Note 8 – Debt

(In thousands)	2015			2014

Term Loan Facility with interest at 2.66%, due 2017	$	200,000		$	200,000
Mueller-Xingrong credit facility with interest at 5.60%, due 2016		5,275			29,968
2001 Series IRB's with interest at 1.23%, due through 2021		5,250			6,250
Other		5,485			5,226

		216,010			241,444
Less current portion of debt		(11,760	)		(36,194	)

Long-term debt	$	204,250		$	205,250

The Company's credit agreement provides for an unsecured $200.0 million revolving credit facility (the Revolving Credit Facility) and a $200.0 million term loan facility, both maturing December 11, 2017. Borrowings under the Credit Agreement bear interest, at the Company's option, at LIBOR or Base Rate as defined by the Credit Agreement, plus a variable premium. LIBOR advances may be based upon the one, three, or six-month LIBOR. The variable premium is based upon the Company's debt to total capitalization ratio, and can range from 112.5 to 162.5 basis points for LIBOR-based loans and 12.5 to 62.5 basis points for Base Rate loans. At December 26, 2015, the premium was 137.5 basis points for LIBOR-based loans and 37.5 basis points for Base Rate loans. Additionally, a facility fee is payable quarterly on the total commitment and varies from 25.0 to 37.5 basis points based upon the Company's debt to total capitalization ratio. Availability of funds under the Revolving Credit Facility is reduced by the amount of certain outstanding letters of credit, which are used to secure the Company's payment of insurance deductibles and certain retiree health benefits, totaling approximately $8.8 million at December 26, 2015. Terms of the letters of credit are generally one year but are renewable annually. There were no borrowings outstanding on the Revolving Credit Facility at the end of 2015.

On February 2, 2015, Mueller-Xingrong entered into a secured revolving credit agreement with a total borrowing capacity of RMB 230 million (or approximately $36.0 million). In addition, Mueller-Xingrong occasionally finances working capital through various accounts receivable and bank draft discount arrangements. Total borrowings at Mueller-Xingrong were $10.8 million at December 26, 2015.

Covenants contained in the Company's financing obligations require, among other things, the maintenance of minimum levels of tangible net worth and the satisfaction of certain minimum financial ratios. At December 26, 2015, the Company was in compliance with all debt covenants.

Aggregate annual maturities of the Company's debt are as follows:

(In thousands)	Amount

2016	$	11,760
2017		201,000
2018		1,000
2019		1,000
2020		1,000
Thereafter		250

Long-term debt	$	216,010

Net interest expense consisted of the following:

(In thousands)	2015			2014			2013

Interest expense	$	8,335		$	6,393		$	5,147
Capitalized interest		(668	)		(653	)		(1,157	)

	$	7,667		$	5,740		$	3,990

Interest paid in 2015, 2014, and 2013 was $8.1 million, $5.7 million, and $4.9 million, respectively.