3. Financing Arrangements

Debt Outstanding

A summary of the carrying amount of our debt is as follows:

	May 31,
	2015			2014
Revolving Credit Facility expiring March 24, 2020 with interest payable monthly	$	50.0		$	130.0
Industrial revenue bond (secured by property, plant and equipment) due August 1, 2018 with interest payable monthly		25.0			25.0
Note payable due March 9, 2017 with floating interest rate, payable semi-annually on June 1 and December 1		20.0			30.0
Convertible notes payable due March 1, 2016 with interest at 2.25% payable semi-annually on March 1 and September 1		48.0			45.7
Notes payable originally due January 15, 2022 with interest at 7.25% payable semi-annually on January 15 and July 15		—			332.6
Other1		11.0			70.7

Total debt		154.0			634.0
Current maturities of debt		(69.0	)		(69.7	)

Long-term debt	$	85.0		$	564.3

Included in Other is a mortgage loan (secured by Wood Dale, Illinois facility) due August 1, 2015 of $11.0 million and $11.0 million, 1.75% convertible notes due February 1, 2015 of $0 and $29.8 million, and a secured credit facility originally due April 23, 2015 of $0 million and $29.9 million at May 31, 2015 and 2014, respectively.

The aggregate principal amount of debt maturing during each of the next five fiscal years is $70.8 million in 2016, $10.0 million in 2017, $0 million in 2018, $25.0 million in 2019, and $50.0 million in 2020.

At May 31, 2015, the carrying value of our 2.25% convertible notes was $48.0 million and the estimated fair value was approximately $51.5 million. The 2.25% convertible notes are classified as Level 2 in the fair value hierarchy. This classification is defined as a fair value determined using market-based inputs other than quoted prices that are observable for the liability, either directly or indirectly.

At May 31, 2015, the remaining variable rate and fixed rate debt had a fair value that approximates the carrying value of $106.0 million. These debt instruments are classified as Level 3 in the fair value hierarchy which is defined as a fair value determined based upon one or more significant unobservable inputs.

We are subject to a number of covenants under our financing arrangements, including restrictions that relate to the payment of cash dividends, maintenance of minimum net working capital and tangible net worth levels, sales of assets, additional financing, purchase of our shares and other matters. We are in compliance with all financial and other covenants under our financing arrangements.

Credit Facilities

On March 24, 2015, we entered into an amendment (the "Amendment") to our Revolving Credit Facility dated April 12, 2011, as amended, with various financial institutions, as lenders and Bank of America, N.A., as administrative agent for the lenders (the "Revolving Credit Facility").

The Amendment increased the aggregate revolving credit commitment from $475 million to $500 million. Under certain circumstances, the Company also could request an increase to the revolving commitment by an aggregate amount of up to $250 million, not to exceed $750 million in total.

Borrowings under the Revolving Credit Facility subsequent to the Amendment bear interest at the offered Eurodollar Rate plus 100 to 200 basis points based on certain financial measurements if a Eurodollar Rate loan, or at the offered fluctuating Base Rate plus 0 to 100 basis points based on certain financial measurements if a Base Rate loan.

The Amendment also extended the maturity of the Revolving Credit Facility by approximately two years to March 24, 2020; deleted the minimum fixed charge coverage ratio; and added a minimum interest coverage ratio. In addition to the interest coverage ratio, the Revolving Credit Facility requires us to comply with a leverage ratio and certain affirmative and negative covenants, including those relating to financial reporting and notification, payment of indebtedness, taxes and other obligations, compliance with applicable laws, and limitations on additional liens, indebtedness, acquisitions, investments and disposition of assets. The Revolving Credit Facility also requires our significant domestic subsidiaries, and any subsidiaries that guarantee our other indebtedness, to provide a guarantee of payment under the Revolving Credit Facility. At May 31, 2015, we were in compliance with the financial and other covenants in these agreements.

Borrowing activity under the Revolving Credit Facility during fiscal 2015, 2014 and 2013 is as follows:

	For the Year Ended May 31,
	2015			2014			2013
Maximum amount borrowed	$	215.0		$	190.0		$	395.0
Average daily borrowings		140.7			135.8			312.3
Average interest rate during the year		1.69	%		1.77	%		2.03	%

On March 28, 2013, we amended our secured credit facility with The Huntington National Bank (the "Huntington Loan Agreement"). The amendment to the Huntington Loan Agreement reduced our secured facility from $65.0 million to $40.0 million while also reducing the interest rate from 325 basis points to 175 basis points over LIBOR. Borrowings under the Huntington Loan Agreement were secured by aircraft and related engines and components owned by us. The Huntington Loan Agreement was repaid and terminated in the fourth quarter of fiscal 2015 using the sale proceeds from the Telair Cargo Group.

We also have $2.7 million available under a foreign line of credit.

7.25% Senior Notes due 2022

On April 30, 2015, we redeemed our $325 million 7.25% Senior Notes due 2022 for $370.6 million. We recognized a loss on extinguishment of debt of $44.9 million comprised of a make-whole premium of $45.6 million and unamortized deferred financing costs of $6.2 million, partially offset by an unamortized net premium of $6.9 million.

Convertible Notes

The interest expense associated with the convertible notes was as follows:

	For the Year Ended May 31,
	2015		2014		2013
Coupon interest	$	1.5	$	3.1	$	3.7
Amortization of deferred financing fees		0.1		0.3		0.5
Amortization of discount		2.4		5.1		9.3

Interest expense related to convertible notes	$	4.0	$	8.5	$	13.5