Debt Obligations
 3 Months Ended
Mar. 31, 2015
DEBT OBLIGATIONS [Abstract]  
DEBT OBLIGATIONS
DEBT OBLIGATIONS
A summary of debt obligation activity for the three months ended March 31, 2015 is presented below:
(in thousands)
 
Revolving
Credit
Facilities
 
Other Debt
Obligations
 
Capital
Leases
 
1.5%
Convertible
Debentures
Due 2044
 
Term Loan A
 
Total
Balance as of December 31, 2014
 
$
5,316

 
$
6,035

 
$
4,364

 
$
337,986

 
$
72,187

 
$
425,888

Increases (decreases):
 
 
 
 
 

 
 
 
 
 
 
Net borrowings (repayments)
 
252

 
(600
)
 
1,264

 
—

 
(938
)
 
(22
)
Accretion
 
—

 
—

 
—

 
2,425

 
—

 
2,425

Capital lease interest
 
—

 
—

 
86

 
—

 
—

 
86

Foreign currency exchange loss (gain)
 
48

 
(572
)
 
(351
)
 
—

 
—

 
(875
)
Balance as of March 31, 2015
 
5,616

 
4,863

 
5,363

 
340,411

 
71,249

 
427,502

Less — current maturities
 
—

 
(4,828
)
 
(2,186
)
 
—

 
(5,625
)
 
(12,639
)
Long-term obligations as of March 31, 2015
 
$
5,616

 
$
35

 
$
3,177

 
$
340,411

 
$
65,624

 
$
414,863



Credit Facility
As of March 31, 2015, the Company had a $675 million senior secured credit facility (the "Credit Facility") consisting of a $600 million revolving credit facility and a $75 million term loan ("Term Loan A"), which had been reduced to $71.2 million through principal amortization payments. The Credit Facility expires April 9, 2019.
Interest on borrowings under the revolving credit facility and Term Loan A varies based upon the Company's consolidated total leverage ratio, as defined in the Company's credit agreement, and during the first quarter of 2015 was based on a margin over the London Inter-Bank Offered Rate (“LIBOR”) rate or a margin over a base rate, as selected by the Company, with the applicable margin ranging from 1.375% to 2.375% for LIBOR loans or 0.375% to 1.375% for base rate loans. Accordingly, the weighted average interest rate for borrowings outstanding under the Company's revolving credit facility and Term Loan A was 10.75% and 1.80%, respectively, as of March 31, 2015, excluding amortization of deferred financing costs.
Convertible Debt
On October 30, 2014, the Company completed the sale of $402.5 million of Convertible Senior Notes due 2044 (“Convertible Notes”). The Convertible Notes have an interest rate of 1.5% per annum payable semi-annually in April and October, and are convertible into shares of Euronet Common Stock at a conversion price of approximately $72.18 per share if certain conditions are met (relating to the closing prices of Euronet Common Stock exceeding certain thresholds for specified periods). Holders of the Convertible Notes have the option to require the Company to purchase their notes at par on October 1, 2020, and have additional options to require the Company to purchase their notes at par on October 1, 2024, 2029, 2034, and 2039, or upon a change in control of the Company. In connection with the issuance of the Convertible Notes, the Company recorded $10.7 million in debt issuance costs, which are being amortized through October 1, 2020.
In accordance with Accounting Standards Codification ("ASC") 470-20-30-27, proceeds from the issuance of convertible debt are allocated between debt and equity components so that debt is discounted to reflect the Company's nonconvertible debt borrowing rate. ASC 470-20-35-13 requires the debt discount to be amortized over the period the convertible debt is expected to be outstanding as additional non-cash interest expense. The allocation resulted in an increase to additional paid in capital of $66.1 million.
Contractual interest expense was $1.5 million and accretion expense was $2.4 million for the three months ended March 31, 2015. The effective interest rate was 4.7% for the three months ended March 31, 2015. As of March 31, 2015, the unamortized discount was $62.1 million, and will be amortized through October 1, 2020.