Short-Term Borrowing

12 Months Ended

Dec. 31, 2013

SHORT-TERM BORROWINGS

At December 31, 2013 and 2012, we had $105.7 million and $61.2 million, respectively, of short-term borrowings outstanding through five unsecured bank credit facilities with two financial institutions totaling $165.0 million. The annual weighted average interest rates on our short-term borrowings were 1.26 percent and 1.48 percent for 2013 and 2012, respectively. We incurred commitment fees of $56,000 and $73,000 in 2013 and 2012, respectively.



					Outstanding borrowings at
(in thousands)	Total Facility		Interest Rate	Expiration Date	December 31, 2013		December 31, 2012		Available at December 31, 2013
Bank revolving credit
Facility A
Committed	$	55,000	LIBOR plus 1.25 percent	June 28, 2014	$	35,000	$	30,000	$	20,000
Uncommitted	20,000		Rate offered by the bank	June 28, 2014	—		—		20,000
Bank revolving credit
Facility B
Committed	30,000		LIBOR plus 1.25 percent ⁽¹⁾	October 31, 2014	17,554		16,421		12,446
Uncommitted ⁽²⁾	20,000		Rate offered by the bank	October 31, 2014	10,000		—		10,000
Short-term revolving credit Note	40,000		LIBOR plus 0.80 percent ⁽³⁾	October 31, 2014	40,000		10,000		—
Total short term credit facilities	$	165,000			$	102,554	$	56,421	$	62,446
Book overdrafts⁽⁴⁾					3,112		4,778
Total short-term borrowing					$	105,666	$	61,199

⁽¹⁾ This facility bears interest at LIBOR for the applicable period plus 1.25 percent, if requested three days prior to the advance date. If requested and

advanced on the same day, this facility bears interest at a base rate plus 1.25 percent.

⁽²⁾ We have issued $4.7 million in letters of credit under this credit facility as of December 31, 2013. There have been no draws on these letters of credit

and we do not anticipate that they will be drawn upon by the counter-parties. We expect that the letters of credit will be renewed to the

extent necessary in the future.

⁽³⁾ At our discretion, the borrowings under this facility can bear interest at the lender's base rate plus 0.80 percent.

⁽⁴⁾ If presented, these book overdrafts would be funded through the bank revolving credit facilities.

These bank credit facilities are available to provide funds for our short-term cash needs to meet seasonal working capital requirements and to temporarily fund portions of our capital expenditures. Advances offered under the uncommitted lines of credit are subject to the discretion of the banks. We are currently authorized by our Board of Directors to borrow up to $140.0 million of short-term debt, as required, from these short-term lines of credit.

The availability of funds under our credit facilities is subject to conditions specified in the respective credit agreements, all of which we currently satisfy. These conditions include our compliance with financial covenants and the continued accuracy of representations and warranties contained in these agreements. We are required by the financial covenants in our revolving credit facilities to maintain, at the end of each fiscal year:


•	a funded indebtedness ratio of no greater than 65 percent; and


•	a fixed charge coverage ratio of at least 1.20 to 1.0.

We are in compliance with all of our debt covenants.

- Definition

The entire disclosure for short-term debt.

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