Debt

12 Months Ended

Sep. 30, 2021

Debt

Debt

8.      Debt

Debt consists of the following at September 30, 2021 and 2020:

(Dollars in thousands)	2021		2020
Total borrowings	$	154,000	62,368
Current portion of long-term debt and short-term borrowings		(20,000)	(22,368)
Total long-term debt, less current portion	$	134,000	40,000

The Credit Facility includes a $500 million revolving line of credit as well as provisions allowing for an 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 eight banks led by JP Morgan Chase Bank, N.A., as Administrative Agent. The Credit Facility matures September 27, 2024.

Interest on borrowings under the Credit Facility is calculated at a spread over either the New York Federal Reserve Bank Rate, the prime rate, or the London Interbank Offered Rate (LIBOR), depending on various factors. The Credit Facility also requires a facility fee ranging from 10 to 25 basis points per annum on the unused portion. The interest rate spreads and the facility fee are subject to increase or decrease depending on the Company's leverage ratio.

The Credit Facility is secured by the unlimited guaranty of our direct and indirect material U.S. subsidiaries and the pledge of 100% of the equity interests of our direct and indirect material foreign subsidiaries. The financial covenants of the Credit Facility include a leverage ratio and an interest coverage ratio. As of September 30, 2021, we were in compliance with all covenants.

At September 30, 2021, we had approximately $337 million available to borrow under the Credit Facility, plus the $250 million increase option subject to the lenders’ consent, in addition to $56.2 million cash on hand. We classified $20 million as the current portion of long-term debt as of September 30, 2021, as we intend to repay this amount within the next twelve months; however, we have no contractual obligation to repay such amount during the next twelve months.

During 2021 and 2020, our maximum aggregate short-term borrowings at any month-end were $174 million and $281 million, respectively, and the average aggregate short-term borrowings outstanding based on month-end balances were $71.3 million and $175.6 million, respectively. The weighted average interest rates were 1.20%, 3.20% and 3.21% for 2021, 2020 and 2019, respectively. As of September 30, 2021, the interest rate on our debt was 1.06%. The letters of credit issued and outstanding under the Credit Facility totaled $8.5 million and $9.9 million at September 30, 2021 and 2020, respectively.