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



	Balance		Balance
	June 30,		December 31,
Description:	2014		2013
Term loans (1)	$	138,750	$	144,375
Revolver loans (1), (2)	231,250		55,625
Other (3)	5,000		5,000
Total	$	375,000	$	205,000

(1)

The contractual annual interest rate as of June 30, 2014 on the term loan and the revolver ranged from 1.52% to 1.61%, which consists of a floating Eurodollar base rate ranging from 0.14% to 0.23% plus a margin of 1.38%. However, the Company has an interest rate swap contract which converts the floating Eurodollar base rates to a 2.26% fixed base rate on the first $200.0 million of Company borrowings (see below) and, combined with the 1.38% margin, results in an an effective rate of approximately 3.63% on the first $200.0 million of borrowings.

The annual effective rate on the total debt outstanding as of June 30, 2014, including the effect of the swap, was approximately 2.67%.


(2)	The Company had $365.5 million of available borrowing capacity on the revolver (not including the expansion feature) as of June 30, 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.