Debt, Capital Lease Obligations and Other Financing

6 Months Ended

Mar. 31, 2018

Debt and Capital Lease Obligations [Abstract]

Debt, Capital Lease Obligations and Other Financing

Debt, Capital Lease Obligations and Other Financing

Debt, capital lease and other obligations as of March 31, 2018 and September 30, 2017, consisted of the following (in thousands):

	March 31, 2018			September 30, 2017
5.20% Senior notes, due June 15, 2018	$	175,000		$	175,000
Borrowings under the credit facility	—			108,000
Capital lease and other financing obligations	33,626			30,901
Unamortized deferred financing fees	(637		)	(794		)
Total obligations	207,989			313,107
Less: current portion	(180,772		)	(286,934		)
Long-term debt and capital lease obligations, net of current portion	$	27,217		$	26,173

The Company has outstanding 5.20% Senior Notes, due on June 15, 2018 (the "Notes"). As of March 31, 2018 and September 30, 2017, $175.0 million was outstanding. The related Note Purchase Agreement contains certain financial covenants, which include a maximum total leverage ratio, a minimum interest coverage ratio and a minimum net worth test, all as defined in the agreement. As of March 31, 2018, the Company was in compliance with all such covenants relating to the Notes and the Note Purchase Agreement.

The Company also has a senior unsecured revolving credit facility (the "Credit Facility"), with a $300.0 million maximum commitment that expires on July 5, 2021. The Credit Facility may be further increased to $500.0 million, generally by mutual agreement of the Company and the lenders, subject to certain customary conditions. During the six months ended March 31, 2018, the highest daily borrowing was $208.0 million; the average daily borrowings were $108.5 million and the Company borrowed an aggregate of $503.5 million and repaid a total of $611.5 million of revolving borrowings under the Credit Facility. The Company was in compliance with all financial covenants relating to the Credit Agreement, which are generally consistent with those in the Note Purchase Agreement discussed above. The Company is required to pay a commitment fee on the daily unused revolver credit commitment based on the Company's leverage ratio; the fee was assessed at an annual rate of 0.175%, payable quarterly, as of March 31, 2018.

The fair value of the Company’s debt, excluding capital leases, was $176.4 million and $284.5 million as of March 31, 2018 and September 30, 2017, respectively. The carrying value of the Company's debt, excluding capital leases, was $175.0 million and $283.0 million as of March 31, 2018 and September 30, 2017, respectively. If measured at fair value in the financial statements, the Company's debt would be classified as Level 2 in the fair value hierarchy. Refer to Note 4, "Derivatives," for further information regarding the Company's fair value calculations and classifications.