Debt
 9 Months Ended
May 31, 2016
Debt Disclosure [Abstract]  
Debt
Debt
Debt and short-term borrowings consist of the following as of the respective period ends:
($ in thousands)
May 31,
2016
 
August 31,
2015
Revolving Credit Facility
$
—

 
$
—

Capital lease obligations
30,804

 
16,863

Other
31,307

 
28,783

Total debt
62,111

 
45,646

Less short-term borrowings and current portion of long-term debt
(19,514
)
 
(14,080
)
Long-term debt
$
42,597

 
$
31,566


In fiscal year 2012, we entered into a syndicated $625 million unsecured revolving credit facility (the “Revolving Credit Facility”). The Revolving Credit Facility is used for general corporate purposes, which may include acquisitions and share repurchases. The term is five years and will expire in April 2017. The Revolving Credit Facility may be used for borrowings in certain foreign currencies and letters of credit, in each case up to specified sublimits.
We had no outstanding borrowings under the Revolving Credit Facility as of May 31, 2016 and August 31, 2015, but we had approximately $39 million and $41 million of outstanding letters of credit as of the respective periods. We also borrowed $50 million under the Revolving Credit Facility during the second quarter of fiscal year 2016, but subsequently repaid the amount later in the same quarter.
The Revolving Credit Facility fees are determined based on a pricing grid that varies according to our leverage ratio. The Revolving Credit Facility fee ranges from 25 to 40 basis points. Incremental fees for borrowings under the facility generally range from Prime + 25 to 85 basis points.
The Revolving Credit Facility contains various customary representations, covenants and other provisions, including a material adverse event clause and the following financial covenants: maximum leverage ratio, minimum interest and rent expense coverage ratio, and U.S. Department of Education financial responsibility composite score requirements. We were in compliance with all applicable covenants related to the Revolving Credit Facility at May 31, 2016 and August 31, 2015.
Other debt principally includes debt at subsidiaries of Apollo Global and other obligations. The weighted average interest rate on our outstanding other debt at May 31, 2016 and August 31, 2015 was 6.1% and 5.6%, respectively.
The carrying value of our debt, excluding capital leases, approximates fair value based on the nature of our debt, which includes consideration of the portion that is variable-rate.