Note 4. Long-Term Debt

Long-term debt consisted of the following:


(in thousands)	March 31, 2015		December 31, 2014
Subordinated notes payable maturing June 2045	$	150,000	$	—
Subordinated notes payable maturing April 2017		98,011		98,011
Term note payable maturing December 2015		140,800		149,600
Other long-term debt		127,196		126,760

Total long-term debt	$	516,007	$	374,371

On March 9, 2015, the Company completed the issuance of subordinated notes payable with an aggregate principal amount of $150 million. The notes mature on June 15, 2045 and accrue interest at a rate of 5.95% per annum, with quarterly interest payments beginning in June 2015. Subject to prior approval by the Federal Reserve, the Company may redeem the notes in whole or in part on any interest payment date on or after June 15, 2020. This debt qualifies as Tier 2 capital in the calculation of certain regulatory capital ratios.

The 5.875% fixed-rate subordinated notes maturing April 2017 had been issued by Whitney National Bank and were assumed by Hancock in the Whitney acquisition. As of March 31, 2015, 40% of the balance of these notes qualifies as capital in the calculation of certain regulatory capital ratios. The qualifying amount will be further reduced to 20% in the second quarter of 2015 and will no longer qualify as capital as of April 1, 2016.

On December 21, 2012, the Company entered into a three-year term loan agreement that provides for a $220 million term loan facility, all of which was borrowed on the closing date. The agreement also provides for up to $50 million in additional borrowings under the loan facility, subject to obtaining additional commitments from existing or new lenders and satisfaction of certain other conditions. Amounts borrowed under the loan facility bear interest at a variable rate based on LIBOR plus 1.875% per annum. The loan agreement requires quarterly principal payments of $8.8 million, and outstanding borrowings may be prepaid in whole or in part at any time prior to the December 21, 2015 maturity date without premium or penalty.

The Company and the Bank must satisfy certain financial covenants in the term loan agreement and is subject to other restrictions customary in financings of this nature, none of which is expected to adversely impact the operations of the Company. The financial covenants cover, among other things, the maintenance of minimum levels for regulatory capital ratios, consolidated net worth, consolidated return on assets, and holding company liquidity and dividend capacity, and specify a maximum ratio of consolidated nonperforming assets to consolidated total loans and other real estate, calculated without FDIC acquired assets. The Company was in compliance with all covenants as of March 31, 2015 and December 31, 2014.

Substantially all of the other long-term debt consists of borrowings associated with tax credit fund activities. Although these borrowings have indicated maturities beginning in the second quarter of 2015 through 2052, they are expected to be paid off at the end of their seven-year compliance period.