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LONG-TERM DEBT
 6 Months Ended
Jun. 30, 2019
Debt Disclosure [Abstract]  
LONG-TERM DEBT LONG-TERM DEBT
The following table presents the Company's long-term debt as of the dates indicated:
 
 
June 30, 2019
 
December 31, 2018
($ in thousands)
 
Par Value
 
Unamortized Debt Issuance Cost and Discount
 
Par Value
 
Unamortized Debt Issuance Cost and Discount
5.25% senior notes due April 15, 2025
 
$
175,000

 
$
(1,743
)
 
$
175,000

 
$
(1,826
)
Total
 
$
175,000

 
$
(1,743
)
 
$
175,000

 
$
(1,826
)

Senior Notes
On April 6, 2015, the Company completed the issuance and sale of $175.0 million aggregate principal amount of its 5.25 percent senior notes due April 15, 2025 (the Senior Notes). Net proceeds after discount were approximately $172.8 million.
The Senior Notes are the Company’s senior unsecured debt obligations and rank equally with all of the Company’s other present and future unsecured unsubordinated obligations. The Company makes interest payments on the Senior Notes semi-annually in arrears.
The Company may, at its option, on or after January 15, 2025 (i.e., 90 days prior to the maturity date of the Senior Notes), redeem the Senior Notes in whole at any time or in part from time to time, in each case on not less than 30 nor more than 60 days’ prior notice. The Senior Notes will be redeemable at a redemption price equal to 100 percent of the principal amount of the Senior Notes to be redeemed plus accrued and unpaid interest to the date of redemption.
The Senior Notes were issued under the Senior Debt Securities Indenture, dated as of April 23, 2012 (the Base Indenture), as supplemented by the Second Supplemental Indenture dated as of April 6, 2015 (the Supplemental Indenture and together with the Base Indenture, the Indenture). The Indenture contains several covenants which, among other things, restrict the Company’s ability and the ability of the Company’s subsidiaries to dispose of or incur liens on the voting stock of certain subsidiaries and also contains customary events of default. The Company was in compliance with all covenants under the Indenture at June 30, 2019.