NOTE 6 DEBT

The Company maintains certain short-term notes payable, including a revolving credit facility. These short-term notes payable are reported as notes payable in the current liabilities section of the Consolidated Balance Sheets. Average borrowings under these short-term notes payable were $42.7 million and $198.3 million for 2015 and 2014, respectively. The average annual interest rate on short‑term notes payable was approximately 6.8% for 2015 and 1.5% for 2014. The higher average annual interest rate in 2015 is due to our remaining short-term notes payable primarily consisting of borrowings in emerging markets after we paid off our revolving credit facility in February 2015 and replaced those borrowings with long-term debt. There are no compensating balance requirements associated with short‑term borrowings. 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 credit facility and the facility fee percentage may change from time to time depending on changes in AptarGroup’s consolidated leverage ratio. The outstanding balance under the credit facility was $0 and $230 million at December 31, 2015 and 2014, respectively. We incurred approximately $0.9 million and $2.7 million in interest and fees related to this credit facility during 2015 and 2014, respectively. The revolving credit and the senior unsecured debt agreements contain covenants, with which the Company is in compliance, that include certain financial tests.

The Company also maintains long-term notes obligations, including private placement facilities. In December 2014, we executed a $475 million private placement to take advantage of low long-term interest rates. At that time, we closed on $250 million of the private placement to fund our accelerated share repurchase ("ASR") program (see Note 13). This closing consisted of two maturity tranches, with $125 million of 9 year notes at an interest rate of 3.49% and $125 million of 11 year notes at an interest rate of 3.61%. We closed on the remaining $225 million of the private placement in February 2015, consisting of $100 million of 9 year notes at an interest rate of 3.49% and $125 million of 11 year notes at an interest rate of 3.61%. The proceeds from this closing were used to pay down the existing revolving line of credit.

At December 31, the Company’s long‑term obligations consisted of the following:


	2015		2014
Notes payable 0.61% – 16.00%, due in monthly and annual installments through 2027	$	3,785	$	5,160
Senior unsecured notes 2.3%, due in 2015		—		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		125,000
Senior unsecured notes 3.4%, due in 2024		50,000		50,000
Senior unsecured notes 3.5%, due in 2024		100,000		—
Senior unsecured notes 3.6%, due in 2025		125,000		125,000
Senior unsecured notes 3.6%, due in 2026		125,000		—
Capital lease obligations		1,628		2,424
		814,413		607,584
Current maturities of long-term obligations		(51,889)		(18,692)
Total long-term obligations	$	762,524	$	588,892

Aggregate long‑term maturities, excluding capital lease obligations, which is discussed in Note 7, due annually for the five years beginning in 2016 are $51,368, $919, $75,183, $185, $84,186 and $600,944 thereafter.