DEBT OBLIGATIONS

A summary of debt obligation activity for the nine months ended September 30, 2015 is presented below:



(in thousands)	Revolving Credit Facilities		Other Debt Obligations			Capital Leases			1.5% Convertible Notes Due 2044		Term Loan A			Total
Balance as of December 31, 2014	$	5,316	$	6,035		$	4,364		$	337,986	$	72,187		$	425,888
Increases (decreases):
Net borrowings (repayments)	32,572		1,080			1,611			—		(3,750		)	31,513
Accretion	—		—			—			7,371		—			7,371
Capital lease interest	—		—			265			—		—			265
Foreign currency exchange loss (gain)	3,498		(674		)	(330		)	—		—			2,494
Balance as of September 30, 2015	41,386		6,441			5,910			345,357		68,437			467,531
Less — current maturities	—		(5,740		)	(1,905		)	—		(6,563		)	(14,208		)
Long-term obligations as of September 30, 2015	$	41,386	$	701		$	4,005		$	345,357	$	61,874		$	453,323

Credit Facility

As of September 30, 2015, the Company had a $675 million senior secured credit facility (the "Credit Facility") consisting of a $600 million revolving credit facility and a $75 million term loan ("Term Loan A"), which had been reduced to $68.4 million through principal amortization payments. The Credit Facility expires April 9, 2019.

Interest on borrowings under the revolving credit facility and Term Loan A varies based upon the Company's consolidated total leverage ratio, as defined in the Company's credit agreement, and during the third quarter of 2015 was based on a margin over the London Inter-Bank Offered Rate (“LIBOR”) rate or a margin over a base rate, as selected by the Company, with the applicable margin ranging from 1.375% to 2.375% for LIBOR loans or 0.375% to 1.375% 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 3.23% and 1.57%, respectively, as of September 30, 2015, excluding amortization of deferred financing costs.

Convertible Debt

On October 30, 2014, the Company completed the sale of $402.5 million of Convertible Senior Notes due 2044 (“Convertible Notes”). The Convertible Notes have an interest rate of 1.5% per annum payable semi-annually in April and October, and are convertible into shares of Euronet Common Stock at a conversion price of approximately $72.18 per share if certain conditions are met (relating to the closing prices of Euronet Common Stock exceeding certain thresholds for specified periods). Holders of the Convertible Notes have the option to require the Company to purchase their notes at par on October 1, 2020, and have additional options to require the Company to purchase their notes at par on October 1, 2024, 2029, 2034, and 2039, or upon a change in control of the Company. In connection with the issuance of the Convertible Notes, the Company recorded $10.7 million in debt issuance costs, which are being amortized through October 1, 2020.

In accordance with ASC 470-20-30-27, proceeds from the issuance of convertible debt are allocated between debt and equity components so that debt is discounted to reflect the Company's nonconvertible debt borrowing rate. ASC 470-20-35-13 requires the debt discount to be amortized over the period the convertible debt is expected to be outstanding as additional non-cash interest expense. The allocation resulted in an increase to additional paid in capital of $66.1 million.

Contractual interest expense was $1.5 million and $4.5 million for the three and nine months ended September 30, 2015. Accretion expense was $2.5 million and $7.4 million for the three and nine months ended September 30, 2015. The effective interest rate was 4.7% for the three and nine months ended September 30, 2015. As of September 30, 2015, the unamortized discount was $57.1 million, and will be amortized through October 1, 2020.