4. Long-Term Debt

Long-term debt consists of the following:

On March 9, 2011, the Company entered into a $700.0 million senior secured revolving credit facility, or the New Credit Facility, with a syndicate of financial institutions as lenders and terminated its prior senior secured credit facility, or the Prior Credit Facility. The New Credit Facility has a five year maturity and expires on March 9, 2016. Based on the Company’s consolidated leverage ratio, U.S. dollar borrowings under the New Credit Facility bear interest at either LIBOR plus the applicable margin between 1.50% and 2.50% or the base rate plus the applicable margin between 0.50% and 1.50%. The Company, based on its consolidated leverage ratio, pays a commitment fee between 0.25% and 0.50% per annum on the unused portion of the New Credit Facility. The New Credit Facility also permits the Company to borrow limited amounts in Mexican Peso and Euro currencies based on variable rates. The base rate under the New Credit Facility represents the higher of the Federal Funds Rate plus 0.50%, one-month LIBOR plus 1.00%, and the prime rate offered by Bank of America.

In March 2011, the Company used $196.0 million in U.S. dollar borrowings under the New Credit Facility to repay all amounts outstanding under the Prior Credit Facility. The Company incurred approximately $5.7 million of debt issuance costs in connection with the New Credit Facility. These debt issuance costs were recorded as deferred financing costs on the Company’s consolidated balance sheet and are being amortized over the term of the New Credit Facility. On March 31, 2012 and December 31, 2011, the weighted average interest rate for borrowings under the New Credit Facility was 1.72% and 1.89%, respectively.

The New Credit Facility requires the Company to comply with a leverage ratio and an interest coverage ratio. In addition, the New Credit Facility contains customary covenants, including covenants that limit or restrict the Company’s ability to incur liens, incur indebtedness, make investments, dispose of assets, make certain restricted payments, pay dividends, repurchase its common shares, merge or consolidate and enter into certain transactions with affiliates. As of March 31, 2012 and December 31, 2011, the Company was compliant with its debt covenants under the New Credit Facility. The fair value of the Company’s New Credit Facility approximated its carrying value as of March 31, 2012, due to its variable interest rate which reprices frequently and represents floating market rates. The fair value of the New Credit Facility is determined by utilizing Level 2 inputs as defined in Note 12, Fair Value Measurements, such as observable market interest rates and yield curves.

During the three months ended March 31, 2012, the Company borrowed $112.0 million and paid a total of $86.0 million under the New Credit Facility. As of March 31, 2012 and December 31, 2011, the U.S. dollar amount outstanding under the New Credit Facility was $228.0 million and $202.0 million, respectively. There were no outstanding foreign currency borrowings as of both March 31, 2012 and December 31, 2011 under the New Credit Facility.

Interest expense was $2.9 million and $3.3 million for the three months ended March 31, 2012 and 2011, respectively. Interest expense for the three months ended March 31, 2011 included a $0.9 million write-off of unamortized deferred financing costs resulting from the extinguishment of the Prior Credit Facility, as discussed above.