Debt

The Company is party to borrowing arrangements with a syndicate of banks. See Note 5 in the Company’s 2015 Form 10-K for a description of these arrangements. Total borrowing capacity for the Company under all lines of credit is currently at $873.7 million, including $23.7 million of debt of The Andersons Denison Ethanol LLC ("TADE"), which is non-recourse to the Company. At March 31, 2016, the Company had a total of $538.6 million available for borrowing under its lines of credit. Our borrowing capacity is reduced by a combination of outstanding borrowings and letters of credit. The Company was in compliance with all financial covenants as of March 31, 2016.

The Company’s short-term and long-term debt at March 31, 2016, December 31, 2015 and March 31, 2015 consisted of the following:



(in thousands)	March 31, 2016		December 31, 2015		March 31, 2015
Short-term debt – recourse	$	274,002	$	16,990	$	311,660
Total short-term debt	274,002		16,990		311,660
Current maturities of long-term debt – non-recourse	—		—		—
Current maturities of long-term debt – recourse	54,044		27,786		19,037
Total current maturities of long-term debt	54,044		27,786		19,037
Long-term debt, less current maturities – non-recourse	—		—		—
Long-term debt, less current maturities – recourse	402,360		436,208		323,258
Total long-term debt, less current maturities	$	402,360	$	436,208	$	323,258

In the first quarter of 2016, the Company completed an agreement for $75.0 million in senior notes payable. The notes payable include $26.0 million with an interest rate of 4.1% due 2021, $24.0 million with an interest rate of 4.6% due 2023, and $25.0 million with an interest rate of 4.9% due 2026, subject to debt covenants similar to the Company's other borrowing arrangements.