Note 7. Debt

The following is a summary of the Company’s long-term indebtedness (in thousands):



	August 31,
	2018			2017
Senior Credit Facility
Revolver	$	—		$	—
Term Loan	247,500			277,500
	247,500			277,500
5.625% Senior Notes	287,559			287,559
Total Senior Indebtedness	535,059			565,059
Less: current maturities of long-term debt	(30,000		)	(30,000		)
Debt issuance costs	(2,364		)	(3,119		)
Total long-term debt, less current maturities	$	502,695		$	531,940

The Company’s Senior Credit Facility matures on May 8, 2020, provides a $300 million revolver, a $300 million term loan and a $450 million expansion option, subject to certain conditions. Borrowings are subject to a pricing grid, which can result in increases or decreases to the borrowing spread, depending on the Company’s leverage ratio, ranging from a spread of 1.00% to 2.25% in the case of loans bearing interest at LIBOR and from 0.00% to 1.25% in the case of loans bearing interest at the base rate. As of August 31, 2018, the borrowing spread on LIBOR based borrowings was 2.00% (aggregating to a 4.13% variable rate borrowing cost on the outstanding term loan balance). In addition, a non-use fee is payable quarterly on the average unused credit line under the revolver ranging from 0.15% to 0.35% per annum. As of August 31, 2018, the unused credit line under the revolver was $298.8 million, of which $255.7 million was available for borrowings. Quarterly term loan principal payments of $3.8 million began on June 30, 2016, increased to $7.5 million per quarter on June 30, 2017 and extend through March 31, 2020, with the remaining principal due at maturity. The Senior Credit Facility, which is secured by substantially all of the Company’s domestic personal property assets, also contains customary limits and restrictions concerning investments, sales of assets, liens on assets, dividends and other payments. The two financial covenants included in the Senior Credit Facility agreement are a maximum leverage ratio of 3.75:1 and a minimum interest coverage ratio of 3.50:1. The Company was in compliance with all financial covenants at August 31, 2018.

During the fourth quarter of fiscal 2018 and pursuant to the provisions of the Senior Credit Facility, the Company reduced the borrowing capacity on the revolver from the previous $600 million to $300 million. This reduction in borrowing capacity is expected to reduce the non-use fee on the average unused credit line under the revolver. The Company recorded a charge of $0.8 million, recorded in "Financing costs, net" in the Consolidated Statement of Operations, in the fourth quarter of fiscal 2018 for the write-off of deferred financing costs associated with the reduced borrowing capacity.

On April 16, 2012, the Company issued $300 million of 5.625% Senior Notes due 2022 (the “Senior Notes”). The Senior Notes require no principal installments prior to their June 15, 2022 maturity, require semiannual interest payments in December and June of each year and contain certain financial and non-financial covenants. The Senior Notes include a call feature that allows the Company to repurchase them anytime on or after June 15, 2017 at stated redemption prices (ranging from 100.0% to 102.8%), plus accrued and unpaid interest. The Company repurchased $0.5 million of the Senior Notes during fiscal 2017.

The Company made cash interest payments of $28.8 million, $27.1 million and $27.2 million in fiscal 2018, 2017 and 2016, respectively.