6. DEBT OBLIGATIONS

Debt obligations consisted of the following (in thousands):

	December 31, 2014		December 31, 2013
Current Borrowings
Revolving Credit Facility	$	—	$	7,725
China Credit Facility (6.3% at December 31, 2014)		1,348		1,170
Term Loan, current portion, (2.2% at December 31, 2014)(1)		6,375		5,250

Current borrowings	$	7,723	$	14,145


Long-term Debt
Term Loan, noncurrent (2.2% at December 31, 2014)(1)	$	37,125	$	43,500
Subordinated Notes (14.5%, 13% Cash, 1.5% PIK)		30,000		30,000

Long-term debt	$	67,125	$	73,500

(1)	The effective rate of the Term Loan including the impact of the related hedges is 2.64%.

Credit Agreement

The Company's Credit Agreement provides for a $15,000 five-year Revolving Credit Facility and a $50,000 five-year Term Loan (collectively the "Senior Credit Facilities").

Borrowings under the Senior Credit Facilities are subject to terms defined in the Credit Agreement. Borrowings bear interest at either the Base Rate plus a margin of 0.25% to 2.00% (currently 1.50%) or the Eurocurrency Rate plus a margin of 1.25% to 3.00% (currently 2.00%), in each case depending on the Company's ratio of total funded indebtedness to Consolidated EBITDA (the "Total Leverage Ratio").

Principal installments are payable on the Term Loan in varying percentages quarterly through September 30, 2018 with a balloon payment at maturity. The Senior Credit Facilities are secured by substantially all of the Company's assets. The average outstanding borrowings for 2014 for the Senior Credit Facilities were $52,000. At December 31, 2014, there was approximately $15,000 available under the Senior Credit Facilities.

The Credit Agreement contains certain financial covenants related to maximum leverage and minimum fixed charge coverage. The Credit Agreement also includes other covenants and restrictions, including limits on the amount of certain types of capital expenditures. The Company was in compliance with all covenants at December 31, 2014.

Senior Subordinated Notes

Under the Company's Note Agreement, the Company sold $30,000 of 14.50% Senior Subordinated Notes due October 18, 2019 (the "Notes") to Prudential Capital Partners IV, L.P. and its affiliates in a private placement. The interest rate on the Notes is 14.50% with 13.00% payable in cash and 1.50% payable in-kind, quarterly in arrears and the outstanding principal amount of the Notes, together with any accrued and unpaid interest is due on October 18, 2019. The Company may prepay the Notes at any time after October 18, 2016, in whole or in part, at 100% of the principal amount. The Notes are unsecured obligations of the Company and are fully and unconditionally guaranteed by certain of the Company's subsidiaries.

Other

The Company refinanced its China Facility during the fourth quarter of 2014. The China Facility was increased to provide credit of approximately $1,950 (Chinese Renminbi ("RMB") 12,000) from the prior limit of $1,550 (Chinese Renminbi ("RMB") 9,500). The China Facility is used for working capital and capital equipment needs at the Company's China operations, and will mature in November, 2017. The average balance for 2014 was $1,310 (RMB 8,100). At December 31, 2014, there was approximately $605 (RMB 3,720) available under the facility.

Maturities of long-term debt are as follows:

Year ending December 31,	Total
2015	$	7,723
2016		8,219
2017		10,374
2018		18,532
2019		30,000
Thereafter		—

Total	$	74,848

Deferred Financing Fees

In connection with Credit Agreement, the Company incurred $2,377 of deferred financing costs. The Company capitalized these costs pursuant to the guidance in ASC Topic 835, "Broad Transactions—Interest." These costs are included in other assets in the accompanying consolidated balance sheets. The costs are deferred and amortized over the terms of the components of the Credit Agreement ranging up to six years. Amortization of these costs is charged to interest expense in the accompanying consolidated statements of income and comprehensive income using the straight-line method. The straight-line method is allowable under the guidance if the result is not materially different from the result using the effective interest method. Deferred Financing costs net of accumulated amortization were $1,836 as of December 31, 2014.