a term loan. While we fully expect the construction loan to convert to a term loan in second quarter 2013 based on the project meeting specified milestone requirements, if it does not, we have the option of amending or refinancing the construction loan or infusing additional equity into the project. On April 19, 2013, Piedmont achieved commercial operations and expects to submit an application under the 1603 federal grant program within 60 days from this date to recover approximately 30% of its capital cost, subject to the potential impact of the federal sequester on spending which we estimate to be an approximate $2.0 million shortfall. The $51.0 million bridge loan is expected to be repaid by end of third quarter of 2013 and repayment of the expected $82.0 million term loan would commence in 2013.
⁽²⁾: Meadow Creek debt consists of $172.8 million drawn on a construction loan which converted to a term loan in March 2013 and a $56.5 million cash grant loan. The cash grant loan was repaid in April 2013 with $49.0 million of proceeds from the 1603 grant with the U.S. Treasury, $4.7 million from the former owners to cover the shortfall resulting from the federal sequester on spending and a $2.8 million contribution from us to cover the shortfall from lower grant-eligible costs, primarily as a result of lower project cost versus budget.

Non-Recourse Debt

Project-level debt of our consolidated projects is secured by the respective project and its contracts with no other recourse to us. Project-level debt generally amortizes during the term of the respective revenue generating contracts of the projects. The loans have certain financial covenants that must be met. At March 31, 2013, Delta-Person and Gregory had not achieved the levels of debt service coverage ratios required by the project-level debt arrangements as a condition to make distributions and were therefore restricted from making distributions to us. None of these covenant failures create an event of default or result in the non-recourse debt being callable at March 31, 2013.

Senior Credit Facility

We have a senior credit facility of $300.0 million on a senior secured basis (the "senior credit facility"), $200.0 million of which may be utilized for letters of credit. Borrowings under the facility are available in U.S. dollars and Canadian dollars and bear interest at a variable rate equal to the U.S. Prime Rate, the London Interbank Offered Rate or the Canadian Prime Rate, as applicable, plus an applicable margin of between 0.8% and 3.0% that varies based on our corporate credit rating. The senior credit facility matures on November 4, 2015.

On November 2, 2012, we amended the senior credit facility in order to change certain financial and leverage ratio covenants. These changes involved the better accommodation of construction stage projects with no historical financial performance, the better accommodation of the possibility of certain asset sales, including our Florida Projects, by waiving a material disposition covenant and permitting inclusion of the disposed assets' trailing twelve months EBITDA for covenant calculations, and the better accommodation of the same possible asset sales by temporarily modifying the Total Leverage Ratio. See Note 9 to the consolidated financial statements in our Annual Report on Form 10-K for the year ended December 31, 2012 for further information.

At March 31, 2013, $64.1 million has been drawn under the senior credit facility and the applicable margin was 2.8%. The balance was repaid in full on April 15, 2013 with a portion of the proceeds from the sale of the Florida Projects. As of March 31, 2013, $111.6 million was issued in letters of credit, but not drawn, to support contractual credit requirements at several of our projects. On April 30, 2013, letters of credit issued, but not drawn, were reduced to $82.5 million resulting from the sale of the Florida Projects and Path 15.