Debt

Debt consists of the following at September 30, 2016 and 2015:


(Dollars in thousands)	2016		2015
Revolving credit facility, including current portion	$	110,000		50,000
Current portion of long-term debt		(20,000)		(20,000)
Total long-term debt, less current portion	$	90,000		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 JP Morgan Chase Bank, N.A., as Administrative Agent.

At September 30, 2016, the Company had approximately $335 million available to borrow under the Credit Facility, plus a $250 million increase option, in addition to $53.8 million cash on hand. The Company classified $20.0 million as the current portion of long-term debt as of September 30, 2016, 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 Credit Facility requires, as determined by certain financial ratios, a facility fee ranging from 12.5 to 27.5 basis points per annum 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 include a leverage ratio and an interest coverage ratio. During 2016 and 2015, the maximum aggregate short-term borrowings at any month-end were $110 million and $83 million, respectively; the average aggregate short-term borrowings outstanding based on month-end balances were $89.2 million and $68.5 million, respectively; and the weighted average interest rates were 1.58%, 1.27% and 1.48% for 2016, 2015 and 2014, respectively. The letters of credit issued and outstanding under the Credit Facility totaled $4.9 million and $8.0 million at September 30, 2016 and 2015, respectively.