NOTE 8 – DEBT

Short-term borrowings consist of lines of credit that are secured by certain assets of the Company and its subsidiaries and that in some cases are guaranteed by the Company. The following table summarizes the balances of total facilities, facilities used and facilities available (in thousands):



			Facilities Used
	Total Amount		Short-term		Letters of		Facilities		Weighted average
	of Facilities		Borrowings		Credit		Available		interest rate
November 30, 2016	$	67,000	$	12,211	$	8,975	$	44,988	10.3	%
August 31, 2016	$	65,000	$	16,534	$	9,224	$	39,242	10.1	%

As of November 30, 2016 and August 31, 2016, the Company had approximately $40.0 million of short-term facilities in the U.S. that require compliance with certain quarterly financial covenants. As of November 30, 2016 and August 31, 2016, the Company was in compliance with respect to these covenants. Each of the facilities expires annually and is normally renewed.

The following table provides the changes in long-term debt for the three months ended November 30, 2016:



(Amounts in thousands)	Current portion of long-term debt		Long-term debt (net of current portion)		Total
Balances as of August 31, 2016	$	14,565	$	73,542	$	88,107	(1)
Regularly scheduled loan payments				(3,688)		(3,688)
Translation adjustments on foreign-currency debt of subsidiaries whose functional currency is not the U.S. dollar (2)		99		(66)		33
Balances as of November 30, 2016	$	14,664	$	69,788	$	84,452	(3)

⁽¹⁾

The carrying amount on non-cash assets assigned as collateral for this total was $102.4 million. No cash assets were assigned as collateral for this total.

⁽²⁾

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

⁽³⁾

The carrying amount on non-cash assets assigned as collateral for this total was $97.9 million. No cash assets were assigned as collateral for this total.

As of November 30, 2016, the Company had approximately $73.0 million of long-term loans in Trinidad, Panama, El Salvador, Honduras, Costa Rica, Barbados and Colombia that require these subsidiaries to comply with certain annual or quarterly financial covenants, which include debt service and leverage ratios. As of November 30, 2016, the Company was in compliance with all covenants or amended covenants.

As of August 31, 2016, the Company had approximately $76.0 million of long-term loans in Trinidad, Panama, El Salvador, Honduras, Costa Rica, Barbados, and Colombia that require these subsidiaries to comply with certain annual or quarterly financial covenants, which include debt service and leverage ratios. As of August 31, 2016, the Company was in compliance with all covenants or amended covenants.

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



Twelve Months Ended November 30,	Amount
2017	$	14,084
2018		13,657
2019		23,471
2020		22,902
2021		4,433
Thereafter		1,854
Total (1)	$	80,401

⁽¹⁾

In the case of loans subject to cross-currency interest rate swaps, the Company has used the effective rate to the Company under the applicable derivative obligation as of November 30, 2016 to disclose the future commitments of the related long-term debt.