Debt

Debt at May 28, 2016 consisted of $20.4 million of industrial revenue bonds and $1.9 million on the Canadian revolving credit facility. The industrial revenue bonds mature in fiscal years 2021 through 2043. The fair value of the industrial revenue bonds approximates carrying value at May 28, 2016, due to the variable interest rates on these instruments. The bonds would be classified as Level 2 within the fair value hierarchy described in Note 7.

We maintain a $125.0 million committed revolving credit facility that expires in December 2019. No borrowings were outstanding under the facility as of May 28, 2016 or February 27, 2016. At May 28, 2016, the Company was in compliance with all financial covenants as provided below:



Debt covenant financial ratios	Maximum		Company's ratio
Debt-to-EBITDA ratio	3.00		0.16
	Minimum		Company's net worth
Net worth calculation (in millions)	$	366.6	$	423.6

We also maintain a $4.0 million Canadian dollar revolving demand facility available to our Canadian operation. Borrowings under the facility are made available at the sole discretion of the lender and are payable on demand, with interest at rates specified in the credit agreement. Outstanding balances under this demand facility are classified as long-term debt, as they can be refinanced through our committed revolving credit facility. No borrowings were outstanding under this facility as of February 27, 2016.

Interest payments were $0.1 million for each of the three months ended May 28, 2016 and May 30, 2015.