NOTE 6 DEBT

Average borrowings under short-term notes payable were $198.3 million and $61.4 million for 2014 and 2013, respectively. The average annual interest rate on short-term notes payable, which is included in the notes payable caption under current liabilities of the balance sheet was approximately 1.5% for 2014 and 3.1% for 2013. There are no compensating balance requirements associated with short-term borrowings.

On January 31, 2012, we entered into a revolving credit facility that provides for unsecured financing of up to $300 million. Each borrowing under this credit facility will bear interest at rates based on LIBOR, prime rates or other similar rates, in each case plus an applicable margin. A facility fee on the total amount of the facility is also payable quarterly, regardless of usage. The applicable margins for borrowings under the new credit facility and the facility fee percentage may change from time to time depending on changes in AptarGroup's consolidated leverage ratio. On January 31, 2013, we amended the revolving credit facility to, among other things, add a swingline loan sub-facility and extend the maturity date for the revolving credit facility by one year, to January 31, 2018. On January 31, 2014, we amended the revolving credit facility to, among other things, increase the amount of permitted receivables transactions from $100 to $150 million, reduce the cost of committed funds by 12.5 basis points and uncommitted funds by 2.5 basis points, and extend the maturity date of the revolving credit facility by one year, to January 31, 2019. On December 16, 2014, we amended the credit facility to, among other things, change our financial covenants to leverage and interest coverage ratios, and extend the maturity date of the revolving credit facility to December 16, 2019. The outstanding balance under the credit facility was $230 million and $110 million at December 31, 2014 and 2013, respectively, and is reported as notes payable in the current liabilities section of the Consolidated Balance Sheets. We incurred approximately $2.7 million and $1.0 million in interest and fees related to this credit facility during 2014 and 2013, respectively. The revolving credit and the senior unsecured debt agreements contain covenants, with which the Company is in compliance, that include certain financial tests.

At December 31, the Company's long-term obligations consisted of the following:

	2014			2013
Notes payable 0.61% – 31.25%, due in monthly and annual installments through 2027	$	5,160		$	3,230
Senior unsecured notes 2.3%, due in 2015		16,000			16,000
Senior unsecured notes 6.0%, due in 2016		50,000			50,000
Senior unsecured notes 6.0%, due in 2018		75,000			75,000
Senior unsecured notes 3.8%, due in 2020		84,000			84,000
Senior unsecured notes 3.2%, due in 2022		75,000			75,000
Senior unsecured notes 3.5%, due in 2023		125,000			—
Senior unsecured notes 3.4%, due in 2024		50,000			50,000
Senior unsecured notes 3.6%, due in 2025		125,000			—
Capital lease obligations		2,424			2,909

		607,584			356,139
Current maturities of long-term obligations		(18,692	)		(1,325	)

Total long-term obligations	$	588,892		$	354,814

Aggregate long-term maturities, excluding capital lease obligations, which is discussed in Note 7, due annually for the five years beginning in 2015 are $18,057, $51,217, $0, $75,000, $0 and $460,886 thereafter.