12. Financing

Short-term borrowings as of June 27, 2015 and September 27, 2014 consisted of the following:


		June 27,		September 27,
		2015		2014
	(in thousands)
Bank line of credit, monthly U.S. LIBOR plus 100 basis points, maturing
July 2015, with optional month-to-month term renewal and loan repricing
until September 2019	$	25,000	$	60,000
Bank line of credit, monthly Euro LIBOR plus 100 basis points, maturing
July 2015, with optional month-to-month term renewal and loan repricing
until September 2019	$	11,202		-

Total short-term borrowings	$	36,202	$	60,000

The Company’s credit facility provides for up to $200 million for working capital financing, permitted acquisitions, share purchases, or other general corporate purposes and expires in September 2019. As of June 27, 2015 and September 27, 2014, outstanding borrowings under the credit facility were $36.2 million and $60.0 million, respectively. As of June 27, 2015, the interest rate applicable to outstanding U.S. dollar variable rate and outstanding Euro variable rate credit facility borrowings was 1.19% and 1.00%, respectively. As of September 27, 2014, the interest rate applicable to outstanding variable rate credit facility borrowings was 1.15%, the monthly U.S. LIBOR plus 100 basis points. As of June 27, 2015, the Company had outstanding letters of credit drawn from the credit facility totaling $12.6 million, leaving $151.2 million of unused borrowing capacity. As of September 27, 2014, the Company had outstanding letters of credit drawn from the credit facility totaling $9.4 million, leaving approximately $130.6 million of unused borrowing capacity.