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Long-Term Debt and Financing Arrangements
 6 Months Ended
Jun. 30, 2013
Long-Term Debt and Financing Arrangements

NOTE 7. Long-Term Debt and Financing Arrangements

We entered into a Master Loan and Security Agreement on April 29, 2013 containing various Equipment Notes (Notes). The Notes provide financing for eighty 2014 Peterbilt tractors. The Notes have terms that expire between May 14, 2018 and June 19, 2018 and bear fixed interest rates between 1.9% and 2.0%. The Notes require quarterly principal and interest payments of $480,000.

Our outstanding debt is as follows (in thousands):

 

     Period Ended  
     June 30,
2013		     December 31,
2012		  

Equipment Notes due by June 19, 2018 with quarterly principal and interest payments of $480,000 commencing on August 14, 2013; interest is paid quarterly at a fixed rate between 1.9% and 2.0%

    $ 9,120      $ —     
  

 

 

    

 

 

  

Total Notes

      9,120        —     

Less current portion

      (1,755 )      —     
  

 

 

    

 

 

  

Total long-term debt

    $ 7,365      $ —     
  

 

 

    

 

 

  

Aggregate principal payments, in thousands, due subsequent to June 30, 2013, are as follows:

 

2013

    $ 873   

2014

      1,771   

2015

      1,806   

2016

      1,841   

2017

      1,877   

2018 and thereafter

      952   
  

 

 

  
   $ 9,120   
  

 

 

  

We have standby letters of credit that expire at various dates in 2013 and 2014. As of June 30, 2013, our letters of credit were $4.2 million.

Our unused and available borrowings under our bank revolving line of credit were $45.8 million as of June 30, 2013 and $46.3 million as of December 31, 2012. We were in compliance with our debt covenants as of June 30, 2013.