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Long-Term Borrowings
9 Months Ended
Sep. 30, 2015
Long-Term Borrowings

Note 5 — Long-Term Borrowings

Refer to Note 13 of the Company’s audited financial statements for the year ended December 31, 2014, which are included as Exhibit 13.1 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2014, as filed with the SEC, for a discussion regarding long-term borrowings.

During September 2015, TSYS increased an existing loan by £1.3 million, or approximately $1.9 million. The pound-denominated loan bears interest at a rate of LIBOR plus two percent. The loan matures in December 2017, and has monthly interest payments. The lender in this transaction is Merchants Limited, which has a noncontrolling interest in TSYS Managed Services. The balance of the loan as of September 30, 2015 was $3.3 million.