Credit Arrangements and Debt Obligations

3 Months Ended

Mar. 31, 2015

Credit Arrangements and Debt Obligations

CREDIT ARRANGEMENTS AND DEBT OBLIGATIONS

Outstanding borrowings were as follows at March 31, 2015 and December 31, 2014 (in thousands):



	March 31, 2015			December 31, 2014
Term loans	$	936,812		$	939,200
Deferred financing costs and original issue discount	(17,173		)	(18,023		)
Total debt	919,639			921,177
Less current maturities	9,550			9,550
Long-term debt	$	910,089		$	911,627

The Company's $1.1 billion senior credit facilities consist of $955.0 million in secured term loan facilities and a $100.0 million revolving credit facility. In conjunction with a debt refinance in January 2013, $790.0 million in senior secured term loans were issued, with the subsequent issuance of $165.0 million in additional term loans in December 2014. The term loans and revolving credit facility mature on January 30, 2020 and 2018, respectively.

The effective interest rate for the term loans was 4.09% at March 31, 2015 and the weighted average interest rate was 3.91% for the three months ended March 31, 2015. There were no borrowings outstanding on the $100.0 million revolving credit facility at March 31, 2015 or during the three months then ended, and the full facility was available for borrowings. The weighted average interest rate for the revolving credit facility was 5.0% for the three months ended March 31, 2015.

The Company incurred financing fees of $12.7 million and original issue discount costs of $7.9 million in connection with the 2013 debt refinancing and $1.6 million and $1.7 million in connection with the 2014 financing. These fees are being amortized over the terms of the related debt instruments. Amortization expense of deferred financing costs and original issue discount costs in the three months ended March 31, 2015 were $0.5 million and $0.4 million, respectively, which are included in interest expense.

The future principal payments under the term loans at March 31, 2015 are as follows (in thousands):



Remainder of 2015	$	7,163
2016	9,550
2017	9,550
2018	9,550
2019	9,550
Thereafter	891,449
	$	936,812