CREDIT ARRANGEMENTS

9 Months Ended

May 31, 2021

Long-term debt was as follows:


(in thousands)	Weighted Average Interest Rate as of May 31, 2021	May 31, 2021		August 31, 2020
2031 Notes	3.875%	$	300,000	$	—
2027 Notes	5.375%	300,000		300,000
2026 Notes	5.750%	—		350,000
2023 Notes	4.875%	330,000		330,000
Poland Term Loan	1.710%	54,606		40,713
Short-term borrowings	1.000%	28,900		—
Other	5.100%	19,492		21,329
Finance leases		52,370		50,224
Total debt		1,085,368		1,092,266
Less debt issuance costs		8,504		8,581
Total amounts outstanding		1,076,864		1,083,685


Less current maturities of long-term debt and short-term borrowings		56,735		18,149
Long-term debt		$	1,020,129	$	1,065,536

In February 2021, the Company issued $300.0 million of 3.875% Senior Notes due February 2031 (the "2031 Notes"). Issuance costs associated with the 2031 Notes were approximately $4.9 million in the nine month period ended May 31, 2021. Interest on the 2031 Notes is payable semiannually.

In May 2018, the Company issued $350.0 million of 5.750% Senior Notes due April 2026 (the "2026 Notes"). In February 2021, the Company accepted for purchase approximately $77.8 million of the outstanding principal amount of the 2026 Notes through a cash tender offer. Following the expiration of the cash tender offer on February 18, 2021, the Company redeemed the remaining outstanding principal amount of the 2026 Notes. In the nine months ended May 31, 2021, the Company recognized a $16.8 million loss on debt extinguishment related to the retirement of the 2026 Notes.

In March 2021, the Company entered into a Fifth Amended and Restated Credit Agreement (as amended, the "Credit Agreement") with a revolving credit facility (the "Revolver") of $400.0 million and a maturity date in March 2026, replacing the Fourth Amended and Restated Credit Agreement with a revolving credit facility of $350.0 million and a maturity date in June 2022. The Company had no amounts drawn under the Revolver or the previous revolving credit facility at May 31, 2021 or August 31, 2020. The availability under the Revolver and the previous revolving credit facility was reduced by outstanding stand-by letters of credit totaling $3.0 million at May 31, 2021 and August 31, 2020.

The Company has a Term Loan facility (the "Poland Term Loan") through its subsidiary, CMC Poland Sp. z.o.o. ("CMCP"), upon which an incremental principal amount of PLN 50.0 million, or $13.7 million, was drawn in March 2021. At May 31, 2021, the maximum amount available under the facility, PLN 200.0 million, or $54.6 million, was outstanding, compared to PLN 150.0 million, or $40.7 million, outstanding as of August 31, 2020.

During the third quarter of 2021, the Company amended certain terms of the credit facilities in Poland through its subsidiary, CMCP, reducing the total credit facilities from PLN 275.0 million to PLN 250.0 million, or $68.3 million, as of May 31, 2021, and extending the expiration date from March 2022 to March 2024. No amounts were outstanding under these facilities as of May 31, 2021 or August 31, 2020. The available balance of these credit facilities was reduced by outstanding stand-by letters of credit, guarantees, and/or other financial assurance instruments, which totaled $0.9 million and $0.8 million at May 31, 2021 and August 31, 2020, respectively.

The Company's debt agreements require compliance with certain non-financial and financial covenants, including an interest coverage ratio and a debt to capitalization ratio. At May 31, 2021, the Company was in compliance with all covenants contained in its debt agreements.

Accounts Receivable Facilities

In April 2021, the Company amended certain terms of the U.S. trade accounts receivable facility (the "U.S. Facility"), reducing the maximum facility from $200 million to $150 million and extending the expiration date from November 2021 to March 2023. The Company had no advance payments outstanding under the U.S. Facility at May 31, 2021 or August 31, 2020.

The Poland accounts receivable facility has a limit of PLN 220.0 million, or $60.1 million, at May 31, 2021. The Company had PLN 105.9 million, or $28.9 million, advance payments outstanding under the Poland accounts receivable facility at May 31, 2021 and none at August 31, 2020.