DEBT

The Company’s debt is summarized as follows:

(In thousands)	June 30, 2016		September 30, 2015
Total borrowings	$	86,458		50,000
Short-term borrowings and current portion of long-term debt		(21,458)		(20,000)
Total long-term debt, less current portion	$	65,000		30,000

On December 21, 2015, the Company amended its existing credit facility to extend the maturity date from May 13, 2017 through December 21, 2020, and to reduce the outstanding borrowing rates and commitment fees. Consistent with the prior credit facility, the amended facility includes a $450 million revolving line of credit as well as provisions allowing for the increase of the credit facility commitment amount by an additional $250 million, if necessary, with the consent of the lenders. The bank syndication supporting the new facility is comprised of a diverse group of nine banks led by JPMorgan Chase Bank, N.A., as Administrative Agent.

At June 30, 2016, the Company had approximately $361 million available to borrow under the credit facility, and a $250 million increase option, in addition to $40.5 million of cash on hand. At June 30, 2016, the Company had $85.0 million of outstanding borrowings under the credit facility and $1.5 million of other short-term borrowings in addition to outstanding letters of credit of $4.4 million. 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 12.5 to 27.5 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. The weighted average interest rates were 1.50% and 1.58% for the three and nine-month periods ending June 30, 2016, respectively, and 1.14% and 1.28% for the corresponding periods of 2015. At June 30, 2016, the Company was in compliance with all debt covenants.