DEBT

The following table summarizes the carrying value of the Company's debt as of the dates indicated:



	August 31, 2015			May 31, 2015			August 31, 2014
Loan Agreement:
Revolving Loan (interest rates of n/a, n/a and 1.4%, respectively)	$	—		$	—		$	185.0
Unsecured lines of credit (weighted average interest rates of 3.5%, 3.8% and 2.3%, respectively)	$	5.7		$	6.0		$	13.9
Total debt	$	5.7		$	6.0		$	198.9
Less lines of credit, short-term debt and current portion of long-term debt	(5.7		)	(6.0		)	(13.9		)
Total long-term debt	$	—		$	—		$	185.0

The fair value of the Company's debt approximates the carrying value for all periods presented.

The following table sets forth the maturities of the Company’s debt obligations as of August 31, 2015, for the twelve-month periods ending August 31,



2016	$	5.7
2017	—
2018	—
2019	—
Total debt	$	5.7

Loan Agreement

Scholastic Corporation and Scholastic Inc. (each, a “Borrower” and together, the “Borrowers”) are parties to a $425.0 credit facility with certain banks (as amended, the “Loan Agreement”), which allows the Company to borrow, repay or prepay and reborrow at any time prior to the December 5, 2017 maturity date. Under the Loan Agreement, interest on amounts borrowed thereunder is due and payable in arrears on the last day of the interest period (defined as the period commencing on the date of the advance and ending on the last day of the period selected by the Borrower at the time each advance is made). The interest pricing under the Loan Agreement is dependent upon the Borrower’s election of a rate that is either:


•	A Base Rate equal to the higher of (i) the prime rate, (ii) the prevailing Federal Funds rate plus 0.500% or (iii) the Eurodollar Rate for a one month interest period plus 1% plus, in each case, an applicable spread ranging from 0.18% to 0.60%, as determined by the Company’s prevailing consolidated debt to total capital ratio.

- or -


•	A Eurodollar Rate equal to the London interbank offered rate (LIBOR) plus an applicable spread ranging from 1.18% to 1.60%, as determined by the Company’s prevailing consolidated debt to total capital ratio.

As of August 31, 2015, the indicated spread on Base Rate Advances was 0.18% and the indicated spread on Eurodollar Rate Advances was 1.18%, both based on the Company’s prevailing consolidated debt to total capital ratio.

The Loan Agreement also provides for the payment of a facility fee ranging from 0.20% to 0.40% per annum based upon the Company’s prevailing consolidated debt to total capital ratio. At August 31, 2015, the facility fee rate was 0.20%.

As of August 31, 2015, the Company had no outstanding borrowings under the Loan Agreement.

At August 31, 2015, the Company had open standby letters of credit totaling $0.4 under the Loan Agreement.

The Loan Agreement contains certain covenants, including interest coverage and leverage ratio tests and certain limitations on the amount of dividends and other distributions, and at August 31, 2015, the Company was in compliance with these covenants.

Lines of Credit

As of August 31, 2015, the Company had domestic unsecured money market bid rate credit lines totaling $25.0. Outstanding borrowings under these credit lines were $0.0, $0.0 and $7.5 at August 31, 2015, May 31, 2015 and August 31, 2014, respectively. At August 31, 2015, the Company had open standby letters of credit totaling $4.9 under the domestic unsecured money market bid rate credit lines. As of August 31, 2015, availability under these unsecured money market bid rate credit lines totaled $20.1. All loans made under these credit lines are at the sole discretion of the lender and at an interest rate and term agreed to at the time each loan is made, but not to exceed 365 days. These credit lines may be renewed, if requested by the Company, at the option of the lender.

As of August 31, 2015, the Company had equivalent local currency credit lines totaling $23.7. Outstanding borrowings under these lines of credit totaled $5.7, $6.0 and $6.4 at August 31, 2015, May 31, 2015 and August 31, 2014, respectively. As of August 31, 2015, the equivalent amounts available totaled $18.0, underwritten by banks primarily in the United States, Canada and the United Kingdom. These credit lines are typically available for overdraft borrowings or loans up to 364 days and may be renewed, if requested by the Company, at the sole option of the lender.