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 May 31, 2017.



	May 31, 2017		August 31, 2016
	(Dollars in thousands)
Notes payable	$	2,465,333	$	1,803,174
CHS Capital notes payable	856,475		928,305
Total notes payable	$	3,321,808	$	2,731,479

On May 31, 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 $1.1 billion and $700.0 million as of May 31, 2017, and August 31, 2016, respectively.

During the nine months ended May 31, 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 London Interbank Offered Rate ("LIBOR") plus an applicable margin ranging between 1.50% and 2.00%.

Interest expense for the three months ended May 31, 2017, and 2016, was $39.2 million and $37.5 million, respectively, net of capitalized interest of $1.6 million and $6.5 million, respectively. Interest expense for the nine months ended May 31, 2017, and 2016, was $117.4 million and $71.6 million, respectively, net of capitalized interest of $4.7 million and $27.3 million, respectively.