Borrowings

Borrowings consist of the following (in millions):



	September 30, 2015		December 31, 2014
Term loan due January 2019	$	288.8	$	300.0
$350.0 million revolving credit facility due January 2019	186.0		100.0
Total	474.8		400.0
Less: current maturities	26.3		15.0
Total long-term debt	$	448.5	$	385.0

The $350.0 million five-year senior secured revolving credit facility, as well as a five-year senior secured term loan facility, which are referred to collectively as the "Credit Facilities," include a requirement, to be tested quarterly, that the Company maintains both (i) a minimum ratio of consolidated EBITDA to consolidated interest expense of 3.25 to 1.0 and (ii) a maximum ratio of consolidated total indebtedness to consolidated EBITDA of 3.25 to 1.0. For these ratios, consolidated EBITDA and consolidated interest expense are calculated using the most recent four consecutive fiscal quarters in a manner defined in the credit agreement. At September 30, 2015, the Company was in compliance with these covenants and it expects to remain in compliance with all of its debt covenants over the next twelve months.

As discussed in Note 2. Acquisition, the Company completed its acquisition of Audience. We funded the cash portion of the consideration through a draw down from our existing revolving credit facility and cash on hand. In addition, the Company amended its existing credit agreement to permit the acquisition, which became effective upon the closing of the acquisition. The amendment modified specific terms and conditions, including the definition of certain covenants.

The interest rate under the Credit Facilities is variable based on LIBOR at the time of the borrowing and the Company's leverage as measured by a total indebtedness to consolidated EBITDA ratio. Based upon the Company's total indebtedness to consolidated EBITDA ratio, the Company's borrowing rate could range from LIBOR + 1.25% to LIBOR + 2.25%. In addition, a commitment fee accrues on the average daily unused portion of the revolving facility at a rate of 0.2% to 0.4%. The weighted-average interest rate for the Credit Facilities was 2.27% and 1.66% for the nine months ended September 30, 2015 and 2014, respectively. The weighted-average commitment fee on the revolving line of credit was 0.37% and 0.25% for the nine months ended September 30, 2015 and 2014, respectively.

The fair value of the Company's interest rate swap, which will convert variable interest rate payments into a fixed rate on a notional amount of $100.0 million of debt for monthly interest payments starting in January 2016 and ending in July 2018, was a liability of $2.3 million and $0.2 million at September 30, 2015 and December 31, 2014, respectively.