Debt

A summary of borrowings under lines of credit and long-term debt as of the dates indicated is as follows:


In thousands	April 30, 2013		October 31, 2012
APAC credit facility	$	14,885	$	18,147
Americas credit facility		77,000		46,700
Americas term loan		14,000		15,500
EMEA lines of credit		37,093		7,742
U.S. senior notes		400,000		400,000
European senior notes		261,472		258,732
Capital lease obligations and other borrowings		9,492		11,148

	$	813,942	$	757,969

As of April 30, 2013, the Company’s credit facilities allowed for total cash borrowings and letters of credit of $329 million. The total maximum borrowings and actual availability fluctuate with the amount of assets comprising the borrowing base under certain of the credit facilities. At April 30, 2013, the Company had a total of $129 million of direct borrowings and $69 million in letters of credit outstanding. As of April 30, 2013, the effective availability for borrowings remaining under the Company’s credit facilities was $67 million, $18 million of which could also be used for letters of credit in the United States. In addition to the $67 million of effective availability for borrowings, the Company also had $64 million in additional capacity for letters of credit in EMEA and APAC as of April 30, 3013. Many of the Company’s debt agreements contain customary default provisions and restrictive covenants, including certain cross default provisions between the Americas credit facility and the Americas term loan. The Company is currently in compliance with such covenants.

On May 24, 2013, the Company entered into an amended and restated asset-based credit facility. This new facility covers a majority of the Company’s operations in both its Americas and APAC segments. As a result of this agreement, the APAC credit facility balances at April 30, 2013 of approximately $15 million were reclassified from current liabilities to non-current liabilities on the Company’s accompanying condensed consolidated balance sheet. For further details regarding the Company’s new credit agreement, refer to Note 14, “Subsequent Events.”

The estimated fair value of the Company’s borrowings under lines of credit and long-term debt as of April 30, 2013 was $833 million, compared to carrying value of $814 million. The fair value of the Company’s long-term debt is calculated based on the market price of the Company’s publicly traded U.S. senior notes and the trading price of the Company’s European senior notes, both of which are level 1 inputs, as well as the carrying values of the Company’s other debt obligations.

The carrying value of the Company’s trade accounts receivable and accounts payable approximates fair value due to their short-term nature. The fair value of the fixed assets is determined using a discounted cash flow model which requires level 3 inputs.