Long-Term Debt and Loan Agreements

3 Months Ended

Mar. 31, 2016

10. Long-Term Debt and Loan Agreements

Long-term debt consisted of the following:

	March 31,		December 31,
	2016		2015
Loan Agreement	$	119,985	$	93,512
4.67% Senior Unsecured Notes due 2021		40,000		40,000
5.25% Senior Unsecured Notes due 2024		11,000		11,000
5.30% Senior Unsecured Notes due 2024		29,000		29,000
5.45% Senior Unsecured Notes due 2026		20,000		20,000
		219,985		193,512
Less unamortized deferred financing costs		1,514		1,631
	$	218,471	$	191,881

On December 13, 2013, the Company entered into a Fourth Amended and Restated Loan Agreement (the “Loan Agreement”). The Loan Agreement provided for a $200 million senior revolving credit facility expiring on December 13, 2018, which replaced the then existing $180 million facility. In addition, on May 30, 2014, the Company entered into a First Amendment to the Loan Agreement (the “Loan Amendment”). The Loan Amendment increased the senior revolving credit facility from $200 million to $300 million through December 2018 and provided for an additional subsidiary of the Company as a borrower and as a guarantor of the credit facility. Amounts borrowed under the agreement are secured by pledges of stock of certain of our foreign and domestic subsidiaries.

Under the terms of the Loan Agreement, the Company may borrow up to $300.0 million, reduced for letters of credit issued. As of March 31, 2016, the Company had $175.7 million available under the Loan Agreement. The Company had $4.3 million of letters of credit issued related to insurance and other financing contracts in the ordinary course of business at March 31, 2016. Borrowings under the Loan Agreement bear interest at the LIBOR rate, prime rate, federal funds effective rate, the Canadian deposit offered rate, or the eurocurrency reference rate depending on the type of loan requested by the Company, in each case plus the applicable margin as set forth in the Loan Agreement. The average interest rate on borrowings under our loan agreements were 4.50% for the three months ended March 31, 2016 and 4.54% for the three months ended March 31, 2015, which includes a quarterly facility fee on the used and unused portion.

Long-term debt of $218.5 million at March 31, 2016 includes $1.5 million of unamortized deferred financing costs, which is accounted for as a debt valuation account. Amounts outstanding at March 31, 2016 under the Loan Agreement and note purchase agreement mature in 2018 and 2021 to 2026, respectively.