LONG-TERM DEBT

Long-term debt

Long-term debt is comprised of the following:



	As of December 31, 2012		As of June 30, 2012
Long-term debt
Term Loan	$	570,000	$	585,000
Mortgage	11,386		11,374
	581,386		596,374
Less:
Current portion of long-term debt
Term Loan	33,750		30,000
Mortgage	11,386		11,374
	45,136		41,374
Non current portion of long-term debt	$	536,250	$	555,000

Term Loan and Revolver

Our credit facility consists of a $600 million term loan facility (the Term Loan) and a $100 million committed revolving credit facility (the Revolver). Borrowings under the credit agreement are secured by a first charge over substantially all of our assets. We entered into and borrowed from this credit agreement on November 9, 2011.

The Term Loan has a five year term and repayments made under the Term Loan are equal to 1.25% of the original principal amount at each quarter for the first 2 years, 1.88% for years 3 and 4 and 2.5% for year 5. The Term Loan bears interest at a floating rate of LIBOR plus 2.50%. For the three and six months ended December 31, 2012, we recorded interest expense of approximately $4.1 million and $8.2 million, respectively, relating to the Term Loan (three and six months ended December 31, 2011—$2.5 million).

For the three and six months ended December 31, 2011, we recorded interest expense of approximately $0.9 million and $2.7 million, respectively, relating to our previously outstanding term loan.

The Revolver has a five year term with no fixed repayment date prior to the end of the term. As of December 31, 2012, we have not drawn any amounts on the Revolver.

Mortgage

We currently have an "open" mortgage with a bank where we can pay all or a portion of the mortgage on or before August 1, 2013. The original principal amount of the mortgage was Canadian $15.0 million and interest accrues monthly at a variable rate of Canadian prime plus 0.50%. Principal and interest are payable in monthly installments of Canadian $0.1 million with a final lump sum principal payment due on maturity. The mortgage is secured by a lien on our headquarters in Waterloo, Ontario, Canada. We first entered into this mortgage in December 2005.

As of December 31, 2012, the carrying value of the mortgage was $11.4 million (June 30, 2012—$11.4 million).

As of December 31, 2012, the carrying value of the Waterloo building that secures the mortgage was $16.1 million (June 30, 2012—$16.3 million).

For the three and six months ended December 31, 2012, we recorded interest expense of $0.1 million and $0.2 million, respectively, relating to the mortgage (three and six months ended December 31, 2011— $0.1 million and $0.2 million, respectively).