Debt

The Company is party to borrowing arrangements with a syndicate of banks. See Note 10 in the Company’s 2014 Form 10-K for a description of these arrangements. Total borrowing capacity for the Company under all lines of credit is currently at $878.1 million, including $28.1 million of non-recourse debt of The Andersons Denison Ethanol LLC ("TADE"). At March 31, 2015, the Company had a total of $538.6 million available for borrowing under its lines of credit. Our borrowing capacity is reduced by a combination of outstanding borrowings and letters of credit. The Company was in compliance with all financial covenants as of March 31, 2015.

The Company’s short-term and long-term debt at March 31, 2015, December 31, 2014 and March 31, 2014 consisted of the following:



(in thousands)	March 31, 2015		December 31, 2014		March 31, 2014
Short-term debt – recourse	311,660		2,166		226,100
Total short-term debt	$	311,660	$	2,166	$	226,100
Current maturities of long-term debt – non-recourse	$	—	$	—	$	6,012
Current maturities of long-term debt – recourse	19,037		76,415		84,748
Total current maturities of long-term debt	$	19,037	$	76,415	$	90,760
Long-term debt, less current maturities – non-recourse	$	—	$	—	$	3,288
Long-term debt, less current maturities – recourse	323,258		298,638		302,873
Total long-term debt, less current maturities	$	323,258	$	298,638	$	306,161

In the first quarter of 2015, the Company entered into an agreement to obtain $30.0 million in senior notes payable. The notes payable include $14.0 million with an interest rate of 5.0% due 2040 and $16.0 million with an interest rate of 4.5% due 2030, subject to debt covenants similar to the Company's other borrowing arrangements. These notes payable partially replaced the $61.5 million note payable that matured in March 2015.