Long-Term Debt

At December 31, 2015 and 2014, long-term debt consisted of the following (in thousands):



	2015			2014
$150 million revolving credit facility, due June 2020	$	50,000		$	—
$825 million Term B loan facility, due June 2022	724,000			—
$125 million revolving credit facility, repaid June 2015	—			76,000
Term A loan facility, repaid June 2015	—			158,813
Term B loan facility, repaid June 2015	—			180,312
	774,000			415,125
Unamortized deferred loan costs	(18,492		)	(3,268		)
	$	755,508		$	411,857

On June 5, 2015, the Company entered into a new $975.0 million credit facility. The funds were used to repay the old credit facility and to fund the cash portion of the purchase of Creative Circle (see "Note 4. Acquisitions"). The new facility consists of (i) an $825.0 million seven-year term B loan facility and (ii) a $150.0 million five-year revolving loan facility. Under terms of the new facility, the Company has the ability to increase the principal amount of the loan facilities.

Borrowings under the term B loan bear interest at LIBOR (floor of 75 basis points), plus 3.0 percent and borrowings under the revolving credit facility bear interest at LIBOR (or the bank’s base rate) plus 0.75 to 2.5 percent depending on leverage levels. A commitment fee of 0.25 to 0.40 percent is payable on the undrawn portion of the revolving credit facility. At December 31, 2015, the weighted average interest rate was 3.7 percent.

Under terms of the credit facility, the Company is required to make minimum quarterly payments of $2.1 million. Through December 31, 2015, the Company repaid $101.0 million and, as a result, the next required payments will be on the maturity dates. The Company is also required to make mandatory prepayments, subject to specified exceptions, from excess cash flow and with the proceeds of asset sales, debt issuances and specified other events.

The Company's obligations under the credit facility are guaranteed by substantially all of its direct and indirect domestic subsidiaries and are secured by a lien on substantially all of the Company's tangible and intangible property and by a pledge of all of the equity interests in its direct and indirect domestic subsidiaries.

The credit facility includes various restrictive covenants including the maximum ratio of consolidated funded debt to consolidated EBITDA (4.50 to1.00 as of December 31, 2015 decreasing to 3.25 to 1.00 on March 31, 2018). The credit facility also contains certain customary limitations including, among other terms and conditions, the Company's ability to incur additional indebtedness, engage in mergers and acquisitions, and declare dividends. At December 31, 2015, the Company had a ratio of consolidated funded debt to consolidated EBITDA of 3.02 to 1.00.

At December 31, 2015 the Company was in compliance with all of its debt covenants and had $96.5 million of borrowing available under the revolving credit facility.