Long-Term Debt

Long-term debt consisted of the following as of August 31 (in thousands):



	2014			2013
Bank unsecured revolving credit facility, interest at LIBOR plus a spread	$	305,000		$	359,971
Tax-exempt economic development revenue bonds due January 2021, interest payable monthly at a variable rate (0.1% as of August 31, 2014), secured by a letter of credit	7,700			7,700
Capital lease obligations due through April 2031	5,655			5,666
Other debt obligations	1,010			—
Total long-term debt	319,365			373,337
Less current maturities	(523		)	(674		)
Long-term debt, net of current maturities	$	318,842		$	372,663

The Company’s unsecured committed bank credit facility, which provides for revolving loans of $670 million and C$30 million, matures in April 2017 pursuant to a credit agreement with Bank of America, N.A. as administrative agent, and other lenders party thereto. Interest rates on outstanding indebtedness under the agreement are based, at the Company’s option, on either the London Interbank Offered Rate (or the Canadian equivalent) plus a spread of between 1.25% and 2.25%, with the amount of the spread based on a pricing grid tied to the Company’s leverage ratio, or the greater of the prime rate, the federal funds rate plus 0.5% or the British Bankers Association LIBOR Rate plus 1.75%. In addition, annual commitment fees are payable on the unused portion of the credit facility at rates between 0.15% and 0.35% based on a pricing grid tied to the Company’s leverage ratio. The Company had borrowings outstanding under the credit facility of $305 million and $360 million as of August 31, 2014 and 2013, respectively. The weighted average interest rate on amounts outstanding under this facility was 1.91% and 1.98% as of August 31, 2014 and 2013, respectively. The credit agreement contains various representations and warranties, events of default and financial and other covenants, including covenants regarding maintenance of a minimum fixed charge coverage ratio and a maximum leverage ratio.

Principal payments on long-term debt and capital lease obligations during the next five fiscal years and thereafter are as follows (in thousands):



Years Ending August 31,	Long-Term Debt		Capital Lease Obligations			Total
2015	$	40	$	1,310		$	1,350
2016	84		1,180			1,264
2017	305,089		1,181			306,270
2018	95		1,181			1,276
2019	100		1,202			1,302
Thereafter	8,302		6,330			14,632
Total	313,710		12,384			326,094
Amounts representing interest and executory costs	—		(6,729		)	(6,729		)
Total less interest	$	313,710	$	5,655		$	319,365

The Company maintains stand-by letters of credit to provide for certain obligations including workers’ compensation and performance bonds. As of August 31, 2014 and 2013, the Company had $16 million and $18 million outstanding under these arrangements.