Note 8. Debt
The following is a summary of the Company’s indebtedness (in thousands):
| | | | | | | | | | | |
| | August 31, |
| | 2022 | | 2021 |
| Short-term debt | $ | 4,000 | | | $ | — | |
| Senior Credit Facility | | | |
| Revolver | 200,000 | | | 175,000 | |
| Total Debt | $ | 204,000 | | | $ | 175,000 | |
Senior Credit Facility
In March 2019, the Company entered into a senior credit facility (the "Senior Credit Facility") with a syndicate of banks, to among other things, (i) expand the multi-currency revolving line of credit from $300 million to $400 million, (ii) extend the maturity of the Company's Senior Credit Facility from May 2020 to March 2024 (no required principal payments prior to maturity) and (iii) modify certain other provisions of the credit agreement including a reduction in pricing. The Senior Credit Facility was initially comprised of a $400 million revolving line of credit and a $200 million term loan.
At August 31, 2022, there were $200 million borrowings under the revolving line of credit and $190.8 million of available borrowing capacity under the revolving line of credit. Additionally, at August 31, 2022, there was $4 million borrowings against our Credit Facility swingline, which has been reflected as "Short-term debt" on the Consolidated Balance Sheets.
The Senior Credit Facility provided the option for future expansion, subject to certain conditions, through a $300 million accordion and/or a $200 million incremental term loan. Borrowings under the Senior Credit Facility bore interest at a variable rate based on LIBOR or a base rate, ranging from 1.125% to 2.00% in the case of loans bearing interest at LIBOR and from 0.125% to 1.00% in the case of loans bearing interest at the base rate. In addition, a non-use fee was payable quarterly on the average unused amount of the revolving line of credit ranging from 0.15% to 0.3% per annum, based on the Company's net leverage.
The Senior Credit Facility contained two financial covenants which are a maximum leverage ratio of 3.75:1 and a minimum interest coverage ratio of 3.5:1. The Senior Credit Facility provided for adjustments to the underlying ratios in connection with certain transaction, including an increase to the leverage ratio from 3.75 to 4.25 during the four fiscal quarters after a significant acquisition.
The Company was in compliance with all financial covenants at August 31, 2022. Borrowings under the Senior Credit Facility were secured by substantially all personal property assets of the Company and its domestic subsidiary guarantors and certain equity interests owned by the foreign law pledgors.
On September 9, 2022, the Company refinanced the Senior Credit Facility with a new $600 million senior credit facility, comprised of a $400 million revolving line of credit and a $200 million term loan, which will mature in September 2027. See Note 18, "Subsequent Event" in the notes to the consolidated financial statements for further details. Cash Paid for Interest
The Company made cash interest payments of $3.1 million, $3.7 million and $18.7 million in fiscal 2022, 2021 and 2020, respectively.