8. DEBT

The Company's debt is summarized as follows:


(In thousands)		March 31,		September 30,
		2012		2011
Total borrowings, including current portion	$	126,365		125,000
Short-term borrowings and current portion of
long-term debt		(126,365	)	(50,000	)
Total long-term debt, less current portion	$	-		75,000

At March 31, 2012, the Company had approximately $189.0 million available to borrow under the credit facility, and a $50

million increase option, in addition to $27.1 million cash on hand. At March 31, 2012, the Company had $126.0 million of outstanding borrowings under the credit facility and outstanding letters of credit of $14.7 million. The Company classified all of its outstanding debt as the current portion of long-term debt as of March 31, 2012, as it becomes due within one year (November 2012). The Company also had $0.4 million of short-term borrowings outstanding at March 31, 2012. 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 Company intends to refinance its credit facility prior to June 30, 2012.

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. At March 31, 2012, the Company was in compliance with all debt covenants.