7. DEBT

The Company’s debt is summarized as follows:

(In thousands)	December 31, 2013		September 30, 2013
Total borrowings	$	177,507		172,000
Short-term borrowings and current portion of long-term debt		(50,507)		(50,000)
Total long-term debt, less current portion	$	127,000		122,000

On May 14, 2012, the Company entered into a $450 million five-year revolving credit facility with JPMorgan Chase Bank, N.A., as administrative agent, PNC Bank, N.A., as syndication agent, and eight other participating lenders (the “Credit Facility). Through a credit facility expansion option, the Company may elect to increase the size of the credit facility by entering into incremental term loans, in any agreed currency, at a minimum of $25 million each up to a maximum of $250 million aggregate.

At December 31, 2013, the Company had approximately $264 million available to borrow under the credit facility, and a $250 million increase option, in addition to $34.4 million cash on hand. At December 31, 2013, the Company had $186 million of outstanding borrowings under the credit facility including outstanding letters of credit of $9.0 million. The Company also had $0.5 million of short-term borrowings outstanding at December 31, 2013 under a separate foreign borrowing. The Company’s ability to access the additional $250 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 17.5 to 35.0 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 December 31, 2013, the Company was in compliance with all debt covenants.