Note 8. Long-Term Debt

On June 30, 2004, the Company refinanced its previously existing term loan with a bank. The original principal amount of the loan was $4.5 million, payable in monthly installments of principal and interest with the balance due at the initial maturity date, June 30, 2011. On October 7, 2015, the Company entered into an agreement with Wells Fargo Bank, National Association, and SunTrust Bank, to extend the maturity date of the existing term loan to October 1, 2020. The interest rate on this term loan is LIBOR plus 2.00%. The note is secured by a first position deed of trust encumbering Company-owned real property in Hunt Valley, Maryland. The loan is generally subject to the same financial covenants as the Company’s revolving credit facility (see Note 7), which requires the Company to meet certain financial covenants and ratios and contains other limitations, including certain restrictions on dividend payments. The balance of this note at March 27, 2016 and March 29, 2015 was $1,875,000 and $2,100,000, respectively. The weighted average interest rate on borrowings under this note was 2.21%, 2.19%, and 2.18% for fiscal years 2016, 2015, and 2014, respectively. Interest expense under this note was $43,900, $48,400, and $54,500 for fiscal years 2016, 2015, and 2014, respectively.

On March 31, 2009, the Company entered into a term loan with the Baltimore County Economic Development Revolving Loan Fund for an aggregate principal amount of $250,000. At March 27, 2016 and March 29, 2015, the principal balance of this term loan was $82,600 and $108,200, respectively. The term loan is payable in equal monthly installments of principal and interest of $2,300, with the balance due at maturity on April 1, 2019. The term loan bears interest at 2.00% per annum. Interest expense under this note was $2,000, $2,400, and $2,900 for fiscal years 2016, 2015, and 2014, respectively. The term loan is secured by a subordinate position on Company-owned real property located in Hunt Valley, Maryland.

As of March 27, 2016, scheduled annual maturities of long-term debt are as follows:


Fiscal year:
2017	$	251,100
2018		251,900
2019		252,300
2020		227,300
2021		975,000
Thereafter		—
	$	1,957,600