LONG-TERM DEBT

12 Months Ended

Oct. 31, 2019

LONG-TERM DEBT

Long-term debt consists of the following (in thousands):



	As of October 31,
	2019			2018
Borrowings under revolving credit facility		$553,000			$523,000
Capital leases and note payable	8,955			9,470
	561,955			532,470
Less: Current maturities of long-term debt	(906		)	(859		)
		$561,049			$531,611

The Company's borrowings under its revolving credit facility mature in fiscal 2023. As of October 31, 2019 and 2018, the weighted average interest rate on borrowings under the Company's revolving credit facility was 3.0% and 3.4%, respectively. The revolving credit

facility contains both financial and non-financial covenants. As of October 31, 2019, the Company was in compliance with all such covenants.

Revolving Credit Facility

In November 2017, the Company entered into a $1.3 billion Revolving Credit Facility Agreement ("Credit Facility") with a bank syndicate, which matures in November 2022. Under certain circumstances, the maturity of the Credit Facility may be extended for two one-year periods. The Credit Facility also includes a feature that will allow the Company to increase the capacity by $350 million to become a $1.65 billion facility through increased commitments from existing lenders or the addition of new lenders. Borrowings under the Credit Facility may be used to finance acquisitions and for working capital and other general corporate purposes, including capital expenditures.

Borrowings under the Credit Facility accrue interest at the Company’s election of the Base Rate or the Eurocurrency Rate, plus in each case, the Applicable Rate (based on the Company’s Total Leverage Ratio). The Base Rate for any day is a fluctuating rate per annum equal to the highest of (i) the Prime Rate; (ii) the Federal Funds Rate plus .50%; and (iii) the Eurocurrency Rate for an Interest Period of one month plus 100 basis points. The Eurocurrency Rate is the rate per annum obtained by dividing LIBOR for the applicable Interest Period by a percentage equal to 1.00 minus the daily average Eurocurrency Reserve Rate for such Interest Period, as such capitalized terms are defined in the Credit Facility. The Applicable Rate for Eurocurrency Rate Loans ranges from 1.00% to 2.00%. The Applicable Rate for Base Rate Loans ranges from 0% to 1.00%. A fee is charged on the amount of the unused commitment ranging from .125% to .30% (depending on the Company’s Total Leverage Ratio). The Credit Facility also includes $100 million sublimits for borrowings made in foreign currencies and for swingline borrowings, and a $50 million sublimit for letters of credit. Outstanding principal, accrued and unpaid interest and other amounts payable under the Credit Facility may be accelerated upon an event of default, as such events are described in the Credit Facility. The Credit Facility is unsecured and contains covenants that require, among other things, the maintenance of a Total Leverage Ratio and an Interest Coverage Ratio, as such capitalized terms are defined in the Credit Facility.

Capital Lease Obligations

The Company's capital lease obligations are principally for manufacturing facilities. The estimated future minimum lease payments of all capital leases for the next five fiscal years and thereafter are as follows (in thousands):



Year ending October 31,
2020		$1,213
2021	1,212
2022	1,203
2023	906
2024	832
Thereafter	5,596
Total minimum lease payments	10,962
Less: amount representing interest	(2,327		)
Present value of minimum lease payments		$8,635