Our $450 million revolving credit facility (Credit Agreement) is for general corporate purposes, to meet our seasonal working capital requirements and to repurchase our stock. The Credit Agreement provides the lenders with a collateral security interest in substantially all of our assets and those of our subsidiaries and requires us to comply with, among other things, a maximum leverage ratio (4.5x) and a minimum interest coverage ratio (3.0x). Under the terms of the Credit Agreement we pay a variable rate of interest and a commitment fee based on our leverage ratio. The Credit Agreement includes an accordion feature which allows us to increase the amount of the credit facility from $450 million to $600 million, subject to lenders’ approval. The Credit Agreement matures in February 2024. We were in compliance with all financial covenants as of December 28, 2019.

The following tables summarizes our borrowings under the credit facility ($ in thousands):

	December 28, 2019			December 29, 2018
Outstanding borrowings	$	231,000		$	199,600
Outstanding letters of credit	$	3,497		$	3,497
Additional borrowing capacity	$	215,503		$	96,903
Weighted-average interest rate		3.5	%		4.2	%