NOTE 12FINANCING

Short-term borrowings as of January 2, 2016 and October 3, 2015 consisted of the following:


		January 2,		October 3,
(in thousands)		2016		2015
Bank line of credit, monthly U.S. LIBOR plus 100 basis points, in effect
at January 2, 2016, maturing January 2016, with optional
month-to-month term renewal and loan repricing until September 2019	$	25,000	$	10,000
Swingline loan, 3.50% p.a., in effect January 2, 2016, with optional
renewal and loan repricing until September 2019	$	5,000		-
Bank line of credit, monthly Euro LIBOR plus 100 basis points, in effect
at January 2, 2016, maturing January 2016, with optional
month-to-month term renewal and loan repricing until September 2019	$	10,941		11,183
Total short-term borrowings	$	40,941	$	21,183

Our credit facility provides up to $200,000 for working capital financing, permitted acquisitions, share purchases and other general corporate purposes. The credit facility expires in September 2019. As of January 2, 2016 and October 3, 2015, outstanding borrowings under the credit facility were $40,941 and $21,183, respectively. As of January 2, 2016, the interest rate applicable to outstanding variable rate credit facility borrowings was 0.61%. As of October 3, 2015, the interest rate applicable to outstanding variable rate credit facility borrowings was 1.20%, the monthly U.S. LIBOR plus 100 basis points. As of January 2, 2016, we had outstanding letters of credit drawn from the credit facility totaling $17,864, leaving $141,195 of unused borrowing capacity. As of October 3, 2015, we had outstanding letters of credit drawn from the credit facility totaling $12,008, leaving approximately $166,809 of unused borrowing capacity.