6. Debt

Debt comprised the following at December 31, 2014 and 2013:

(In thousands)	Maturity Dates		December 31, 2014		December 31, 2013
Unsecured private placement notes
3.86%		2019-2025	$	100,000	$	100,000
4.86%		2017-2023		65,000		65,000
5.88%		2016-2022		40,000		40,000
5.69%		2015-2018		22,857		28,571
6.86%		2015		4,284		8,570
Unsecured U.S. bank debt		2019		20,000		─
Debt of foreign subsidiaries
Unsecured bank debt, foreign currency		2015		12,043		19,488
Unsecured bank term loan, foreign currency		2021		4,840		─
Secured bank term loan, foreign currency		2015		2,723		5,843
Secured bank debt, foreign currency		2015		1,638		2,153
Unsecured bank debt, U.S. dollars		2015		546		998
Total debt			$	273,931	$	270,623
Less current maturities				27,034		35,377
Long-term debt			$	246,897	$	235,246

The majority of the Company’s long-term debt financing is composed of unsecured private placement notes issued to insurance companies, totaling $232,141,000 as of December 31, 2014. These notes are denominated in U.S. dollars and have fixed interest rates ranging from 3.86 percent to 6.86 percent. At inception, these notes had final maturities of 12 to 13 years with remaining amortization scheduled from 2015 to 2025.

On July 10, 2014, the Company amended its committed $125,000,000 multi-currency five-year revolving credit agreement. This unsecured facility is the Company’s primary source of short-term borrowings, which the Company may draw on as needed to finance certain acquisitions, working capital and for general corporate purposes. The amendment extends the maturity date of the original agreement from September 20, 2017 to July 10, 2019. As of December 31, 2014, the Company had outstanding borrowings of $20,000,000 and letters of credit of $2,727,000 under the credit agreement, with $102,273,000 remaining available.

Loans under the amended agreement may be incurred, at the discretion of the Company, with terms to maturity of 1 to 180 days. The Company may choose interest rate options, including (1) LIBOR applicable to each currency plus spreads ranging from 0.975 percent to 1.525 percent, depending on the Company’s leverage ratio or (2) the prime rate plus zero percent to 0.525 percent, depending on the leverage ratio. The amended agreement requires the Company to pay a facility fee ranging from 0.150 percent to 0.350 percent, which also depends on the leverage ratio. The amended agreement requires the maintenance of certain financial ratios and compliance with certain other covenants that are similar to the Company’s existing debt agreements, including net worth, interest coverage and leverage financial covenants and limitations on restricted payments, indebtedness and liens.

At December 31, 2014, European debt included $7,563,000 of bank term loans. One of these term loans, for $4,840,000 matures in 2021 and has a variable interest rate of 90-day EURIBOR plus a spread of 1.30 percent. The other term loan, for $1,815,000, matures in 2016 and has a variable interest rate of 90-day EURIBOR plus a spread of 1.08 percent. The other term loan for, $908,000, matures in 2015 and bears a fixed interest rate of 2.15 percent. At December 31, 2014, debt in Europe also included short-term borrowings of $11,842,000 with variable interest rates of 90-day EURIBOR plus spreads ranging from 0.30 percent and 0.50 percent and short-term borrowings of $1,638,000 with a variable rate comprised of the UK base rate plus a spread of 2.00 percent. The Company’s Philippine subsidiary had short-term borrowings of $747,000, guaranteed by the Company, with a variable interest rate of 30-day LIBOR plus a spread of 1.375 percent. The balance of the Company’s secured foreign debt is secured only by the assets of the respective entities.

The Company’s loan agreements in the U.S., France and the Philippines contain provisions, which, among others, require maintenance of certain financial ratios and place limitations on additional debt, investments and payment of dividends. Based on the loan agreement provisions that place limitations on dividend payments, unrestricted retained earnings (i.e., retained earnings available for dividend distribution) were $88,684,000 and $148,467,000 at December 31, 2014, and 2013, respectively.

Debt at December 31, 2014, matures as follows: $27,034,000 in 2015; $12,723,000 in 2016; $21,405,000 in 2017; $21,406,000 in 2018; $49,977,000 in 2019 and $141,386,000 after 2019. Debt maturing in 2015 includes $12,808,000 of scheduled repayments under long-term debt agreements and $14,226,000 of debt of foreign subsidiaries under short-term working capital loans. These short-term loan agreements are routinely renewed, but could be supplemented or replaced, if necessary, by the Company’s $125,000,000 revolving credit agreement.

Net interest expense for the years ended December 31, 2014, 2013 and 2012, comprised the following:

(In thousands)	2014			2013			2012
Interest expense	$	12,542		$	11,104		$	9,998
Interest income		(262	)		(57	)		(112	)
		12,280			11,047			9,886
Capitalized interest		(839	)		(689	)		(287	)
Interest expense, net	$	11,441		$	10,358		$	9,599