Long-Term Obligations

During the current fiscal year, ASU 2015-03 and ASU 2015-15 were adopted. In accordance with ASU 2015-03, the table below presents debt issuance costs as a direct deduction from the face amount of the corresponding notes in the current period and retrospectively in the prior fiscal year end.


6.	Long-Term Obligations, continued

Long-term obligations consisted of the following at March 31, 2016 and December 31, 2015 (in thousands):



		March 31, 2016			December 31, 2015
Senior term notes	Principal amount	$	577,500		$	585,000
	Less unamortized debt issuance costs	(2,230		)	(2,408		)
	Senior term notes less unamortized debt issuance costs, maturing in 2019, secured by assets, variable interest rate (1.94% and 1.92% at March 31, 2016 and December 31, 2015, respectively)	$	575,270		$	582,592
Revolving credit	Principal amount	$	322,000		$	232,000
	Less unamortized debt issuance costs	(3,470		)	(3,725		)
	Revolving line of credit less unamortized debt issuance costs, maturing in 2019, secured by assets, variable interest rate (1.96% and 1.92% at March 31, 2016 and December 31, 2015, respectively)	$	318,530		$	228,275
Secured seller note	Notes payable matures in 2016, secured by assets and stock of certain subsidiaries, with interest rate of 10.0%	230			230
	Total debt obligations	894,030			811,097
	Capital lease obligations and other debt	58,539			55,244
		952,569			866,341
	Less — current portion	(33,947		)	(33,623		)
		$	918,622		$	832,718

As of March 31, 2016, we have borrowed $322.0 million from our revolving credit facility to fund our acquisitions and for repurchases under our existing $400 million share repurchase program.

Maturity and Principal Payments. The senior term notes mature on August 27, 2019. Principal payments on the senior term notes of $7.5 million are due each calendar quarter from June 30, 2016 to and including June 30, 2017, $11.3 million are due each calendar quarter from September 30, 2017 to and including June 30, 2018 and $15.0 million are due each calendar quarter thereafter with a final payment of the outstanding principal balance due upon maturity.

The revolving credit facility has a per annum commitment fee determined by reference to the Leverage Ratio in effect from time to time and is applied to the unused portion of the commitment. The revolving credit facility matures on August 27, 2019. Principal payments on the revolving credit facility are made at our discretion with the entire unpaid amount due at maturity. At March 31, 2016, we had borrowings of $322.0 million under our revolving credit facility.

The following table sets forth the scheduled principal payments for our senior credit facility (in thousands):



	2016		2017		2018		2019		2020
Senior term notes	$	22,500	$	37,500	$	52,500	$	465,000	$	—
Revolving loans	—		—		—		322,000		—
	$	22,500	$	37,500	$	52,500	$	787,000	$	—


6.	Long-Term Obligations, continued

Guarantees and Security. We and each of our wholly-owned domestic subsidiaries guarantee the outstanding indebtedness under the senior credit facility. Any borrowings, along with the guarantees of the domestic subsidiaries, are further secured by a pledge of substantially all of our consolidated assets, including 65% of the voting equity and 100% of the non-voting equity interest in each of our foreign subsidiaries.