Long-Term Debt

Long-term debt as of January 31, 2014, July 31, 2013 and January 31, 2013 is summarized as follows (in thousands):



	Maturity (a)	January 31, 2014		July 31, 2013		January 31, 2013
Credit Facility Revolver	2016	$	—	$	—	$	—
Industrial Development Bonds	2020	41,200		41,200		41,200
Employee Housing Bonds	2027-2039	52,575		52,575		52,575
6.50% Notes	2019	390,000		390,000		390,000
Canyons obligation (b)	2063	309,093		306,320		—
Other	2014-2029	6,416		6,827		6,528
Total debt		799,284		796,922		490,303
Less: Current maturities (c)		965		994		806
Long-term debt		$	798,319	$	795,928	$	489,497


(a)	Maturities are based on the Company’s July 31 fiscal year end.

(b)

On May 24, 2013, VR CPC Holdings, Inc. (“VR CPC”), a wholly-owned subsidiary of the Company entered into a transaction agreement (the "Transaction Agreement") with affiliate companies of Talisker Corporation ("Talisker") pursuant to which the parties entered into a master lease agreement (the "Lease") and certain ancillary transaction documents on May 29, 2013 related to the Canyons mountain resort (see Note 5, Acquisitions). The obligation at January 31, 2014 represents future fixed lease payments for the remaining initial lease term of 50 years (including annual increases at the floor of 2%) discounted using an interest rate of 10%, and includes accumulated accreted interest expense of $3.8 million.


(c)	Current maturities represent principal payments due in the next 12 months.

Aggregate maturities for debt outstanding as of January 31, 2014 reflected by fiscal year are as follows (in thousands):



	Total
2014	$	733
2015	717
2016	266
2017	270
2018	271
Thereafter	797,027
Total debt	$	799,284

The Company incurred gross interest expense of $16.2 million and $8.5 million for the three months ended January 31, 2014 and 2013, respectively, of which $0.5 million was amortization of deferred financing costs for both periods. The Company had no capitalized interest during the three months ended January 31, 2014 and 2013. The Company incurred gross interest expense of $32.3 million and $16.9 million for the six months ended January 31, 2014 and 2013, respectively, of which $1.0 million was amortization of deferred financing costs for both periods. The Company had no capitalized interest during the six months ended January 31, 2014 and 2013.