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Long-term Debt | 12 Months Ended
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Dec. 31, 2012
Long-term Debt | Note 8—Long-term Debt:
|  | December 31, |
|  | 2011 |  |  | 2012 |
|  | (In thousands) |
Revolving bank credit facility |  | $ | 1,955 |  |  | $ | — |
Note payable to Timet Finance Management Company |  |  | 22,230 |  |  |  | 18,480 |
Total debt |  |  | 24,185 |  |  |  | 18,480 |
Less current maturities |  |  | 1,000 |  |  |  | 1,000 |
Total long-term debt |  | $ | 23,185 |  |  | $ | 17,480 |
Revolving bank credit facility. At December 31, 2011 we had a $37.5 million revolving bank credit facility that matured in January 2012. In January 2012, we amended and restated the terms of the credit facility to extend the maturity date to January 2015 and reduce the size of the facility from $37.5 million to $30.0 million. The credit facility was collateralized by 65% of the ownership interests in our first-tier non-U.S. subsidiaries. We had net borrowings of $3.0 million under the credit facility in 2010, which were repaid in February 2011. In July 2011, we borrowed approximately $5.3 million under the credit facility in connection with an acquisition within our Furniture Components segment, and we subsequently repaid $2.9 million of the borrowing during the remainder of 2011. The interest rate on the $2.0 million outstanding under the credit facility at December 31, 2011 was 4.4%. The $2.0 million outstanding at December 31, 2011 was repaid in the fourth quarter of 2012 prior to the completion of the disposal of our Furniture Components segment, at which time we terminated the credit facility. Note payable to Timet Finance Management Company. Prior to 2010, we purchased and/or cancelled certain shares of our Class A common stock from Timet Finance Management Company (“TFMC”). TFMC is a wholly-owned subsidiary of Titanium Metals Corporation, which was one of our affiliates until December 20, 2012. We paid for the shares acquired in the form of a promissory note which, as amended, bears interest at LIBOR plus 1% (1.4% at December 31, 2012) and provides for quarterly principal repayments of $250,000, with the balance due at maturity in September 2014. The promissory note is prepayable, in whole or in part, at any time at our option without penalty. The promissory note was subordinated to our U.S. revolving bank credit facility until such facility was terminated in December 2012. The promissory note was amended in September 2009 resulting in the deferral of interest payments until March 2011 and the postponement of the quarterly principal repayments until March 2011. We had net repayments on this note payable of nil in 2010, $20 million in 2011, (including $15.0 million of prepayments in 2011 using cash we received upon collection of our promissory note receivable discussed in Note 12) and $3.8 million in 2012. We recognized interest expense of approximately $565,000 in 2010, $464,000 in 2011, and $303,000 in 2012 on this promissory note. The scheduled principal repayments of the promissory note are shown in the table below.
|  | Amount |
Years ending December 31, |  | (In thousands) |
2013 |  | $ | 1,000 |
2014 |  |  | 17,480 |
Total |  | $ | 18,480 |

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- Definition The entire disclosure for long-term debt. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 22 -Article 5 + Details
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