12. Financing

Short-term borrowings as of March 28, 2015 and September 27, 2014 consisted of the following:


		March 28,		September 27,
		2015		2014
	(in thousands)
Bank line of credit, monthly U.S. LIBOR plus 100 basis points, maturing
April 2015, with optional month-to-month term renewal and loan repricing
until September 2019	$	60,000	$	60,000
Bank line of credit, monthly Euro LIBOR plus 100 basis points, maturing
April 2015, with optional month-to-month term renewal and loan repricing
until September 2019	$	10,871		-

Total short-term borrowings	$	70,871	$	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. As of March 28, 2015 and September 27, 2014, outstanding borrowings under the credit facility were $70.9 million and $60.0 million, respectively. As of March 28, 2015, the interest rate applicable to outstanding U.S. dollar variable rate and outstanding Euro variable rate credit facility borrowings was 1.18% and 1.00%, respectively. As of September 27, 2014, the interest rate applicable to outstanding variable rate credit facility borrowings was 1.15%, the monthly U.S. LIBOR plus 100 basis points. As of March 28, 2015, 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 were classified as short-term. As of March 28, 2015, the Company had outstanding letters of credit drawn from the credit facility totaling $11.6 million, leaving $117.5 million of unused borrowing capacity. As of 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.