Borrowings

Short-Term Credit Arrangements

The Company maintains both committed and uncommitted credit arrangements with several banks providing for short-term borrowing capacity and overdraft protection. There were overdrafts of $22.8 million outstanding, primarily in our India operations, under these short-term credit facilities at a weighted average interest rate of 10.7% at September 27, 2013, and there were no amounts outstanding under these short-term credit facilities at September 28, 2012.

Long-term Debt

The following table presents certain information regarding the Company’s long-term revolving credit facility at September 27, 2013, and September 28, 2012 (dollars in thousands):



	2013			2012
	Principal Balance Outstanding		Range of Interest Rates	Principal Balance Outstanding		Range of Interest Rates
2012 Facility	$	415,086	0.96% – 1.37%	$	528,260	0.95% – 1.41%

The Company has a long-term, unsecured, revolving credit facility (the "2012 Facility") providing $1.21 billion of borrowing capacity with a syndicate of large, U.S. and international banks and financial institutions. The total amount outstanding under the 2012 Facility at September 27, 2013, was $425.9 million ($415.1 million in the form of direct borrowings and $10.8 million utilized in the form of letters of credit).

The 2012 Facility expires in March 2017 and permits the Company to borrow under three separate tranches in U.S. dollars, certain specified foreign currencies, and any other currency that may be approved in accordance with the terms of the 2012 Facility. Depending on the Company's Consolidated Leverage Ratio, borrowings under the 2012 Facility will bear interest at either a eurocurrency rate plus a margin of between 0.875% and 1.225% or a base rate plus a margin of between 0% and 0.225%. The 2012 Facility also provides for a financial letter of credit subfacility of $300.0 million, permits performance letters of credit, and provides for a $50.0 million subfacility for swingline loans. Letters of credit are subject to fees based on the Company's Consolidated Leverage Ratio at the time any such letter of credit is issued. The Company pays a facility fee of between 0.125% and 0.275% per annum depending on the Company's Consolidated Leverage Ratio. Amounts outstanding under the 2012 Facility may be prepaid at the option of the Company without premium or penalty, subject to customary breakage fees in connection with the prepayment of eurocurrency loans. The 2012 Facility contains affirmative, negative, and financial covenants customary for financings of this type including, among other things, limitations on certain other indebtedness, loans and investments, liens, mergers, asset sales and transactions with affiliates. In addition, the 2012 Facility contains customary events of default. We were in compliance with our debt covenants at September 27, 2013.

The following table presents certain additional information regarding the Company’s 2012 Facility for the fiscal years shown:



	2013		2012
Maximum amount outstanding at any month-end during the fiscal year	$	526,602	$	586,933
Average amount outstanding during the year	$	470,343	$	537,131
Weighted average interest rate during the year	1.11		1.32

The following table presents the amount of interest paid by the Company during each of the last three fiscal years (in thousands):



2013		2012		2011
$	6,685	$	8,572	$	7,778