SHORT-TERM BORROWINGS

At December 31, 2014 and 2013, we had $88.2 million and $105.7 million, respectively, of short-term borrowings outstanding. In December 2014, we entered into a new $35.0 million credit facility with a new lender and increased one of our existing credit facilities by $10.0 million. As a result of these additions, we now have six unsecured bank credit facilities with three financial institutions with $210.0 million in total available credit. The annual weighted average interest rates on our short-term borrowings were 1.15 percent and 1.26 percent for 2014 and 2013, respectively. We incurred commitment fees of $87,000 and $56,000 in 2014 and 2013, respectively.



					Outstanding borrowings at
(in thousands)	Total Facility		Interest Rate	Expiration Date	December 31, 2014		December 31, 2013		Available at December 31, 2014
Bank Credit Facility
Committed revolving credit facility A	$	55,000	LIBOR plus 1.25 percent	June 26, 2015	$	20,000	$	35,000	$	35,000
Committed revolving credit facility B	30,000		LIBOR plus 1.25 percent ⁽¹⁾	October 31, 2015	16,040		17,554		13,960
Committed revolving credit facility C	35,000		LIBOR plus 0.85 percent	December 22, 2015	—		—		35,000
Short-term revolving credit Note D	50,000		LIBOR plus 0.80 percent ⁽³⁾	October 31, 2015	50,000		40,000		—
Uncommitted revolving credit facility E	20,000		Rate offered by the bank	June 26, 2015	—		—		20,000
Uncommitted revolving credit facility F ⁽²⁾	20,000		Rate offered by the bank	October 31, 2015	—		10,000		20,000
Total short term credit facilities	$	210,000			$	86,040	$	102,554	$	123,960
Book overdrafts⁽⁴⁾					2,191		3,112
Total short-term borrowing					$	88,231	$	105,666

⁽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 $4.4 million in letters of credit under this credit facility as of December 31, 2014. 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 $200.0 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.