The following table provides information regarding the Company’s total outstanding borrowings (in thousands):



	Balance		Balance
	March 31,		December 31,
Description:	2014		2013
Term loans (1)	$	142,500	$	144,375
Revolver loans (1), (2)	207,500		55,625
Other (3)	5,000		5,000
Total	$	355,000	$	205,000

(1)

The contractual annual interest rate as of March 31, 2014 on both the term loan and the revolver was 1.61%, which consisted of a floating Eurodollar base rate of 0.23% plus a margin of 1.38%. However, the Company has an interest rate swap contract which converts the floating Eurodollar base rate to a 2.26% fixed base rate on the first $200.0 million of Company borrowings (see below). As a result, the Company’s annual effective interest rate on its total outstanding debt as of March 31, 2014, was 3.26%.


(2)	The Company had $389.2 million of available borrowing capacity on the revolver (not including the expansion feature) as of March 31, 2014.

(3)

The Company borrowed $5.0 million in 2012 through a State of Connecticut economic development program. The loan has a 10 year maturity and bears a 3.0% fixed rate of interest. Principal payments are deferred for the first five years and the loan may be repaid at any point by the Company without penalty. The loan has a principal forgiveness provision in which up to $2.5 million of the loan may be forgiven if the Company meets certain employment targets in Connecticut during the first five years of the loan.