Long-Term Debt

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



	2015			2014
Bank unsecured revolving credit facility, interest at LIBOR plus a spread	$	215,000		$	305,000
Tax-exempt economic development revenue bonds due January 2021, interest payable monthly at a variable rate (0.1% as of August 31, 2015), secured by a letter of credit	7,700			7,700
Capital lease obligations due through April 2024	4,608			5,655
Other debt obligations	848			1,010
Total long-term debt	228,156			319,365
Less current maturities	(584		)	(523		)
Long-term debt, net of current maturities	$	227,572		$	318,842

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 $215 million and $305 million as of August 31, 2015 and 2014, respectively. The weighted average interest rate on amounts outstanding under this facility was 1.95% and 1.91% as of August 31, 2015 and 2014, 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. On June 25, 2015, the Company amended its credit agreement to revise the definition of EBITDA used to calculate the consolidated fixed charge coverage ratio to exclude expenses incurred in connection with the implementation of business realignment, cost containment and productivity improvement programs and losses associated with discontinued operations. The amendments had no impact on the Company's borrowing capacity or other terms of the credit agreement.

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
2016	$	84	$	1,175		$	1,259
2017	215,087		1,176			216,263
2018	92		910			1,002
2019	98		878			976
2020	89		862			951
Thereafter	8,098		2,775			10,873
Total	223,548		7,776			231,324
Amounts representing interest and executory costs	—		(3,168		)	(3,168		)
Total less interest	$	223,548	$	4,608		$	228,156

The Company maintains stand-by letters of credit to provide for certain obligations including workers’ compensation and performance bonds. The Company had $16 million outstanding under these arrangements as of August 31, 2015 and 2014.