8. Long-Term Debt

Long-term debt consisted of the following as of the dates indicated (in thousands):


	August 31,		February 28,
	2011		2011
Revolving credit facility	$	50,000	$	50,000
Interest rate swap		—		586

		50,000		50,586
Less current installments		50,000		—

Long-term debt	$	—	$	50,586

On August 18, 2009, the Company entered into a Second Amended and Restated Credit Agreement (the “Facility”) with a group of lenders led by Bank of America, N.A. (the “Lenders”). The Facility provides the Company access to $150.0 million in revolving credit, which the Company may increase to $200.0 million in certain circumstances, and matures on August 18, 2012. The Facility bears interest at the London Interbank Offered Rate (“LIBOR”) plus a spread ranging from 2.0% to 3.5% (LIBOR + 2.25% or 2.47% at August 31, 2011 and 2.5% at August 31, 2010), depending on the Company’s total funded debt to EBITDA ratio, as defined. As of August 31, 2011, the Company had $50.0 million of borrowings under the revolving credit line and $3.2 million outstanding under standby letters of credit arrangements, leaving the Company availability of approximately $96.8 million. The Facility contains financial covenants, restrictions on capital expenditures, acquisitions, asset dispositions, and additional debt, as well as other customary covenants, such as the total funded debt to EBITDA ratio, as defined. The Company is in compliance with these covenants as of August 31, 2011. The Facility is secured by substantially all of the Company’s domestic assets as well as all capital securities of each Domestic Subsidiary and 65% of all capital securities of each direct Foreign Subsidiary.

During the current quarter, the Company reclassified its obligations due under the Facility from a long-term obligation to a short-term obligation as the maturity of the current Facility is within one year. The Company intends to renew this Facility and extend the maturity date before its expiration. The Company capitalized $400,000 and $692,000 of interest expense for the three and six months ended August 31, 2010 relating to the construction of the Agua Prieta facility. There was no interest expense capitalized for the three and six months ended August 31, 2011 as construction was substantially complete at the beginning of fiscal year.