Debt

Debt consists of the following at September 30, 2017 and 2016:

(Dollars in thousands)	2017		2016
Revolving credit facility, including current portion	$	275,000		110,000
Current portion of long-term debt		(20,000)		(20,000)
Total long-term debt, less current portion	$	255,000		90,000

The Company’s existing credit facility (“the Credit Facility”) matures December 21, 2020. The Credit 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 facility is comprised of a diverse group of nine banks led by JP Morgan Chase Bank, N.A., as Administrative Agent.

At September 30, 2017, the Company had approximately $166 million available to borrow under the Credit Facility, plus the $250 million increase option, in addition to $45.5 million cash on hand. The Company classified $20.0 million as the current portion of long-term debt as of September 30, 2017, 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 its material foreign subsidiaries’ share equity. The financial covenants of the Credit Facility include a leverage ratio and an interest coverage ratio. As of September 30, 2017, the Company was in compliance with all bank covenants.

During 2017 and 2016, the maximum aggregate short-term borrowings at any month-end were $298 million and $110 million, respectively, and the average aggregate short-term borrowings outstanding based on month-end balances were $211.3 million and $89.2 million, respectively. The weighted average interest rates were 2.09%, 1.58% and 1.27% for 2017, 2016 and 2015, respectively. The letters of credit issued and outstanding under the Credit Facility totaled $9.7 million and $4.9 million at September 30, 2017 and 2016, respectively.