8. Debt

A summary of debt is set forth in the following table:


	June 30, 2012		Dec. 31, 2011
(In thousands)
Receivables credit facility, effective interest rate of 1.10% and 1.15% as of June 30, 2012 and December 31, 2011, respectively, due October 11, 2014	$	109,000	$	109,000
Senior credit facility — Term loan, effective interest rate of 1.75% and 2.08% as of June 30, 2012 and December 31, 2011, respectively due October 11, 2016		142,500		150,000
Senior notes, net of discount of $343 and $514 as of June 30, 2012 and December 31, 2011, interest at 5.75% payable semi-annually, due August 1, 2013		399,657		399,486
Senior notes, net of discount of $35 and $38 as of June 30, 2012 and December 31, 2011, interest at 6.50% payable semi-annually, due March 15, 2018		149,965		149,962
Senior notes, net of discount of $355 as of June 30, 2012 , interest at 3.90% payable semi-annually, due June 15, 2022		399,645		—

Total		1,200,767		808,448
Less current portion		414,657		15,000

Total long-term debt	$	786,110	$	793,448

On June 26, 2012, PCA issued $400.0 million of 3.90% senior notes due June 15, 2022 through a registered public offering and notified the holders of its $400.0 million of 5.75% senior notes due August 1, 2013 that it would redeem those notes on July 26, 2012. Accordingly, the old 5.75% notes are classified as current liabilities on the balance sheet as of June 30, 2012. On July 26, 2012, PCA completed the redemption of the old notes for $432.5 million, which included a redemption premium of $21.3 million and $11.2 million of accrued and unpaid interest. PCA used the proceeds of the offering of the new 3.90% notes and cash on hand to fund the redemption.