Financing Arrangements

Debt consists of the following:



	January 31, 2020		October 31, 2019
Credit Agreement—interest rate of 5.13% at January 31, 2020 and 5.18% at October 31, 2019	$	265,195	$	248,695
Capital lease obligations	1,885		1,975
Total debt	267,080		250,670
Less: Current debt	1,885		1,975
Total long-term debt	$	265,195	$	248,695

At January 31, 2020, the Company had floating rate debt on a revolving line of credit of $265,195, net of its capital lease obligations. The weighted average interest rate of all debt was 5.11% and 5.03% for the three months ended January 31, 2020 and 2019, respectively.

Revolving Credit Facility:

The Company and its subsidiaries are party to a Credit Agreement, dated October 25, 2013, as amended (the "Credit Agreement") with Bank of America, N.A., as Administrative Agent, Swing Line Lender, Dutch Swing Line Lender and L/C Issuer, JPMorgan Chase Bank, N.A. as Syndication Agent, 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 The Huntington National Bank, N.A., as Co-Documentation Agents and the other lender parties thereto.

On June 6, 2019, we executed the Ninth Amendment to the Credit Agreement which improved certain thresholds for the consolidated leverage ratio and various baskets related to the indebtedness of foreign subsidiaries, disposition of assets, capital expenditures and sale leaseback transactions. The Ninth Amendment also adjusted the interest rate margins based on the applicable pricing tiers, but did not modify the aggregate revolving commitments under the Credit Agreement.

Borrowings under the Credit Agreement bear interest, at our option, at LIBOR or the base (or "prime") rate established from time to time by the Administrative Agent, in each case plus an applicable margin. The Fifth Amendment provided for an interest rate margin on LIBOR loans of 1.5% to 3.0% and of 0.5% to 2.0% on base rate loans depending on the Company's leverage ratio.

The Credit Agreement contains customary restrictive and financial covenants, including covenants regarding our 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. We were in compliance with the financial covenants as of January 31, 2020 and October 31, 2019. The interest coverage ratio remains at 3.5 times and the leverage ratio decreases from 4.75 times in the first quarter of 2020 to 3.25 times in the fourth quarter of 2020.

After considering letters of credit of $4,254 that we have issued, unused commitments under the Credit Agreement were $80,551 as of January 31, 2020. Actual borrowing capacity is subject to the Credit Agreement covenants and could be less than the stated unused commitments.

Borrowings under the Credit Agreement are collateralized by a first priority security interest in substantially all of the tangible and intangible property of the Company and our domestic subsidiaries and 66% of the stock of our foreign subsidiaries.

Other Debt:

We maintain finance leases for equipment used in our manufacturing facilities with lease terms expiring between 2019 and 2020. As of January 31, 2020, the present value of minimum lease payments under our capital leases amounted to $1,885.

Scheduled repayments of debt for the next five years are listed below:



Twelve Months Ending January 31,	Credit Agreement		Capital Lease Obligations		Total
2021	$	—	$	1,885	$	1,885
2022	—		—		—
2023	265,195		—		265,195
2024	—		—		—
2025	—		—		—
Total	$	265,195	$	1,885	$	267,080