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External Debt and Financing Arrangements
 3 Months Ended
Mar. 31, 2014
External Debt and Financing Arrangements
6. External Debt and Financing Arrangements

We have a $650 million committed revolving credit facility, as well as a $350 million term loan, both of which expire in July 2018. On March 31, 2014 and December 31, 2013, our outstanding borrowings under these facilities were $475.0 million and $350.0 million, respectively. The interest rates under these facilities are variable based on LIBOR at the time of the borrowing and the Company’s leverage as measured by a debt to Adjusted EBITDA ratio. Based upon the Company’s debt to Adjusted EBITDA ratio at March 31, 2014, the Company’s borrowing rate could range from LIBOR + 1.0% to LIBOR + 2.0%. As of March 31, 2014, we were in compliance with all covenants under these facilities.

At March 31, 2014 and December 31, 2013, there were $9.7 million and $6.0 million of external short-term borrowings outstanding, respectively, comprised of notes payable to banks that are used for general corporate purposes. These amounts pertained to uncommitted bank lines of credit in China and India, which provide for unsecured borrowings for working capital of up to $22.7 million in aggregate, as of March 31, 2014 and December 31, 2013. The weighted-average interest rates on these borrowings were 9.8% and 12.1% in the three-month periods ended March 31, 2014 and 2013, respectively.