In August 2013, the Company entered into a credit facility with SunTrust Bank, N.A. and other named lenders, periodically was amended and restated, (the "Second Amended and Restated Credit Facility"). The Company paid off the Second Amended and Restated Credit Facility in June 2019 upon entering into the new Credit Facility with Bank of America, N.A. ("Bank of America"). The Company expensed $516 of remaining debt issuance costs, which are included in other expense, net on the Condensed Consolidated Statements of Income.

In June 2019, the Company entered into a credit facility with Bank of America and other named lenders (the "The Credit Facility"). The Credit Facility, which matures on June 3, 2024, provides a senior secured revolving line of credit with a maximum borrowing capacity of $250,000. The Company paid $510 in loan costs that will be deferred and amortized on a straight-line basis over the term of the Credit Facility.

The Credit Facility provides for interest at a rate either based on the London Interbank Offered Rate, or LIBOR, plus a margin ranging from 1.00% to 1.50%, or based on the base rate offered by Bank of America plus a margin ranging from 0.00% to 0.50%. At June 28, 2019, the one-month LIBOR and prime rates were 2.40% and 5.50%, respectively. At June 28, 2019, our weighted average interest rate on outstanding borrowing was 3.64%. The Credit Facility is secured by substantially all of the Company’s assets, restricts the Company's ability to make certain payments and engage in certain transactions, and requires that the Company satisfy customary financial ratios. The Company was in compliance with the covenants as of June 28, 2019.

The Credit Facility permits up to $15,000 of the aggregate revolving commitment to be used by the Company for issuance of letters of credit, of which $5,000 was outstanding at June 28, 2019.



	June 28,
	2019
Amount outstanding	$	77,553
Standby letter of credit	5,000
Available borrowing capacity	167,447
Total borrowing capacity	$	250,000
Maturity date	June 3, 2024