10. Financing

Short-term borrowings at March 29, 2014 and September 28, 2013 consist of the following:


		March 29,		September 28,
		2014		2013
	(expressed in thousands)
Bank line of credit, variable rate loan maturing April 2014,
with optional month-to-month term renewal and loan
repricing until September 2017	$	35,000	$	35,000
Bank line of credit, swing line loan maturing September 2017		10,000		-

Total short-term borrowings	$	45,000	$	35,000

The Company’s credit facility provides for up to $100 million for working capital financing, permitted acquisitions, share purchases, or other general corporate purposes and expires in September 2017. At March 29, 2014 and September 28, 2013, outstanding borrowings under the credit facility were $45.0 million and $35.0 million, respectively. At March 29, 2014, the interest rates applicable to outstanding swing line and variable rate credit facility borrowings were 3.25% and 1.035%, respectively. At September 28, 2013, the interest rate applicable to outstanding variable rate credit facility borrowings was 1.065%. The variable interest rate at each date was the monthly U.S. LIBOR plus 87.5 basis points. At March 29, 2014, based upon the Company’s intention and ability to repay the entire balance within the next twelve fiscal months, the outstanding borrowings on the swing line loan are classified as short-term. At March 29, 2014, the Company had outstanding letters of credit drawn from the credit facility totaling $11.5 million, leaving $43.5 million of unused borrowing capacity. At September 28, 2013, the Company had outstanding letters of credit drawn from the credit facility totaling $14.3 million, leaving $50.7 million of unused borrowing capacity.