Debt

9 Months Ended

Jun. 30, 2011

Debt

Debt

8.     DEBT

The Company's debt is summarized as follows:

(In thousands)	June 30, 2011	September 30, 2010
Revolving credit facility, including current portion	$  139,370	154,000
Short-term borrowings and current portion of long-term debt	(50,370)	(50,000)
Total long-term debt, less current portion	$    89,000	104,000

At June 30, 2011, the Company had approximately $177.0 million available to borrow under the credit facility, and a $50 million increase option, in addition to $31.8 million cash on hand.  At June 30, 2011, the Company had $139.0 million of outstanding borrowings under the credit facility and outstanding letters of credit of $13.9 million.  The Company classified $50 million as the current portion of long-term debt as of June 30, 2011, as the Company intends to repay this amount within the next twelve months; however, the Company has no contractual obligation to repay such amount during the next twelve months.   The Company also had $0.4 million of short-term borrowings outstanding at June 30, 2011.  The Company's ability to access the additional $50 million increase option of the credit facility is subject to acceptance by participating or other outside banks.

The credit facility requires, as determined by certain financial ratios, a facility fee ranging from 15 to 25 basis points per year on the unused portion.  The terms of the facility provide that interest on borrowings may be calculated at a spread over the London Interbank Offered Rate (LIBOR) or based on the prime rate, at the Company's election.  The facility is secured by the unlimited guaranty of the Company's material domestic subsidiaries and a 65% pledge of the material foreign subsidiaries' share equity.  The financial covenants of the credit facility also include a leverage ratio and an interest coverage ratio.