v3.3.1.900
Long-Term Debt
 12 Months Ended
Dec. 31, 2015
Debt Disclosure [Abstract]  
Long-Term Debt
Long-Term Debt

Senior Notes

The Company, through its wholly owned subsidiary Maiden NA, completed public debt offerings on three separate occasions, with the issuance of senior notes in 2011, 2012 and 2013, respectively, (the "Senior Notes"). Each issuance is fully and unconditionally guaranteed by the Company and are an unsecured and unsubordinated obligation of the Company. The following table details the Company's Senior Notes issuances:
 
 
2011 Senior Notes
 
2012 Senior Notes
 
2013 Senior Notes
Principal
 
$
107,500

 
$
100,000

 
$
152,500

Debt Issuance Costs
 
2,811

 
3,406

 
5,054

Net Proceeds
 
$
104,689

 
$
96,594

 
$
147,446

 
 
 
 
 
 
 
Other details:
 
 
 
 
 
 
Maturity date
 
June 15, 2041

 
March 27, 2042

 
December 1, 2043

Earliest redeemable date (for cash)
 
June 15, 2016

 
March 27, 2017

 
December 1, 2018

Coupon rate
 
8.25
%
 
8.00
%
 
7.75
%
Effective interest rate
 
8.47
%
 
8.28
%
 
8.04
%


7. Long-Term Debt (continued)

The interest expense incurred on the Senior Notes for the year ended December 31, 2015 was $28,687 (2014 - $28,687, 2013 - $18,084), of which $1,523 was accrued at December 31, 2015 and 2014. The debt issuance costs related to the Senior Notes were capitalized and are being amortized over the life of the notes. The amount of amortization expense was $376 for the year ended December 31, 2015 (2014 - $375, 2013 - $223).