MOVADO GROUP, INC. The Company's Swiss subsidiaries maintain secured and unsecured lines of credit with Swiss banks, a majority of which have an unspecified duration. Available credit under these lines totaled 11.3 million Swiss francs and 10.0 million Swiss francs, with dollar equivalents of approximately $6.9 million and $6.0 million at January 31, 2001 and 2000, of which a maximum of $5.0 million can be drawn. One subsidiary's credit line contains a covenant requiring maintenance of retained earnings above a specified minimum level. This sub- sidiary was in compliance with this covenant at January 31, 2001 and 2000. There are no other restrictions on transfers in the form of dividends, loans or advances to the Company by its foreign subsidiaries. Outstanding borrowings against the Company's aggregate demand lines of credit were $8.8 million at January 31, 2001 and $13.5 million at January 31, 2000. Aggregate maximum and average monthly  outstanding borrowings against the Company's lines of credit and related weighted average interest rates  during fiscal 2001, 2000 and 1999 were as follows  (in thousands) : Weighted average interest rates were computed based on average month-end outstanding borrowings and applicable average month-end interest rates. The components of long-term debt as of January 31 were as follows (in thousands): Senior Notes due January 31, 2005 (the “Senior Notes”) were issued in a private placement completed in fiscal 1994 and bear interest at 6.56% per annum, payable semiannually on July 31 and January 31, and are  subject to annual payments of $5.0 million commencing January 31, 1998. Accordingly, such amounts have been classified as a current liability in fiscal 2001 and 2000. The Company has the option to prepay amounts due to holders of the Senior Notes at 100% of the principal plus a “make-whole” premium and accrued interest. Note 5. Long-Term Debt 47 Fiscal Year Ended January 31, 2001 2000 1999 Maximum borrowings $51,850 $61,900 $70,900 Average monthly borrowings $31,622 $40,290 $41,229 Weighted average interest rate 8.2% 6.3% 6.9% 2001 2000 Senior Notes $20,000 $25,000 Series A Senior Notes 25,000 25,000 45,000 50,000 Less current portion 5,000 5,000 Long-term debt $40,000 $45,000