Debt obligations due within the next twelve months consist of the following:



	August 31, 2019		November 30, 2018
	(Dollars in millions)
$350 million Term Loan B, due 2023, current portion (interest at 5.48% and 5.55%, respectively)	$	3.5	$	3.5
Capital lease obligations, current portion	.8		.7
Total	$	4.3	$	4.2

The Company’s long-term debt consists of the following:



	August 31, 2019			November 30, 2018
	(Dollars in millions)
$350 million Term Loan B, due 2023 (interest at 5.48% and 5.55%, respectively)	$	299.5		$	302.1
Senior Secured Revolving Credit, due 2021 (interest at 3.69% and 3.88%, respectively)	18.2			12.0
Capital lease obligations	15.1			15.6
Gross debt	332.8			329.7
Less: current portion	(4.3		)	(4.2		)
Unamortized original issue discount	(1.7		)	(2.1		)
Debt issuance costs	(4.0		)	(4.7		)
Total long-term debt, net of current portion	$	322.8		$	318.7

The weighted-average interest rate on the Company’s short-term debt was 5.61% and 5.27% during the third quarters of 2019 and 2018, respectively.

The Company's $350.0 million Term Loan B ("Term Loan B") matures on August 26, 2023 and is primarily secured by all real property, plant, and equipment of the Company's U.S. facilities and fully and unconditionally and jointly and severally guaranteed by the material U.S. subsidiaries of the Company. The Term Loan B contains affirmative and negative covenants, including a requirement to maintain a net debt leverage ratio of 5.0 to 1.0, limitations on additional debt, certain investments, and acquisitions outside of the Company’s line of business. The Company is in compliance with its Term Loan B covenants as of August 31, 2019.

The Company's Term Loan B has an interest rate of LIBOR plus 3.25%. The Term Loan B agreement permits the Company to request additional term loans or incremental equivalent debt borrowings (the “Additional Term Loans”) in a maximum aggregate amount equal to the greater of (a) $120.0 million and (b) an aggregate principal amount such that, on a pro forma basis (giving effect to any Additional Term Loans), the Company’s senior secured net debt leverage ratio will not exceed 4.0 to 1.0.

The Company has a Senior Secured Revolving Credit Facility (the "Facility") which matures on August 26, 2021. The Facility is secured by U.S. accounts receivable, inventory, and intangible assets. The Facility contains affirmative and negative

covenants, similar to the Term Loan B, including limitations on additional debt, certain investments and acquisitions outside of the Company’s line of business. If the average excess availability of the Facility falls below $25.0 million during any fiscal quarter, the Company must then maintain a fixed charge coverage ratio greater than 1.1 to 1.0 as defined in the agreement. The Company was in compliance with this requirement at August 31, 2019. At August 31, 2019 there was a balance of $18.2 million borrowed under the Facility and the amount available for borrowing under the Facility was $46.5 million.

The Company amended its Eurodollar Revolving Loan ("Revolver") effective June 14, 2019. Total borrowing capacity of the Revolver was increased from €16.0 million to €25.0 million. In addition, the Company has the ability to increase borrowing capacity through a €9.0 million expansion feature as needed. The Revolver is secured by European accounts receivable. All other material terms are unchanged and similar to the Company's U.S. Facility, including the maturity date of August 26, 2021. The Revolver provides additional liquidity and working capital flexibility in Europe. At August 31, 2019 there were no amounts borrowed under the Revolver and the amount available for borrowing under the Revolver was €19.3 million.

The Company has borrowing facilities at certain of its foreign subsidiaries, which consist of overdraft lines, working capital credit lines, and facilities for the issuance of letters of credit and short-term borrowing needs. Total borrowing capacity for these facilities was $11.9 million and $7.0 million as of August 31, 2019 and November 30, 2018, respectively. There were no amounts borrowed under these facilities at August 31, 2019 and November 30, 2018.

At August 31, 2019, the Company had net assets under capital leases totaling $14.0 million, which are included in property, plant, and equipment in the accompanying Consolidated Balance Sheets.

The following is a schedule by year of future minimum lease payments under the Company's capital leases together with the present value of the net future minimum lease payments as of August 31, 2019:



Year Ending November 30:	(Dollars in millions)
2019	$	.4
2020	1.5
2021	1.5
2022	1.4
2023	1.4
Thereafter	15.2
Total minimum lease payments	21.4
Less: Amount representing estimated executory costs	(.5		)
Net minimum lease payments	20.9
Less: Amount representing interest	(5.8		)
Present value of minimum lease payments	$	15.1

Debt issuance costs and original issue discounts incurred in connection with the issuance of the Company's debt are being amortized over the respective terms of the underlying debt, including any amendments. Total amortization expense of debt issuance costs and original issue discounts is included as a component of interest expense and was $0.4 million for both the three months ended August 31, 2019 and 2018, and $1.1 million and $1.0 million for the nine months ended August 31, 2019 and 2018, respectively.

During the quarter ended February 28, 2018, the Company made a $40.0 million prepayment and determined that this constituted a partial extinguishment of debt and as such, wrote-off $0.8 million of debt issuance costs and original issue discounts.