12.

DEBT

At September 30, 2015, and December 31, 2014, debt comprised the following:

(In thousands)		Maturity Dates	September 30, 2015		December 31, 2014
Unsecured private placement notes
	3.95%	2021-2027	$	100,000	$	—
	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		22,857
	6.86%	2015		—		4,284
Unsecured U.S. bank debt		2019		—		20,000
Debt of foreign subsidiaries
Unsecured bank debt, foreign currency		2015		7,892		12,043
Unsecured bank term loan, foreign currency		2021		3,993		4,840
Secured bank term loan, foreign currency		2015		—		2,723
Secured bank debt, foreign currency		2015		1,211		1,638
Unsecured bank debt, U.S. dollars		2015		500		546
Total debt			$	341,453	$	273,931
Less current maturities				21,671		27,034
Long-term debt			$	319,782	$	246,897

On July 10, 2015, the Company completed a new $100,000,000 unsecured private placement loan. This loan bears interest at a fixed rate of 3.95% with interest to be paid semi-annually and with equal annual principal payments beginning on July 10, 2021, and continuing through final maturity on July 10, 2027. The proceeds of this loan are being used primarily for capital expenditures, to pay down existing debt in accordance with normal payment schedules and for other corporate purposes. This loan agreement requires the maintenance of certain financial ratios and covenants that are substantially identical to the Company’s existing long-term debt and customary events of default.

The Company has a committed $125,000,000 multi-currency revolving credit agreement that expires on July 10, 2019. The Company maintains standby letters of credit under its workers’ compensation insurance agreements and for other purposes, as needed from time to time, which are issued under the revolving credit agreement. As of September 30, 2015, the Company had outstanding letters of credit totaling $4,952,000 and no outstanding debt under this agreement. There was $120,048,000 available under the revolving credit agreement as of September 30, 2015.

The various loan agreements 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 $118,427,000 and $88,684,000 at September 30, 2015 and December 31, 2014, respectively.