The following table summarizes the Company’s total outstanding borrowings (in thousands):



	Amount Outstanding December 31,		Amount Outstanding December 31,
Description:	2014		2013
Term loan (1)	$	400,000	$	144,375
Revolver (1), (2)	—		55,625
Other (3)	5,000		5,000
Total (4)	$	405,000	$	205,000

(1)

The contractual annual interest rate as of December 31, 2014 on the term loan was 1.42%, which consisted of a floating Eurodollar base rate of 0.17% plus a margin of 1.25%. 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 weighted-average annual interest rate on the $400.0 million of outstanding debt under the 2014 Credit Facility as of December 31, 2014, including the margin, was approximately 2.46%.


(2)	The Company had approximately $1.1 billion of available borrowing capacity on the revolver (not including the expansion feature) as of December 31, 2014.

(3)

Consists of a $5.0 million State of Connecticut economic development loan with a 3.0% fixed rate of interest. The loan was originated in 2012 and has a 10 year maturity. 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 during the first five years of the loan.


(4)	As of December 31, 2014, $20.0 million of debt was classified as short term and $385.0 million was classified as long term on the Consolidated Balance Sheets.