DEBT

Short-term borrowings consist of lines of credit which are secured by certain assets of the Company and its subsidiaries and in some cases are guaranteed by the Company as summarized below (in thousands):



			Facilities Used
	Total Amount of Facilities		Short-term Borrowings		Letters of Credit		Facilities Available		Weighted average interest rate
November 30, 2014	$	60,558	$	17,066	$	104	$	43,388	4.55	%
August 31, 2014	$	61,869	$	—	$	436	$	61,433	N/A

Each of the facilities expires annually and is normally renewed.

The following table provides the changes in our long-term debt for the three months ended November 30, 2014:



(Amounts in millions)	Current Portion of Long-term debt		Long-term debt		Total
Balances as of August 31, 2014	11,848		79,591		91,439		⁽¹⁾
Proceeds from long-term debt:
Panama subsidiary	1,000		9,000		10,000
Honduras subsidiary	1,600		6,750		8,350
Repayments of long-term debt:
Repayment of loan by Honduras subsidiary, originally entered into on January 12, 2012 with Scotiabank El Salvador, S.A.	(3,200	)	—		(3,200	)
Partial repayment of loan by Honduras subsidiary, originally entered into on March 7, 2014 with Banco de America Central Honduras, S.A.	—		(5,000	)	(5,000	)
Regularly scheduled loan payments	(316	)	(2,109	)	(2,425	)
Reclassifications of long-term debt	—		—		—
Translation adjustments on foreign-currency debt of subsidiaries whose functional currency is not the U.S. dollar ⁽²⁾	—		(2,854	)	(2,854	)
Balances as of November 30, 2014	10,932		85,378		96,310		⁽³⁾


⁽¹⁾	The carrying amount cash assets assigned as collateral for this total was $24.6 million and the carrying amount on non-cash assets assigned as collateral for this total was $84.2 million.


⁽²⁾	These foreign currency translation adjustments are recorded within Other comprehensive income.


⁽³⁾	The carrying amount cash assets assigned as collateral for this total was $24.4 million and the carrying amount on non-cash assets assigned as collateral for this total was $93.4 million.

As of November 30, 2014, the Company had approximately $68.5 million of long-term loans in Trinidad, Panama, El Salvador, Honduras and Colombia that require these subsidiaries to comply with certain annual or quarterly financial covenants, which include debt service and leverage ratios. During the first quarter, the Company determined that it was not in compliance with the covenants described in the underlying contract with the Bank of Nova Scotia in its Honduras subsidiary. The Company has received a written waiver from the bank with respect to any non-compliance for the first quarter of fiscal year 2015 and the Bank of Nova Scotia has amended the covenants in the underlying contract going forward. As of November 30, 2014 the Company was in compliance with all covenants, amended covenants or has received a written waiver from the bank with respect to any non-compliance.

Annual maturities of long-term debt are as follows (in thousands):



Three months ended November 30,	Amount
2015	$	10,932
2016	26,849
2017	17,754
2018	10,617
2019	25,649
Thereafter	4,509
Total	$	96,310