Quarterly report pursuant to Section 13 or 15(d)

Financing Arrangements

Financing Arrangements
3 Months Ended
Mar. 31, 2014
Debt Disclosure [Abstract]  
Financing Arrangements
Financing Arrangements

The Company has a secured term loan credit facility ("secured debt"). Under the terms of the secured debt, the Company made interest only payments through February 2013. Subsequent to the interest-only payments, the note amortizes with principal and interest payments through the remaining term of the loan. Additionally, the Company must also make an additional final payment equal to 6% of the total amount borrowed which is due at maturity and is being accreted over the life of the loan.

In March 2013, the Company prepaid $7.0 million of the secured term loan credit facility. Additionally, the Company paid a prepayment fee of 1% of the prepayment amount, or $0.1 million and a prorated final-payment fee of 6% of the final payment or $0.4 million.

The carrying values and the fixed contractual coupon rates of the Company's financing arrangements as of March 31, 2014 and December 31, 2013 were as follows (in thousands):

March 31, 2014
December 31, 2013
Current portion notes payable, 8.64%, due August 1, 2014


Current portion notes payable, 8.9012%, due August 1, 2014


Total current portion of notes payable