Debt Obligations

6 Months Ended

Jun. 30, 2016

DEBT OBLIGATIONS

Debt obligations consist of the following:



	As of
(in thousands)	June 30, 2016			December 31, 2015
Credit Facility:
Term loan, due 2019	$	63,750		$	67,031
Revolving credit agreements, due 2019	198,957			7,701
	262,707			74,732
Convertible Debt:
1.50% convertible notes, unsecured, due 2044	353,018			347,878

Other obligations	10,490			5,731

Total debt obligations	626,215			428,341
Unamortized debt issuance costs	(9,585		)	(10,809		)
Carrying value of debt	616,630			417,532
Short-term debt obligations and current maturities of long-term debt obligations	(17,744		)	(12,060		)
Long-term debt obligations	$	598,886		$	405,472

Credit Facility

As of June 30, 2016, 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 $63.8 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 is based on a margin over the London Inter-Bank Offered Rate (“LIBOR”) or a margin over a base rate, as selected by the Company, with the applicable margin ranging from 1.375% 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 1.88% and 1.84%, respectively, as of June 30, 2016.

Convertible Debt

The Convertible Senior Notes due 2044 (“Convertible Notes”) had a principal amount outstanding of $402.5 million as of June 30, 2016. Contractual interest expense was $1.5 million and $3.0 million for the three and six months ended June 30, 2016 and 2015, respectively. Accretion expense was $2.5 million and $5.1 million for the three and six months ended June 30, 2016, respectively, and $2.5 million and $4.9 million for the three and six months ended June 30, 2015, respectively. The effective interest rate was 4.7% for the three and six months ended June 30, 2016. As of June 30, 2016, the unamortized discount was $49.5 million, and will be amortized through October 1, 2020.