3. Financing Arrangements

Debt Outstanding

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

	May 31,
	2016			2015
Revolving Credit Facility expiring March 24, 2020 with interest payable monthly	$	110.0		$	50.0
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		10.0			20.0
Capital lease obligations		5.1			—
Convertible notes payable due March 1, 2016 with interest at 2.25% payable semi-annually on March 1 and September 1		—			48.0
Mortgage loan due August 1, 2015		—			11.0

Total debt		150.1			154.0
Current maturities of debt		(12.0	)		(69.0	)
Debt issuance costs, net		(2.0	)		(2.6	)

Long-term debt	$	136.1		$	82.4

The aggregate principal amount of our debt matures as follows: $10.0 million in 2017, $25.0 million in 2019, and $110.0 million in 2020.

At May 31, 2016, our variable rate and fixed rate debt had a fair value that approximates the carrying value of $145.0 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.

During fiscal 2016, the Company entered into new capital leases in the amount of $5.1 million related to new aircraft and IT equipment. We have omitted substantially all of the required disclosures as the capital leases are not material to our consolidated financial position or results of operations.

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 as of May 31, 2016.

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, 2016, we were in compliance with the financial and other covenants in these agreements.

Borrowing activity under the Revolving Credit Facility during fiscal 2016, 2015 and 2014 is as follows:

	For the Year Ended May 31,
	2016			2015			2014
Maximum amount borrowed	$	200.0		$	215.0		$	190.0
Average daily borrowings		134.2			140.7			135.8
Average interest rate during the year		1.41	%		1.69	%		1.77	%

We also have $4.4 million available under foreign lines 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, which were paid in full in the fourth quarter of fiscal 2016, was as follows:

	For the Year Ended May 31,
	2016		2015		2014
Coupon interest	$	0.6	$	1.5	$	3.1
Amortization of deferred financing fees		0.1		0.1		0.3
Amortization of discount		1.3		2.4		5.1

Interest expense related to convertible notes	$	2.0	$	4.0	$	8.5