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Long-Term Debt | 6 Months Ended
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Jun. 30, 2015
Debt Disclosure [Abstract] |
Long-Term Debt | 6. Long-Term Debt Long-term debt consisted of the following (in thousands):
| June 30, 2015 |  | December 31, 2014
Senior Secured Debt: |  |  |
$150 million revolving credit facility, due June 2020 | $ | 50,000 |  |  | $ | — |
$825 million Term B loan facility, due June 2022 | 800,000 |  |  | — |
$125 million revolving credit facility, repaid June 2015 | — |  |  | 76,000 |
Term A loan facility, repaid June 2015 | — |  |  | 158,813 |
Term B loan facility, repaid June 2015 | — |  |  | 180,312 |
Total face value | 850,000 |  |  | 415,125 |
Unamortized deferred loan costs | (19,915 | ) |  | (3,268 | )
| $ | 830,085 |  |  | $ | 411,857 |
On June 5, 2015, the Company entered into a new $975.0 million credit facility. The funds were used to repay the old credit facility and to fund the cash portion of the purchase of Creative Circle (see "Note 3. Acquisitions"). The new facility consists of (i) an $825.0 million seven-year term B loan facility and (ii) a $150.0 million five-year revolving loan facility, including a $20.0 million sublimit for letters of credit. Under terms of the new facility, the Company has the ability to increase the loan facilities in a principal amount that is the greater of (i) $200.0 million and (ii) the amount that is equal to the greatest amount of additional debt that would not cause the pro forma leverage ratio to exceed 3.25:1.00, subject to receipt of lender commitments and satisfaction of specified conditions. Borrowings under the term B loan bear interest at LIBOR (floor of 75 basis points), plus 3.0 percent and borrowings under the revolving credit facility bear interest at LIBOR (or the bank’s base rate) plus 0.75 to 2.5 percent depending on leverage levels. A commitment fee of 0.25 to 0.40 percent is payable on the undrawn portion of the revolving credit facility. At June 30, 2015, the weighted average interest rate was 3.69 percent. During the remainder of 2015, each of the next four years and thereafter, the Company will be required to make minimum payments as follows (in thousands):
2015 |  | $ | — |
2016 |  | — |
2017 |  | — |
2018 |  | 4,125 |
2019 |  | 8,250 |
Thereafter |  | 837,625 |
|  | $ | 850,000 |
The Company is also required to make mandatory prepayments of loans under the new facility, subject to specified exceptions, from excess cash flow and with the proceeds of asset sales, debt issuances and specified other events. The Company's obligations under the credit facility are guaranteed by substantially all of its direct and indirect domestic subsidiaries and secured by a lien on substantially all of the Company's tangible and intangible property and by a pledge of all of the equity interests in its direct and indirect domestic subsidiaries. The credit facility includes various restrictive covenants, including, the maximum ratio of consolidated funded debt to consolidated EBITDA (4.50:1.00 as of June 30, 2015 decreasing to 3.25:1.00 on March 31, 2018). The credit facility also contains certain customary limitations including, among other terms and conditions, the Company's ability to incur additional indebtedness, engage in mergers and acquisitions, and declare dividends. At June 30, 2015 the Company was in compliance with all of its debt covenants and had $96.3 million of borrowing available under the revolving credit facility.

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- Definition The entire disclosure for long-term debt. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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