Financing Arrangements

Debt consists of the following:



	January 31, 2014		October 31, 2013
Credit Agreement —interest rate at 1.89% and 1.95% at January 31, 2014 and October 31, 2013, respectively	$	114,500	$	117,400
Equipment security note	2,343		2,461
Capital lease obligation	451		—
Insurance broker financing agreement	203		405
Total debt	117,497		120,266
Less: Current debt	771		882
Total long-term debt	$	116,726	$	119,384

The weighted average interest rate of all debt was 1.95% and 1.91% for the three months ended January 31, 2014 and January 31, 2013, respectively.

On October 25, 2013, the Company entered into a Credit Agreement (the “Credit Agreement”) with Bank of America, N.A., as Administrative Agent, Swing Line Lender and L/C Issuer, Merrill Lynch, Pierce, Fenner & Smith Incorporated and J.P. Morgan Securities, LLC as Joint Lead Arrangers and Joint Book Managers, The PrivateBank and Trust Company, Compass Bank and RBS Citizens, N.A., as Co-Documentation Agents, and the other lender parties thereto. The Company's domestic subsidiaries have guaranteed certain of the Company's obligations under the Agreement.

The Credit Agreement has a five-year term and provides for a $300 million secured revolving line of credit, which may be increased up to an additional $100 million subject to the Company’s compliance with the terms of the Credit Agreement and pro forma compliance with certain financial covenants, notice to the Administrative Agent and the Company obtaining commitments for such increase. Funds borrowed from the Credit Agreement were used to payoff borrowed funds under the Company's prior credit agreement.

Borrowings under the Credit Agreement bear interest, at LIBOR plus the applicable rate as referenced in the Credit Agreement or at the option of the Company the highest of (a) the Federal Funds Rate plus 0.50%, (b) the rate of interest in effect for such day as publicly announced from time to time by Bank of America, N.A. as its prime rate or (c) the Eurocurrency Rate plus 1.00%. In addition to interest charges, the Company will pay in arrears a quarterly commitment fee ranging from 0.20% - 0.35% based on the Company’s daily revolving exposure.

The Credit Agreement contains customary restrictive and financial covenants, including covenants regarding the Company’s outstanding indebtedness and maximum leverage and interest coverage ratios. The Credit Agreement also contains standard provisions relating to conditions of borrowing. In addition, the Credit Agreement contains customary events of default, including the non-payment of obligations by the Company and the bankruptcy of the Company. If an event of default occurs, all amounts outstanding under the Credit Agreement may be accelerated and become immediately due and payable. The Company was in compliance with the financial covenants as of January 31, 2014, and October 31, 2013.

On December 30, 2013, the Company entered into a First Amendment Agreement (the “First Amendment”) amending the Agreement.

The First Amendment permits the incurrence of state or local Governmental Authority bonds as part of a government tax incentive program, the proceeds of which are used to finance or refinance the acquisition, construction, equipping or improvement of facilities or property used by the Company, subject to a cap of $30 million and certain other terms and conditions, and was executed in connection with the issuance of certain Development Authority of Jefferson, Georgia Taxable Industrial Development Revenue Bonds (Jefferson Blanking Inc.) Series 2013 with a principal amount not exceeding $8 million.

After considering letters of credit of $2,441 that the Company has issued, available funds under the Agreement were $183,059 at January 31, 2014.

Borrowings under the Agreement are collateralized by a first priority security interest in substantially all of the tangible and intangible property of the Company and its domestic subsidiaries and 65% of the stock of foreign subsidiaries.

In July 2013, the Company entered into a finance agreement with an insurance broker for various insurance policies that bears interest at a fixed rate of 2.15% requiring an initial down payment of $186 due with the first monthly payment of $68. The monthly payments extend through April 2014. As of January 31, 2014, $203 remained outstanding under this agreement.

On September 2, 2013, the Company entered into an equipment security note that bears interest at a fixed rate of 2.47% and requires monthly payments of $44 through September 2018. As of January 31, 2014, $2,343 remained outstanding under this agreement and $480 was classified as current debt and $1,863 was classified as long term debt in the Company’s condensed consolidated balance sheets.

On December 27, 2013, the Company entered into a master lease agreement with The Huntington National Bank for machinery and equipment. The lease bears interest at a fixed rate of 3.054% and requires monthly payments of $8 through November 2018. As of January 31, 2014, $451 remained outstanding under this agreement and $88 was classified as current debt and $363 was classified as long term debt in the Company's condensed consolidated balance sheets.

Scheduled repayments under the terms of the Agreement including repayments of other debt for the next five years are listed below:



Twelve Months ended January 31,	Credit Agreement		Equipment Security Note		Capital Lease Obligation		Other Debt		Total
2014	$	—	$	480	$	88	$	203	$	771
2015	—		492		91		—		583
2016	—		504		94		—		598
2017	—		516		97		—		613
2018	114,500		351		81		—		114,932
Total	$	114,500	$	2,343	$	451	$	203	$	117,497