Note 6. Long-Term Debt

At September 30, 2015, the Company owed approximately $116.8 million under its various borrowing arrangements with several banks in Colombia, Panama and the United States and including obligations under various capital leases. The bank obligations have maturities ranging from six months to 15 years that bear interest at rates ranging from 2.8% to 14.7%. These loans are generally secured by substantially all of the Company’s accounts receivable or inventory.

The mortgage loan from TD Bank N.A. for real property acquired in December 2014 by Tecno RE includes covenant requirements that the Company has to maintain debt service coverage ratio to be evaluated for the first time at December 31, 2015 and annually thereafter as well a loan to value ratio evaluation from time to time by the bank.

The Company had various lines of credit amounting to $30.8 million and $26.8 million as of September 30, 2015 and December 31, 2014, respectively. These lines of credit are secured by fixed assets amounting to $5.9 million and $7.4 million of September 30, 2015 and December 31, 2014, respectively, and other long-term assets amounting to $0.3 million and $0.4 million as of September 30, 2015 and December 31, 2014, respectively. The terms of the line of credit agreements do not restrict the Company?s operation and use of the assets.

	(in thousands)
	September 30,		December 31,
	2015		2014
Obligations under borrowing arrangements	$	116,764	$	94,198
Less: Current portion of long-term debt and other current borrowings		(67,651)		(54,925)
Long-term debt	$	49,113	$	39,273

Maturities of long-term debt and other current borrowings are as follows as of September 30, 2015:

12 months ending September 30,

2016	$	67,651
2017		16,114
2018		10,148
2019		10,055
Thereafter		12,796
Total	$	116,764

Revolving Lines of Credit

The Company has approximately $7.1 million available in two lines of credit under a revolving note arrangement as of September 30, 2015. The floating interest rates on the revolving notes are between DTF+6% and DTF+7%. DTF is the primary measure of interest rates in Colombia. As of September 30, 2015 and December 31, 2014, we had $6.7 million and $0.4 million, respectively, of outstanding borrowings under these lines of credit.

The Company had $7,186 and $7,362 of property, plant and equipment as well as $402 and $435 of other long term assets pledged to secure $ 48,056 and $26,856 under various lines of credit as of September 30, 2015 and December 31, 2014, respectively.

Proceeds from debt and repayments of debt for the nine months ended September 30, 2015 and 2014 are as follows:

	(in thousands)
	2015		2014
Proceeds from debt	$	79,608	$	88,370
Repayments of debt	$	72,461	$	62,013

The Company acquired assets under capital leases for the nine months ended September 30, 2015 and 2014 for $ 44.6 million and $3.1 million, respectively.

Interest expense for the nine-month periods ended September 30, 2015 and 2014 was $ 6.5 million and $6.6 million, respectively.