In anticipation of the acquisition of the business of GenePOC (see Note 2), on May 24, 2019 the Company entered into a credit facility agreement with a commercial bank. The credit facility, which expires in May 2024, makes available to the Company a revolving credit facility in an aggregate principal amount not to exceed $125,000, with outstanding principal amounts bearing interest at a fluctuating rate tied to, at the Company’s option, either the federal funds rate or LIBOR

, resulting in an effective interest rate of 3.78% on the credit facility in fiscal 2019.

As of September 30, 2019, two draws have been made on the credit facility, resulting in an outstanding principal balance of $75,824. The proceeds from these draws were used to: (i) repay and settle the outstanding principal and interest due on our previously-existing $60,000 five-year term loan, which had an outstanding balance of $50,180 as of September 30, 2018; and (ii) along with cash

on-hand,

fund the GenePOC acquisition closing payment. In light of the recent execution date of the credit facility and interest being determined on a variable rate basis, the fair value of the borrowings under the credit facility at September 30, 2019 approximates the current carrying value reflected in the accompanying Consolidated Balance Sheet, as was also the case with the outstanding term loan balance as of September 30, 2018.

The revolving credit facility is collateralized by the business assets of the Company’s U.S. subsidiaries and requires compliance with financial covenants that limit the amount of debt obligations and require a minimum level of coverage of fixed charges, as defined in the credit facility agreement. As of September 30, 2019, the Company is in compliance with all covenants.

In connection with the term loan repayment, the Company also settled the interest rate swap that had been entered into to limit exposure to volatility in the term loan’s LIBOR interest rate

and which effectively converted the variable interest rate on the term loan to a fixed rate of 2.76%.

At the time of settlement, the Company received a cash payment in an amount equal to the $563 then-current fair value of the interest rate swap. Accordingly, there is no balance for the interest rate swap reflected within the accompanying Consolidated Balance Sheet as of September 30, 2019. At September 30, 2018, there was an asset balance of $1,722 related to the interest rate swap. The corresponding fair value amount reflected within a separate component of other comprehensive income in the accompanying Consolidated Statements of Comprehensive Income, as a result of the interest rate swap having been designated as an effective cash flow hedge, is being released ratably into income through March 31, 2021, the interest rate swap’s original term. The interest rate swap balance reflected within

accumulated

other comprehensive income at September 30, 2019 and September 30, 2018 totaled $461 and $1,722, respectively

Supplemental Cash Flow Information (Interest Paid)

Cash paid for interest totaled $1,405, $1,487 and $1,605 in fiscal 2019, 2018 and 2017, respectively.