NOTE 14 – DEBT

Long-term debt consisted of the following at December 31:

In thousands
	2015		2014
Obligations under capital leases	$	15,024	$	9,185
$1.20 billion senior credit facility weighted average rate 1.54%, due in 2019		353,763		459,975
$1.25 billion term loan weighted average rate 1.71%, due in 2020		1,250,000		—
$100 million private placement notes 5.64%, due in 2015		—		100,000
$175 million private placement notes 3.89%, due in 2017		175,000		175,000
$125 million private placement notes 2.68%, due in 2019		125,000		125,000
$225 million private placement notes 4.47%, due in 2020		225,000		225,000
$150 million private placement notes 2.89%, due in 2021		150,000		—
$125 million private placement notes 3.26%, due in 2022		125,000		125,000
$200 million private placement notes 2.72%, due in 2022		200,000		—
$100 million private placement notes 2.79%, due in 2023		100,000		—
$150 million private placement notes 3.18%, due in 2023		150,000		—
Promissory notes and deferred consideration weighted average rate of 2.54% and weighted average maturity of 3.4 years		239,731		279,590
Foreign bank debt weighted average rate 8.98% and weighted average maturity of 2.1 years		105,530		160,465
Total debt		3,214,048		1,659,215
Less: current portion of total debt		161,409		131,969
Long-term portion of total debt	$	3,052,639	$	1,527,246

Our $1.20 billion senior credit facility maturing in June 2019, our $1.25 billion term loan maturing in August 2020, our $175.0 million private placement notes maturing in October 2017, our $125.0 million private placement notes maturing in December 2019, our $225.0 million private placement notes maturing in October 2020, our $150.0 million private placement maturing in October 2021, our $125.0 million private placement notes maturing in December 2022, our $200.0 million private placement notes maturing July 2022, our $100.0 million private placement notes maturing in July 2023, and our $150.0 million private placement notes maturing in October 2023 all require us to comply with various financial, reporting and other covenants and restrictions, including a restriction on dividend payments. The financial debt covenants are the same for the senior credit facility, term loan, and the private placement notes. At December 31, 2015, we were in compliance with all of our financial debt covenants. Our senior credit facility, term loan, and the private placement notes rank pari passu to each other and all other unsecured debt obligations.

At December 31, 2015 and 2014, we had $160.4 million and $162.9 million, respectively, committed to outstanding letters of credit under our senior credit facility. The unused portion of the revolving credit facility was $685.8 million and $577.1 million at December 31, 2015 and 2014, respectively.

On April 30, 2015, we entered into a note purchase agreement with several institutional purchasers pursuant to which we have issued and sold to the purchasers $200.0 million of our new seven -year 2.72% unsecured senior notes (“Series A”) and $100.0 million of our new eight -year 2.79% unsecured senior notes (“Series B”). Closing of the issuance and sale of the notes occurred on July 31, 2015.

The Series A notes bear interest at the fixed rate of 2.72% per annum, and the Series B notes bear interest at the fixed rate of 2.79% per annum. Interest will be payable in arrears semi-annually on January 1 and July 1 beginning on January 1, 2016. The principal of the Series A notes will be payable at the maturity of the notes on July 1, 2022, and the principal of the Series B notes will be payable at the maturity of the notes on July 1, 2023. The notes are unsecured obligations.

The Company entered into a Term Loan Credit Agreement dated as of August 21, 2015 (the “Term Loan Credit Agreement”) with Bank of America, N.A., as the Administrative Agent maturing on August 21, 2020. The Term Loan Credit Agreement provides for a term loan credit facility (“Term Loan Credit Facility”) under which the Company may obtain loans up to an aggregate amount of $1.5 billion. Borrowings under the Term Loan Credit Facility may bear interest at a Base Rate or Eurodollar Rate, respectively, plus the Applicable Rate. The Base Rate is for any day a fluctuating rate per annum equal to the highest of (i) the Federal Funds Rate plus 1/2 of 1.00%, (ii) the rate of interest in effect for such day as publicly announced from time to time by Bank of America as its “prime rate” and (iii) the Eurodollar Rate plus 1.00%. The Applicable Rate depends on the consolidated leverage ratio for the Company and its subsidiaries as set forth in the most recent compliance certificate received by the administrative agent. We used the proceeds from the term loan to fund a portion of the purchase price paid for the Shred-it acquisition (see Note 3 - Acquisitions in the Notes to the Consolidated Financial Statements for more information).

On October 1, 2015, we issued and sold to the purchasers $150.0 million of new six -year 2.89% unsecured senior notes and $150.0 million of new eight -year 3.18% unsecured senior notes (collectively, the “Notes”). The Notes bear interest on the unpaid principal thereof from October 1, 2015 at their respective stated rates of interest payable in arrears semi-annually on the first (1st) day of April and October in each year and at maturity, commencing on April 1, 2016. The Notes are unsecured obligations. We used the proceeds from the unsecured senior notes to fund a portion of the purchase price paid for the Shred-it acquisition (see Note 3 - Acquisitions in the Notes to the Consolidated Financial Statements for more information).

Payments due on long-term debt, excluding capital lease obligations, during each of the five years subsequent to December 31, 2015 are as follows:

In thousands
2016	$	157,227
2017		345,342
2018		215,549
2019		862,803
2020		875,159
Thereafter		742,944
	$	3,199,024

We paid interest of $68.0 million, $57.8 million, and $51.0 million for the years ended December 31, 2015, 2014 and 2013, respectively.

Property under capital leases included with property, plant and equipment in the accompanying consolidated balance sheets is as follows at December 31:

In thousands
	2015			2014
Land	$	157		$	174
Buildings		804			896
Machinery and equipment		6,105			1,230
Vehicles		15,925			13,108
Less: accumulated depreciation		(7,148	)		(5,375	)
	$	15,843		$	10,033

Amortization related to these capital leases is included with depreciation expense.

Minimum future lease payments under capital leases are as follows:

In thousands
2016	$	4,622
2017		5,364
2018		2,041
2019		2,226
2020		1,557
Thereafter		419
Total minimum lease payments		16,229
Less: amounts representing interest		(1,205	)
Present value of net minimum lease payments		15,024
Less: current portion included in other current liabilities		(4,182	)
Long-term obligations under capital leases	$	10,842