8. Long-Term Debt

Long-term debt consisted of the following as of the dates indicated (in thousands):


	May 31, 2016		February 29, 2016
Revolving credit facility	$	35,000	$	40,000

In connection with the all cash sale of the Apparel Segment and the special dividend declared by the Company as a result thereof, the Company entered into the Fourth Amendment and Fifth Amendment, dated May 25, 2016 and June 20, 2016, respectively, to its Second Amended and Restated Credit Agreement pursuant to which the Company is extended a revolving credit line (as amended, the “Credit Facility”). These amendments: (i) released the Apparel Segment from all liabilities and obligations under the Credit Facility, (ii) reduced the aggregate commitments under the Credit Facility to a $100.0 million revolving credit line, (iii) removed Comerica Bank and Branch Banking and Trust Company as lenders thereunder, (iv) permitted the payment of a special dividend to the Company’s shareholders, and (v) amended the financial covenants by revising the definition of the fixed charge coverage ratio and reducing the minimum tangible net worth requirement to $75.0 million, with step-ups equal to 25% of consolidated net income, commencing with the fiscal quarter ending May 31, 2016. The Company may increase the revolving line of credit to $150.0 million in certain circumstances. The Credit Facility is scheduled to mature on August 18, 2016; however, the Company received a binding commitment from its primary lender to extend the maturity date on the Credit Facility to August 19, 2017 under the same terms and conditions. As a result, the Company’s debt is classified as long-term.

The Credit Facility bears interest at the London Interbank Offered Rate (“LIBOR”) plus a spread ranging from 1.0% to 2.25%, or 1.8% (LIBOR + 1.25%) at May 31, 2016 and 1.76% (LIBOR + 1.25%) at February 29, 2016, depending on the Company’s ratio of total funded debt to the sum of net earnings plus interest, tax, depreciation and amortization (“EBITDA”). As of May 31, 2016, the Company had $35.0 million of borrowings under the revolving credit line and $2.1 million outstanding under standby letters of credit arrangements, leaving the Company with approximately $62.9 million available. The Credit Facility contains financial covenants, including restrictions on capital expenditures, acquisitions, asset dispositions, and additional debt, as well as other customary covenants, such as a minimum tangible net worth and a funded debt to EBITDA ratio. The Company was in compliance with these covenants as of May 31, 2016. The Credit Facility is secured by substantially all of the Company’s assets, as well as all capital securities of each of the Company’s subsidiaries.