Long-Term Debt

Senior Notes

Maiden Holdings and its wholly owned subsidiary, Maiden Holdings North America, Ltd. ("Maiden NA"), both have an outstanding public debt offering of senior notes which were issued in 2016 and 2013, respectively, (the "Senior Notes"). The 2013 Senior Notes issuance made by Maiden NA is fully and unconditionally guaranteed by the Company. The Senior Notes are unsecured and unsubordinated obligation of the Company.

On June 27, 2017, we fully redeemed all of the 2012 Senior Notes using a portion of the proceeds from the Preference Shares - Series D issuance (see related discussion in "Note 11. Shareholders' Equity"). The 2012 Senior Notes were redeemed at a redemption price equal to 100% of the principal amount of $100,000 plus accrued and unpaid interest on the principal amount being redeemed up to, but not including, the redemption date. As a result, the Company accelerated the amortization of the remaining 2012 Senior Note issuance cost of $2,809.

The following table details the Company's Senior Notes issuances as of September 30, 2017 and December 31, 2016:



September 30, 2017	2016 Senior Notes			2013 Senior Notes			2012 Senior Notes			Total
Principal amount	$	110,000		$	152,500		$	—		$	262,500
Less: unamortized issuance costs	3,664			4,406			—			8,070
Carrying value	$	106,336		$	148,094		$	—		$	254,430

December 31, 2016	2016 Senior Notes			2013 Senior Notes			2012 Senior Notes			Total
Principal amount	$	110,000		$	152,500		$	100,000		$	362,500
Less: unamortized issuance costs	3,694			4,532			2,865			11,091
Carrying value	$	106,306		$	147,968		$	97,135		$	351,409


Other details:
Original debt issuance costs	$	3,715		$	5,054		$	3,406
Maturity date	June 14, 2046			Dec 1, 2043			Mar 27, 2042
Earliest redeemable date (for cash)	June 14, 2021			Dec 1, 2018			Mar 27, 2017
Coupon rate	6.625		%	7.75		%	8.00		%
Effective interest rate	7.07		%	8.04		%	8.31		%

The interest expense incurred on the Senior Notes for the three and nine months ended September 30, 2017 was $4,776 and $18,218, respectively, (2016 - $6,776 and $21,049, respectively) of which $1,342 and $1,453 was accrued at September 30, 2017 and December 31, 2016, respectively. The issuance costs related to the Senior Notes were capitalized and are being amortized over the life of the Senior Notes. The amount of amortization expense for the three and nine months ended September 30, 2017 was $53 and $212, respectively, (2016 - $80 and $265, respectively).