LONG-TERM OBLIGATIONS

The Company's long-term obligations at March 31, 2015 and 2014 consisted of the following:



	March 31,
	2015		2014
Senior bank term loans	$	370,000	$	175,000
Amortizing senior bank term loan	—		81,250
Medium-term notes	—		100,000
Total outstanding	370,000		356,250
Less: current portion	—		(116,250		)
Long-term obligations	$	370,000	$	240,000

As discussed in Note 6, the Company entered into a new bank credit agreement in December 2014 that established a $150 million five-year term loan and a $220 million seven-year term loan. Both term loans were fully funded at closing, and the Company concurrently repaid approximately $250 million aggregate principal amount on term loans outstanding under two previous bank credit facilities and reduced its revolving credit borrowings by approximately $120 million. The term loans require no amortization and are prepayable without penalty prior to maturity. Under the credit agreement, both term loans bear interest at variable rates plus a margin based on the Company's credit measures. However, immediately following closing on the term loans, the Company entered into receive-floating / pay-fixed interest rate swap agreements that convert the variable benchmark rate on both loans to a fixed rate over their full terms to maturity. With the swap agreements in place, the effective interest rate on the $150 million five-year loan and the $220 million seven-year loan were 2.94% and 3.48%, respectively, at March 31, 2015. Those effective rates will change only if a change in the Company's credit measures results in adjustments to the applicable credit spreads specified in the underlying loan agreement. The $150 million five-year term loan matures in fiscal year 2020, and the $220 million seven-year term loan matures in fiscal year 2022.

As noted above, prior to entering into the new bank credit agreement, the Company had an amortizing term loan and a non-amortizing term loan outstanding under two previous bank credit agreements, as well as $100 million in outstanding medium-term public notes. The medium-term notes were repaid at maturity in December 2014, and the term loans were repaid upon funding of the two new term loans, also in December 2014. The Company terminated its $74 million notional amount receive-floating / pay-fixed interest rate swap agreements on the amortizing term loan upon repayment and paid the $0.6 million fair value of those swaps to the counterparties. The swap termination cost was recorded in interest expense.

In November 2014, the Company filed an undenominated universal shelf registration statement with the U.S. Securities and Exchange Commission to provide for the future issuance of an undefined amount of additional debt or equity securities as determined by the Company and offered in one or more prospectus supplements prior to issuance.

Disclosures about the fair value of long-term obligations are provided in Note 10.