Note 8. Long-term Debt

Long-term debt consisted of the following:


	December 31,
(in thousands)	2015		2014
Subordinated notes payable, maturing June 2045	$	150,000	$	—
Subordinated notes payable, maturing April 2017		98,011		98,011
Term note payable, maturing December 2018		125,000		—
Term note payable, maturing December 2015		—		149,600
Other long-term debt		122,988		126,760

Total long-term debt	$	495,999	$	374,371

On March 9, 2015, the Company completed the issuance of subordinated notes payable with an aggregate principal amount of $150 million, maturing on June 15, 2045. These notes accrue interest at a fixed rate of 5.95% per annum, with quarterly interest payments which began 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 subordinated notes payable maturing April 2017 accrue interest at a fixed rate of 5.875% per annum. As of December 31, 2015, 20% of the balance of these notes qualifies as capital in the calculation of certain regulatory capital ratios. The notes will no longer qualify as capital as of April 1, 2016.

On December 18, 2015, the Company entered a senior unsecured single-draw term loan facility totaling $125 million, all of which was borrowed on the closing date. Amounts borrowed under the loan facility bear interest at a variable rate based on LIBOR plus 1.50% per annum. The loan agreement requires quarterly principal payments of $4.5 million, and outstanding borrowings may be prepaid in whole or in part at any time prior to the December 18, 2018 maturity date without premium or penalty, subject to reimbursement of certain lenders’ costs.

On December 21, 2012, the Company entered into a three-year term loan agreement that provided for a $220 million term loan facility, all of which was borrowed on the closing date. The agreement also provided 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 bore interest at a variable rate based on LIBOR plus 1.875% per annum. This facility was paid in full at maturity in December 2015 using the proceeds from the new debt acquired on December 18, 2015.

The Company must satisfy certain financial covenants and is subject to other restrictions customary in financings, none of which are expected to adversely impact the operations of the Company. 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-covered assets. The Company was in compliance with all covenants as of December 31, 2015.

Substantially all of the other long-term debt consists of borrowings associated with tax credit fund activities. Although these borrowings have indicated maturities through 2053, they are expected to be paid off at the end of the seven-year compliance period for the related tax credit investments.