DEBT

Short-term borrowings consist of lines of credit which are secured by certain assets of the Company and its subsidiaries. The short-term borrowing facilities are summarized below (in thousands):



			Facilities Used
	Total Amount of Facilities		Short-term Borrowings		Letters of Credit		Facilities Available		Weighted average interest rate of loans outstanding
August 31, 2014	$	61,869	$	—	$	436	$	61,433	N/A
August 31, 2013	$	35,863	$	—	$	588	$	35,275	N/A

During the fiscal year 2014, PriceSmart, Inc. increased its short-term facilities by approximately $15.0 million and established short-term facilities within its Colombia subsidiary of approximately $10.9 million dollars.

The following table provides the changes in the Company's long-term debt for the twelve months ended August 31, 2014:



(Amounts in millions)	Current Portion of Long-term debt		Long-term debt		Total
Balances as of August 31, 2013	12,757		60,263		73,020		⁽¹⁾
Proceeds from long-term debt:
Panama subsidiary	2,400		21,600		24,000
Honduras subsidiary	—		13,734		13,734
El Salvador subsidiary	800		3,408		4,208
Repayments of long-term debt:
Repayment of loan by Colombia subsidiary, originally entered into on November 1, 2010 with Citibank, N.A. in New York	—		(8,131	)	(8,131	)
Repayment of loan by Panama subsidiary, originally entered into on September 11, 2010 with Metro Bank, S.A.	(500	)	(2,708	)	(3,208	)
Repayment of loan by El Salvador subsidiary, originally entered into on September 1, 2009 with Scotiabank El Salvador, S.A.	(4,066	)	—		(4,066	)
Regularly scheduled loan payments	(2,102	)	(6,249	)	(8,351	)
Reclassifications of long-term debt	2,567		(2,567	)	—
Translation adjustments on foreign-currency debt of subsidiaries whose functional currency is not the U.S. dollar ⁽²⁾	(8	)	241		233
Balances as of August 31, 2014	11,848		79,591		91,439		⁽³⁾


⁽¹⁾	The carrying amount of cash assets assigned as collateral for this total was $33.8 million, and the carrying amount of non-cash assets assigned as collateral for this total was $55.2 million.


⁽²⁾	These foreign currency translation adjustments are recorded within other comprehensive income.


⁽³⁾	The carrying amount of cash assets assigned as collateral for this total was $24.6 million, and the carrying amount of non-cash assets assigned as collateral for this total was $84.2 million.

Long-term debt consists of the following types of loans (in thousands):



	August 31, 2014			August 31, 2013
Loans entered into by the Company's subsidiaries with a balloon payment due at the end of the loan term and with non-cash assets and/or cash or cash equivalents assigned as collateral and with/without established debt covenants	$	11,733		$	23,442
Loans entered into by the Company's Colombia subsidiary for which the subsidiary has entered into a cross-currency interest rate swap with non-cash assets and/or cash or cash equivalents assigned as collateral and with established debt covenants	22,532			30,346
Loans entered into by the Company's subsidiaries for which the subsidiary has entered into a interest rate swap with non-cash assets and/or cash or cash equivalents assigned as collateral and with established debt covenants	28,200			6,525
Loans entered into by the Company's subsidiaries with non-cash assets and/or cash or cash equivalents assigned as collateral and with/without established debt covenants	28,974			12,707
Total long-term debt	91,439		(1)	73,020
Less: current portion	11,848			12,757
Long-term debt, net of current portion	$	79,591		$	60,263


⁽¹⁾	On March 31, 2014, the Company's Panama subsidiary entered into a loan agreement with The Bank of Nova Scotia. The agreement establishes a credit facility of $34.0 million. During April 2014, the Company drew down $24.0 million of the $34.0 million facility and has $10.0 million available for future draw down.

As of August 31, 2014, the Company had approximately $62.5 million of long-term loans in Trinidad, Panama, El Salvador, Honduras and Colombia that required these subsidiaries to comply with certain annual or quarterly financial covenants, which include debt service and leverage ratios. As of August 31, 2014, the Company was in compliance with all covenants or amended covenants.

As of August 31, 2013, the Company had approximately $55.9 million of long-term loans in Trinidad, Barbados, Panama, El Salvador, Honduras and Colombia that required these subsidiaries to comply with certain annual or quarterly financial covenants, which include debt service and leverage ratios. During the fourth quarter of fiscal year 2013, the Company determined that its Barbados subsidiary was not in compliance with a financial covenant that is measured and reported on an annual basis at the end of the Company’s fiscal year 2013. The Company obtained a written waiver from the bank on the annual measurement and reporting for this covenant with respect to any non-compliance for fiscal year 2013 and amended the financial covenants within the underlying contract for the long-term loans in the Barbados subsidiary. As of August 31, 2013, the Company was in compliance with all covenants, amended covenants or had received a written waiver from the bank with respect to any non-compliance.

Annual maturities of long-term debt are as follows (in thousands):



Years Ended August 31,	Amount
2015	$	11,848
2016	25,931
2017	16,075
2018	8,483
2019	18,765
Thereafter	10,337
Total	$	91,439