NOTE 10 – DEBT

Short-term borrowings consist of lines of credit which are secured by certain assets of the Company and its subsidiaries, which, 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
August 31, 2018	$	69,000	$	—	$	632	$	68,368	—	%
August 31, 2017	$	69,000	$	—	$	966	$	68,034	—	%

As of August 31, 2018 and August 31, 2017, 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 August 31, 2018 and August 31, 2017, the Company was in compliance with respect to these covenants. Each of these facilities expires annually and are normally renewed.

The following table provides the changes in long-term debt for the twelve months ended August 31, 2018:



(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)
Proceeds from long-term debt incurred during the period:
MUFG Union Bank		—		35,700		35,700
Trinidad subsidiary		6,000		6,000		12,000
Repayments of long-term debt:
Repayment of loan by Panama subsidiary		(2,000)		(11,333)		(13,333)
Regularly scheduled loan payments		(225)		(15,837)		(16,062)
Translation adjustments on foreign-currency debt of subsidiaries whose functional currency is not the U.S. dollar		18		(133)		(115)
Balances as of August 31, 2017		18,358		87,939		106,297	(2)
Proceeds from long-term debt incurred during the period:
Panama subsidiary		1,500		13,500		15,000
Honduras subsidiary		1,350		12,150		13,500
Repayments of long-term debt:
Repayment of loan by Honduras subsidiary with Scotiabank		(600)		(850)		(1,450)
Repayment of loan by Honduras subsidiary with Citibank		(1,850)		(6,063)		(7,913)
Repayment of loan by Trinidad subsidiary		(3,000)		(3,000)		(6,000)
Regularly scheduled loan payments		(4,052)		(12,673)		(16,725)
Reclassifications of long-term debt		3,005		(3,005)		—
Translation adjustments on foreign-currency debt of subsidiaries whose functional currency is not the U.S. dollar (3)		144		(278)		(134)
Balances as of August 31, 2018	$	14,855	$	87,720	$	102,575	(4)

⁽¹⁾

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

⁽²⁾

The carrying amount on non-cash assets assigned as collateral for these loans was $128.4 million. No cash assets were assigned as collateral for these loans.

⁽³⁾

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

⁽⁴⁾

The carrying amount on non-cash assets assigned as collateral for these loans was $125.9 million. No cash assets were assigned as collateral for these loans as of August 31, 2017.

The following table provides a summary of the long-term loans entered into by the Company:



	August 31,		August 31,
	2018		2017
Loans entered into by the Company's subsidiaries with a balloon payment due at the end of the loan term and with non-cash assets assigned as collateral and with/without established debt covenants	$	9,509	$	18,200
Loans entered into by the Company's subsidiaries for which the subsidiary has entered into an interest rate swap with non-cash assets assigned as collateral and with/without established debt covenants		60,849		49,424
Loans entered into by the Company's subsidiaries with non-cash assets assigned as collateral and with/without established debt covenants		4,392		17,585
Loans entered into by the Company's subsidiaries for which the subsidiary has entered into a cross-currency interest rate swap with non-cash assets assigned as collateral and with/without established debt covenants		27,825		21,088
Total long-term debt		102,575		106,297
Less: current portion		14,855		18,358
Long-term debt, net of current portion	$	87,720	$	87,939

As of August 31, 2018, the Company had approximately $93.6 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, 2018, the Company was in compliance with all covenants or amended covenants.

As of August 31, 2017, the Company had approximately $85.6 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.

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



Years Ended August 31,	Amount
2019	$	14,855
2020		21,729
2021		12,572
2022		5,901
2023		17,449
Thereafter		30,069
Total	$	102,575