Debt

The Company is party to borrowing arrangements with a syndicate of banks. One such agreement was amended on March 4, 2014 and provides the Company with $850 million in lines of credit. The Company can designate up to $400 million of borrowings as long-term when the debt is used for long-term purposes such as replacing long-term debt that is maturing, funding the purchase of long-term assets, or increasing permanent working capital when needed. The maturity date for the lines of credit is March 2019. See Note 10 in the Company’s 2013 Form 10-K for an additional description of the remaining arrangements. Total borrowing capacity for the Company under all lines of credit is currently at $878.1 million, including $28.1 million non-recourse debt of The Andersons Denison Ethanol LLC ("TADE"). At March 31, 2014, the Company had a total of $621.6 million available for borrowing under its lines of credit. The Company was in compliance with all financial and non-financial covenants as of March 31, 2014.

The Company’s short-term and long-term debt at March 31, 2014, December 31, 2013 and March 31, 2013 consisted of the following:



(in thousands)	March 31, 2014		December 31, 2013		March 31, 2013
Borrowings under short-term line of credit – nonrecourse	$	—	$	—	$	8,400
Borrowings under short-term line of credit – recourse	226,100		—		283,700
Total borrowings under short-term line of credit	$	226,100	$	—	$	292,100
Current maturities of long-term debt – nonrecourse	$	6,012	$	6,012	$	3,271
Current maturities of long-term debt – recourse	84,748		45,986		39,781
Total current maturities of long-term debt	$	90,760	$	51,998	$	43,052
Long-term debt, less current maturities – nonrecourse	$	3,288	$	4,063	$	24,141
Long-term debt, less current maturities – recourse	302,873		371,150		388,559
Total long-term debt, less current maturities	$	306,161	$	375,213	$	412,700