Notes Payable and Long-Term Debt

Our notes payable and long-term debt are subject to various restrictive requirements for maintenance of minimum consolidated net worth and other financial ratios. We were in compliance with our debt covenants as of February 28, 2017.



	February 28, 2017		August 31, 2016
	(Dollars in thousands)
Notes payable	$	2,983,033	$	1,803,174
CHS Capital notes payable	884,405		928,305
Total notes payable	$	3,867,438	$	2,731,479

On February 28, 2017, our primary line of credit was a five-year, unsecured revolving credit facility with a committed amount of $3.0 billion which expires in September 2020. The outstanding balance on this facility was $1.4 billion and $700.0 million as of February 28, 2017 and August 31, 2016, respectively.

During the six months ended February 28, 2017, we re-advanced $130.0 million under the revolving provision of our ten-year term loan with a syndication of banks that was originally arranged in September 2015. The terms of the re-advance are the same as the terms of the original term loan, with principal due on September 4, 2025, and interest calculated at a LIBOR plus an applicable margin ranging between 1.50% and 2.00%.

Interest expense for the three months ended February 28, 2017, and February 29, 2016, was $39.9 million and $25.0 million respectively, net of capitalized interest of $1.5 million and $7.2 million, respectively. Interest expense for the six months ended February 28, 2017, and February 29, 2016, was $78.2 million and $34.1 million respectively, net of capitalized interest of $3.1 million and $20.8 million, respectively.