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 borrowings of $13.4 million outstanding under these short-term credit facilities at a weighted average interest rate of 2.3% at October 2, 2015, and there were borrowings of $36.7 million outstanding under these short-term credit facilities at September 26, 2014.

Long-term Debt

On February 7, 2014, Jacobs and certain of its subsidiaries entered into a $1.6 billion long-term unsecured, revolving credit facility (the "2014 Facility") with a syndicate of large, U.S. and international banks and financial institutions. The following table presents certain information regarding the Company’s long-term revolving credit facilities at October 2, 2015, and September 26, 2014 (dollars in thousands):



2015			2014
Principal Balance Outstanding		Range of Interest Rates	Principal Balance Outstanding		Range of Interest Rates
$	584,434	1.0% – 1.51%	$	764,075	1.0% – 1.51%

The total amount outstanding under the 2014 Facility in the form of direct borrowings at October 2, 2015 was $0.6 billion. The Company has issued $2.5 million in letters of credit leaving $1.0 billion of available borrowing capacity under the 2014 Facility at October 2, 2015. In addition, the Company had $233.9 million issued under separate, committed and uncommitted letter-of-credit facilities for total issued letters of credit of $236.4 million at October 2, 2015.

The 2014 Facility expires in February 2019 and permits the Company to borrow under two 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 2014 Facility. Depending on the Company's Consolidated Leverage Ratio, borrowings under the 2014 Facility will bear interest at either a eurocurrency rate plus a margin of between 1.0% and 1.5% or a base rate plus a margin of between 0% and 0.5%. The 2014 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 2014 Facility also provides an accordion feature that allows the Company and the lenders to increase the facility amount to $2.1 billion. The Company pays a facility fee of between 0.100% and 0.25% per annum depending on the Company's Consolidated Leverage Ratio. Amounts outstanding under the 2014 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 2014 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 2014 Facility contains customary events of default. We were in compliance with our debt covenants at October 2, 2015.

The following table presents certain additional information regarding the Company’s long-term debt for the fiscal years shown:



	2015			2014
Maximum amount outstanding at any month-end during the fiscal year	$	1,006,899		$	1,036,066
Average amount outstanding during the year	$	943,258		$	866,264
Weighted average interest rate during the year	1.28		%	1.18		%

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



2015		2014		2013
$	15,506	$	13,841	$	6,685