10. Financing

Short-term borrowings at December 27, 2014 and September 27, 2014 consist of the following:


		December 27,		September 27,
		2014		2014
	(expressed in thousands)
Bank line of credit, monthly U.S. LIBOR plus 100 basis points, maturing
January 2015, with optional month-to-month term renewal and loan repricing
until September 2019	$	60,000	$	60,000
Bank line of credit, swing line loan (3.25% rate in effect at December 27, 2014),
maturing September 2019	$	5,000		-

Total short-term borrowings	$	65,000	$	60,000

The Company’s credit facility provides for up to $200 million for working capital financing, permitted acquisitions, share purchases, or other general corporate purposes and expires in September 2019. At December 27, 2014 and September 27, 2014, outstanding borrowings under the credit facility were $65.0 million and $60.0 million, respectively. At December 27, 2014, the interest rate applicable to outstanding swing line and variable rate credit facility borrowings was 3.25 % and 1.16%, respectively. At September 27, 2014, the interest rate applicable to outstanding variable rate credit facility borrowings was 1.15%, which was the monthly U.S. LIBOR plus 100 basis points. At December 27, 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 December 27, 2014, the Company had outstanding letters of credit drawn from the credit facility totaling $11.5 million, leaving $123.5 million of unused borrowing capacity. At September 27, 2014, the Company had outstanding letters of credit drawn from the credit facility totaling $9.4 million, leaving approximately $130.6 million of unused borrowing capacity.