CREDIT ARRANGEMENTS

3 Months Ended

Nov. 30, 2021

NOTE 8. CREDIT ARRANGEMENTS

Long-term debt was as follows:


(in thousands)	Weighted Average Interest Rate as of November 30, 2021	November 30, 2021		August 31, 2021
2031 Notes	3.875%	$	300,000	$	300,000
2027 Notes	5.375%	300,000		300,000

2023 Notes	4.875%	330,000		330,000
Poland Term Loan	3.080%	44,055		49,726
Short-term borrowings	1.161%	29,992		26,560
Other	5.100%	19,492		19,492
Finance leases		48,936		52,144
Total debt		1,072,475		1,077,922
Less debt issuance costs		7,778		8,141
Total amounts outstanding		1,064,697		1,069,781


Less current maturities of long-term debt and short-term borrowings		56,896		54,366
Long-term debt		$	1,007,801	$	1,015,415

The Company had no amounts drawn under its $400.0 million revolving credit facility (the "Revolver") at November 30, 2021 or August 31, 2021. The availability under the Revolver was reduced by outstanding stand-by letters of credit totaling $3.0 million at November 30, 2021 and August 31, 2021.

The Company has a Term Loan facility (the "Poland Term Loan") through its subsidiary, CMC Poland Sp. z.o.o. ("CMCP"). At November 30, 2021, PLN 181.0 million, or $44.1 million, was outstanding, compared to the maximum amount available under the facility, PLN 190.5 million, or $49.7 million, which was outstanding as of August 31, 2021.

The Company also has credit facilities in Poland through its subsidiary, CMCP. At November 30, 2021, CMCP's credit facilities totaled PLN 300.0 million, or $73.0 million. There were no amounts outstanding under these facilities as of November 30, 2021 or August 31, 2021. 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 $0.9 million and $5.7 million at November 30, 2021 and August 31, 2021, respectively.

The Company's debt agreements require compliance with certain non-financial and financial covenants, including an interest coverage ratio and a debt to capitalization ratio. At November 30, 2021, the Company was in compliance with all covenants contained in its debt agreements.

Accounts Receivable Facilities

The Company had no advance payments outstanding under its U.S. trade accounts receivable facility at November 30, 2021 or August 31, 2021.

The Poland accounts receivable facility had a limit of PLN 288.0 million, or $70.1 million, at November 30, 2021. The Company had PLN 123.2 million, or $30.0 million, advance payments outstanding under the Poland accounts receivable facility at November 30, 2021, and PLN 101.7 million, or $26.6 million, advance payments outstanding at August 31, 2021.