Indebtedness

Our indebtedness is summarized as follows:



	As of December 31,
(In millions)	2014		2013
Current portion:
Note payable to Fumedica	$	3.1	$	3.5
Current portion of notes payable	$	3.1	$	3.5
Non-current portion:
6.875% Senior notes due March 1, 2018	573.5		580.1
Note payable to Fumedica	8.6		12.3
Non-current portion of notes payable	$	582.1	$	592.4

The following is a summary description of our principal indebtedness as of December 31, 2014:

Senior Notes

On March 4, 2008, we issued $550.0 million aggregate principal amount of 6.875% Senior Notes due March 1, 2018 that were originally priced at 99.184% of par. The discount is amortized as additional interest expense over the period from issuance through maturity. These notes are senior unsecured obligations. Interest on the notes is payable March 1 and September 1 of each year. The notes may be redeemed at our option at any time at 100% of the principal amount plus accrued interest and a specified make-whole amount. The notes contain a change of control provision that may require us to purchase the notes under certain circumstances. There is also an interest rate adjustment feature that requires us to pay interest at an increased rate on the notes if the credit rating on the notes declines below investment grade.

Upon the issuance of the 6.875% Senior Notes due in 2018, we entered into interest rate swap contracts where we received a fixed rate and paid a variable rate. These contracts were terminated in December 2008. Upon termination of these swaps, the carrying amount of the 6.875% Senior Notes due in 2018 was increased by $62.8 million and is being amortized using the effective interest rate method over the remaining life of the Senior Notes and is being recognized as a reduction of interest expense. As of December 31, 2014, $25.3 million remains to be amortized.

Notes Payable to Fumedica

In connection with our 2006 distribution agreement with Fumedica, we issued notes totaling 61.4 million Swiss Francs which were payable to Fumedica in varying amounts from June 2008 through June 2018. Our remaining note payable to Fumedica had a carrying value of 11.6 million Swiss Francs ($11.7 million) and 14.0 million Swiss Francs ($15.8 million) as of December 31, 2014 and 2013, respectively.

Credit Facility

In March 2013, we entered into a $750.0 million senior unsecured revolving credit facility, under which we were permitted to draw funds for working capital and general corporate purposes. The terms of the revolving credit facility included a financial covenant that required us to not exceed a maximum debt to EBITDA ratio. In March 2014, the revolving credit facility expired and was not renewed.

Debt Maturity

The total gross payments due under our debt arrangements are as follows:



(In millions)	As of December 31, 2014
2015	$	3.1
2016	3.2
2017	3.2
2018	553.2
2019	—
2020 and thereafter	—
Total	$	562.7

The fair value of our debt is disclosed in Note 8, Fair Value Measurements to these consolidated financial statements.