CREDIT ARRANGEMENTS

3 Months Ended

Nov. 30, 2019

Debt Disclosure [Abstract]

Credit arrangements

NOTE 8. CREDIT ARRANGEMENTS

Long-term debt at November 30, 2019 and August 31, 2019 was as follows: 

(in thousands)	Weighted Average Interest Rate at November 30, 2019	November 30, 2019		August 31, 2019
2027 Notes	5.375%	$	300,000	$	300,000
2026 Notes	5.750%	350,000		350,000
2023 Notes	4.875%	330,000		330,000
Term Loan	3.624%	160,125		210,125
Short-term borrowings	2.403%	—		3,929
Finance leases		39,713		37,699
Other		23,168		23,168
Total debt		1,203,006		1,254,921
Less debt issuance costs		9,846		10,268
Total amounts outstanding		1,193,160		1,244,653
Less current maturities		13,717		13,510
Less short-term borrowings		—		3,929
Current maturities of long-term debt and short-term borrowings		13,717		17,439
Long-term debt		$	1,179,443	$	1,227,214

The Company had no amounts drawn under the $350.0 million revolving credit facility (the "Revolver") at November 30, 2019 and August 31, 2019. The availability under the Revolver was reduced by outstanding stand-by letters of credit of $3.0 million at November 30, 2019 and August 31, 2019.

The Company also has credit facilities in Poland through its subsidiary, CMC Poland Sp. z.o.o. ("CMCP"). At November 30, 2019, CMCP's credit facilities totaled Polish zloty ("PLN") 275.0 million, or $70.2 million. These facilities expire in March 2022. At November 30, 2019 and August 31, 2019, no amounts were outstanding under these facilities. The available balance of these credit facilities was reduced by outstanding stand-by letters of credit, guarantees, and/or other financial assurance instruments, which totaled $1.1 million at November 30, 2019 and August 31, 2019. During the three months ended November 30, 2019 and 2018, CMCP had no borrowings and no repayments under its credit facilities.

At November 30, 2019, the Company was in compliance with all covenants contained in its debt agreements. The Company's debt agreements require the Company to comply with certain non-financial and financial covenants, including an interest coverage ratio and a debt to capitalization ratio.

Accounts Receivable Facilities

The Company had no advance payments outstanding under the U.S. accounts receivable facility at November 30, 2019 and August 31, 2019.

The Poland accounts receivable facility has a limit of PLN 220.0 million ($56.2 million at November 30, 2019). The Company had no advance payments outstanding under the Poland Program at November 30, 2019, and $3.9 million at August 31, 2019.