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Debt
3 Months Ended
Jun. 03, 2017
Debt Disclosure [Abstract]  
Debt
Debt

Debt, at June 3, 2017, included $20.4 million of industrial revenue bonds that mature in fiscal years 2021 through 2043. The fair value of the industrial revenue bonds approximated carrying value at June 3, 2017, 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.

As of June 3, 2017, we maintained a $175.0 million committed revolving credit facility that matures in November 2021. Outstanding borrowing was $51.0 million as of June 3, 2017 and $45.0 million as of March 4, 2017. We have two financial covenants that require us to stay below a maximum debt-to-EBITDA ratio and maintain a minimum ratio of interest expense-to-EBITDA. Both ratios are computed quarterly, with EBITDA calculated on a rolling four-quarter basis. At June 3, 2017, we were in compliance with both financial covenants. Additionally, at June 3, 2017, we had a total of $23.5 million of ongoing letters of credit related to industrial revenue bonds and construction contracts that expire in fiscal 2018 and reduce availability of funds under our committed credit facility. Subsequent to the end of the quarter, and in connection with our subsequent acquisition of EFCO, on June 9, 2017, we expanded this committed revolving credit facility to $335.0 million. There were no significant changes to terms associated with this expansion.

We also maintain two Canadian revolving demand facilities totaling $12.0 million Canadian dollars. No borrowings were outstanding under these facilities as of June 3, 2017 or March 4, 2017. Borrowings under these facilities are made available at the sole discretion of the lenders and are payable on demand.

Interest payments were $0.5 million and $0.1 million for the three months ended June 3, 2017 and May 28, 2016, respectively.