7. Debt

Loans payable and current portion of long-term debt consisted of the following:



	June 30,		December 31,
	2015		2014
	(Dollars in thousands)
Loans payable	$	3,442	$	4,284
Current portion of long-term debt		3,890		4,098
Loans payable and current portion of long-term debt	$	7,332	$	8,382

Long-term debt consisted of the following:



	June 30,		December 31,
	2015		2014
	(Dollars in thousands)

Term loan facility	$	297,750	$	299,250
Revolving credit line		105,000		—
Capital lease obligations		4,382		4,973
Other notes		3,089		3,504
Total long-term debt		410,221		307,727
Current portion of long-term debt		(3,890)		(4,098)
Long-term debt, less current portion	$	406,331	$	303,629

New Credit Facility

On July 31, 2014, the Company entered into a new credit facility (the “New Credit Facility”) with a group of lenders to refinance the majority of its then outstanding debt. The New Credit Facility consists of a $200 million secured revolving line of credit with a term of five years and a $300 million secured term loan facility with a term of seven years. Principal payments on the term loan facility of $0.75 million quarterly, are payable commencing December 31, 2014, with the remaining balance due on the maturity date. The New Credit Facility replaces the prior $250 million revolving credit facility and provided funding to repurchase the 7.875% Senior Notes. Subject to certain conditions, the Company can request up to $200 million of additional commitments under the New Credit Facility, though the lenders are not required to provide such additional commitments. In addition, up to $100 million of the revolving line of credit will be available to certain of the Company’s subsidiaries in the form of revolving loans denominated in Euros.

Certain of the Company’s U.S. subsidiaries have guaranteed the Company’s obligations under the New Credit Facility and such obligations are secured by (a) substantially all of the personal property of the Company and the U.S. subsidiary guarantors and (b) a pledge of 100% of the stock of most of the Company’s U.S. subsidiaries and 65% of most of the stock of the Company’s first tier foreign subsidiaries.

Interest Rate – Term Loan: The interest rates applicable to the term loans will be, at the Company’s option, equal to either a base rate or a London Interbank Offered Rate (“LIBOR”) rate plus, in both cases, an applicable margin.

The base rate will be the highest of (i) the federal funds rate plus 0.50%, (ii) PNC’s prime rate or (iii) the daily LIBOR rate plus 1.00%.

The applicable margin for base rate loans is 2.25%.

The LIBOR rate will be set as quoted by Bloomberg and shall not be less than 0.75%.

The applicable margin for LIBOR rate loans is 3.25%.

For LIBOR rate loans, the Company may choose to set the duration on individual borrowings for periods of one, two, three or six months, with the interest rate based on the applicable LIBOR rate for the corresponding duration.

At June 30, 2015, the Company had borrowed $297.8 million under the term loan facility at an annual rate of 4.0%. There were no additional borrowings available under the term loan facility.

Interest Rate – Revolving Credit Line: The interest rates applicable to loans under the revolving credit line will be, at the Company’s option, equal to either a base rate or a LIBOR rate plus an applicable variable margin. The variable margin will be based on the ratio of (a) the Company’s total consolidated debt outstanding at such time to (b) the Company’s consolidated EBITDA computed for the period of four consecutive fiscal quarters most recently ended.

The base rate will be the highest of (i) the federal funds rate plus 0.50%, (ii) PNC’s prime rate or (iii) the daily LIBOR rate plus 1.00%.

The applicable margin for base rate loans will vary between 1.50% and 2.00%.

The LIBOR rate will be set as quoted by Bloomberg for U.S. Dollars.

The applicable margin for LIBOR Rate Loans will vary between 2.50% and 3.00%.

At June 30, 2015, the Company had borrowed $105.0 million under the revolving credit line. The borrowing on the revolving credit line was used to fund the Nubiola acquisition. Refer to footnote 17 for additional details. After reductions for outstanding letters of credit secured by these facilities, we had $90.1 million of additional borrowings available at June 30, 2015.

The New Credit Facility contains customary restrictive covenants including, but not limited to, limitations on use of loan proceeds, limitations on the Company’s ability to pay dividends and repurchase stock, limitations on acquisitions and dispositions and limitations on certain types of investments. The New Credit Facility also contains standard provisions relating to conditions of borrowing and customary events of default, including the non-payment of obligations by the Company and the bankruptcy of the Company.

Specific to the revolving credit facility, the Company is subject to financial covenants regarding the Company’s outstanding net indebtedness and interest coverage ratios.

If an event of default occurs, all amounts outstanding under the New Credit Facility may be accelerated and become immediately due and payable. At June 30, 2015, we were in compliance with the covenants of the New Credit Facility.

Other Financing Arrangements

We maintain other lines of credit to provide global flexibility for our short-term liquidity requirements. These facilities are uncommitted lines for our international operations and totaled $27.0 million and $10.8 million at June 30, 2015 and December 31, 2014, respectively. The unused portions of these lines provided additional liquidity of $26.5 million at June 30, 2015, and $9.3 million at December 31, 2014.