NetSpend 2015 Annual Report Download - page 68

Note 13 Long-term Borrowings and Capital Lease Obligations
Long-term debt as of December 31, 2015 and 2014 consists of:
(in thousands) 2015 2014
2.375% Senior Notes due June 1, 2018 (5 year tranche), net of discount ............ $ 549,919 549,889
3.75% Senior Notes due June 1, 2023 (10 year tranche), net of discount ............ 546,746 546,379
LIBOR + 1.125%, unsecured term loan, due April 8, 2018, with quarterly principal and
interest payments ........................................................ 175,000 185,000
LIBOR + 1.125%, unsecured term loan, due September 10, 2017, with quarterly
principal and interest payments ............................................ 120,000 131,250
1.38% note payable due January 31, 2017, with monthly interest and principal
payments ............................................................... 30,000 —
1.50% note payable, due September 30, 2016, with monthly interest and principal
payments ............................................................... 5,132 11,886
LIBOR + 2.0%, unsecured term loan, due December 7, 2017, with monthly interest
payments and principal paid at maturity ..................................... 3,202 1,396
1.50% note payable, due January 31, 2016, with monthly interest and principal
payments ............................................................... 336 4,332
1.50% note payable, due December 31, 2015, with monthly interest and principal
payments ............................................................... —10,075
1.50% note payable, due July 31, 2015, with monthly interest and principal
payments ............................................................... —1,709
Total debt .............................................................. 1,430,335 1,441,916
Less current portion ...................................................... 50,364 43,784
Noncurrent portion of long-term debt ....................................... $1,379,971 1,398,132
During December 2014, EMEA obtained a £900,000, or approximately $1.4 million term loan. In September
2015, TSYS increased the loan by £1.3 million, or approximately $1.9 million. The loan bears interest at a rate of
LIBOR plus two percent. The loan matures in December 2017, and has monthly interest payments. The lender in
this transaction is Merchants Limited, who has a noncontrolling interest in EMEA. The balance as of
December 31, 2015 was $3.2 million.
In December 2015, the Company entered into a $30.0 million financing agreement for perpetual software
licenses. The balance as of December 31, 2015 was $30.0 million.
In September 2014, the Company entered into a $13.6 million financing agreement for perpetual software
licenses. The balance as of December 31, 2015 was $5.1 million.
In December 2013, the Company entered into a $20.0 million financing arrangement to purchase additional
software licenses. The financing arrangement was repaid in 2015.
TSYS acquired additional mainframe software licenses to increase capacity in 2012. The Company entered into an
$8.6 million and an $11.9 million financing agreement in June and December of 2012, respectively, to purchase
these additional software licenses. The balance as of December 31, 2015 for the $11.9 million financing
agreement was $0.3 million. The $8.6 million financing agreement was repaid in 2015.
In addition, TSYS maintains an unsecured credit agreement with Columbus Bank and Trust. The credit agreement
has a maximum available principal balance of $5.0 million, with interest at prime. TSYS did not use the credit
facility during 2015, 2014 or 2013.
Acquisition-Related Borrowings
In April 2013, the Company entered into a Credit Agreement (the “Credit Agreement”) with JPMorgan Chase
Bank, N.A., as Administrative Agent, The Bank of Tokyo-Mitsubishi UFJ, Ltd., as Syndication Agent, Regions Bank
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