Debt Obligations

3 Months Ended

Mar. 31, 2014

A summary of debt obligation activity for the three months ended March 31, 2014 is presented below:



(in thousands)	Revolving Credit Facilities			Other Debt Obligations			Capital Leases			Term Loan A			Total
Balance at December 31, 2013	$	129,010		$	2,403		$	5,233		$	68,000		$	204,646
Increases (decreases):
Net borrowings (repayments)	42,426			(1,337		)	(599		)	(2,000		)	38,490
Capital lease interest							79						79
Foreign currency exchange (gain) loss	(52		)	(53		)	50						(55		)
Balance at March 31, 2014	171,384			1,013			4,763			66,000			243,160
Less — current maturities	—			(1,013		)	(2,309		)	(9,000		)	(12,322		)
Long-term obligations at March 31, 2014	$	171,384		$	—		$	2,454		$	57,000		$	230,838

Credit Facility

As of March 31, 2014, the Company had a $480 million senior secured credit facility (the "Credit Facility") consisting of a $400 million revolving credit facility and an $80 million term loan (which has been reduced to $66 million through principal amortization payments) ("Term Loan A").

Interest on borrowings under the revolving credit facility and Term Loan A vary based upon the Company's consolidated total leverage ratio, as defined in the Company's Amended and Restated Credit Agreement ("Credit Agreement"), and during the first quarter of fiscal 2014 was based on a margin over London Inter-Bank Offered Rate (“LIBOR”) or a margin over a base rate, as selected by the Company, with the applicable margin ranging from 1.5% to 2.5% for LIBOR loans or 0.5% to 1.5% for base rate loans. Accordingly, the weighted average interest rate for borrowings outstanding under the Company's revolving credit facility and Term Loan A was 1.77% and 1.65%, respectively, as of March 31, 2014.

On April 9, 2014, the Company amended and restated the Credit Agreement to, among other things, (i) increase the amount of Term Loan A from $66 million to $75 million, (ii) increase the aggregate credit commitments under the revolving credit facility from $400 million to $600 million, (iii) reduce the margin over the LIBOR rate and base rate by 12.5 basis points, and (iv) extend the expiration date of the Credit Agreement from August 18, 2016 to April 9, 2019.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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