Debt

Long-term debt consisted of the following:



	April 1, 2016			December 31, 2015
	(In thousands)
Term loans	$	704,473		$	713,175
Trade receivables financing arrangement	80,183			75,800
Revolving credit facilities and other	661,427			628,572
Total Debt	1,446,083			1,417,547
Less: current portion	(5,774		)	(5,792		)
Long-term debt	$	1,440,309		$	1,411,755

The Company is party to a credit agreement by and among the Company, as the borrower, certain U.S. subsidiaries of the Company identified therein, as guarantors, each of the lenders party thereto and Deutsche Bank AG New York Branch, as administrative agent, swing line lender and global coordinator (the “Credit Agreement”).

The Company had an original issue discount of $6.9 million and deferred financing fees of $7.7 million included in its Condensed Consolidated Balance Sheet as of April 1, 2016, which will be accreted to Interest expense, primarily using the effective interest method, over the life of the Credit Agreement. As of April 1, 2016, the weighted-average interest rate of borrowings under the Credit Agreement was 1.85%, excluding accretion of original issue discount, and there was $752.1 million available on the revolving credit facility.

The Company is also party to letter of credit facilities with total capacity of $763.5 million. Total letters of credit of $360.5 million were outstanding as of April 1, 2016.

The Company is party to a receivables financing facility through a wholly-owned, special purpose bankruptcy-remote subsidiary which purchases trade receivables from certain of the Company’s subsidiaries on an ongoing basis and pledges them to support its obligation as borrower under the receivables financing facility. This special purpose subsidiary has a separate legal existence from its parent and its assets are not available to satisfy the claims of creditors of the selling subsidiaries or any other member of the consolidated group. Availability of funds may fluctuate over time given changes in eligible receivable balances, but will not exceed the program limit of $95 million. As of April 1, 2016, the total outstanding borrowings under the receivables financing facility were $80.2 million and the interest rate was 1.26%. The scheduled termination date for the receivables financing facility is December 20, 2016 and may be extended from time to time.

As of April 1, 2016, the Company is in compliance with the covenants under the Credit Agreement.