3. Financing Arrangements

Debt Outstanding

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

	May 31,
	2017			2016
Revolving Credit Facility expiring November 1, 2021 with interest payable monthly	$	131.0		$	110.0
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
Capital lease obligations		3.3			5.1

Total debt		159.3			150.1
Current maturities of debt		(2.0	)		(12.0	)
Debt issuance costs, net		(2.0	)		(2.0	)

Long-term debt	$	155.3		$	136.1

At May 31, 2017, our variable rate and fixed rate debt had a fair value that approximates the carrying value of $156.0 million and are classified as Level 2 in the fair value hierarchy.

During fiscal 2016, the Company entered into 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 maintain a Revolving Credit Facility with various financial institutions, as lenders and Bank of America, N.A., as administrative agent for the lenders which provides the Company an aggregate revolving credit commitment amount of $500 million. The Company, under certain circumstances, has the ability to request an increase to the revolving credit commitment by an aggregate amount of up to $250 million, not to exceed $750 million in total.

On November 1, 2016, we entered into an amendment to our Revolving Credit Facility which extended the maturity of the Revolving Credit Facility to November 1, 2021, eliminated the condition of no material adverse change for credit extensions and modified certain other provisions.

Borrowings under the Revolving Credit Facility 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.

Our financing arrangements also requires us to comply with leverage and interest coverage ratios and comply with certain affirmative and negative covenants, including those relating to financial reporting and notification, payment of indebtedness, cash dividends, 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, 2017, we were in compliance with the financial and other covenants in our financing agreements.

Borrowing activity under the Revolving Credit Facility during fiscal 2017, 2016 and 2015 is as follows:

	For the Year Ended May 31,
	2017			2016			2015
Maximum amount borrowed	$	217.0		$	200.0		$	215.0
Average daily borrowings		175.5			134.2			140.7
Average interest rate during the year		1.77	%		1.41	%		1.69	%

We also have $9.6 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
Coupon interest	$	0.6	$	1.5
Amortization of deferred financing fees		0.1		0.1
Amortization of discount		1.3		2.4

Interest expense related to convertible notes	$	2.0	$	4.0