Debt

The Company is party to borrowing arrangements with a syndicate of banks. One such agreement was amended on March 4, 2014 and provides the Company with $850 million in line of credit. The Company can designate up to $400 million of borrowings as long-term when the debt is used for long-term purposes such as replacing long-term debt that is maturing, funding the purchase of long-term assets, or increasing permanent working capital when needed. The maturity date for the line of credit is March 2019. See Note 10 in the Company’s 2013 Form 10-K for an additional description of the remaining arrangements. Total borrowing capacity for the Company under all lines of credit is currently at $878.1 million, including $28.1 million non-recourse debt of The Andersons Denison Ethanol LLC ("TADE"). At September 30, 2014, the Company had a total of $847.1 million available for borrowing under its lines of credit. Our borrowing capacity is reduced by a combination of outstanding borrowings and letters of credit. The Company was in compliance with all financial and non-financial covenants as of September 30, 2014.

The Company’s short-term and long-term debt at September 30, 2014, December 31, 2013 and September 30, 2013 consisted of the following:



(in thousands)	September 30, 2014		December 31, 2013		September 30, 2013
Short-term debt – non-recourse	$	—	$	—	$	—
Short-term debt – recourse	451		—		—
Total short-term debt	$	451	$	—	$	—
Current maturities of long-term debt – non-recourse	$	—	$	6,012	$	3,277
Current maturities of long-term debt – recourse	76,757		45,986		40,955
Total current maturities of long-term debt	$	76,757	$	51,998	$	44,232
Long-term debt, less current maturities – non-recourse	$	—	$	4,063	$	8,223
Long-term debt, less current maturities – recourse	289,448		371,150		372,795
Total long-term debt, less current maturities	$	289,448	$	375,213	$	381,018