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Long-Term Debt
12 Months Ended
May 31, 2012
Debt Disclosure [Abstract]  
Long-Term Debt
9. LONG-TERM DEBT

On August 18, 2009, we entered into, through our wholly-owned direct operating subsidiary Schiff Nutrition Group, Inc. (“SNG”), an $80,000 revolving credit facility (the “Credit Facility”) with U.S. Bank National Association, as Agent.  Borrowings under the Credit Facility were subject to interest at floating rates based on U.S. Bank's prime rate, the Federal Funds rate, or the LIBOR rate.  In addition, we were obligated to pay certain commitment fees on any
unused amounts based on rates ranging from 0.25% to 0.50%.  The Credit Facility, which was scheduled to mature on August 18, 2012, was terminated on March 30, 2012.
 
On March 30, 2012, we replaced the Credit Facility with a new credit agreement (the “Credit Agreement”), with Royal Bank of Canada as agent, that provides for borrowings up to $200,000.  Pursuant to the Credit Agreement, as amended, we borrowed $140,000 of term loans (the “Term Loans”) to partially finance our acquisition of Airborne, Inc.  The Credit Agreement also provides a $60,000 revolving credit facility (the “Revolver Loans”), which may be used to fund our normal working capital and capital expenditure requirements, and certain permitted strategic transactions.  Borrowings under the Credit Agreement bear interest at floating rates, subject to a floor, based on the Royal Bank of Canada's prime rate, the Federal Funds rate, or the adjusted Eurodollar rate.  The Term Loans mature on March 30, 2018, and Revolver Loans mature on March 30, 2017.  The Term Loans will amortize in equal quarterly installments in an amount equal to 1.00% per annum of the original principal amount thereof, with the remaining balance due at final maturity.  We may prepay any loans without penalty or premium, and Term Loans may be repaid at a discount subject to conditions set forth in the Credit Agreement.  We are required to prepay any Term Loans in an amount equal to (i) 100% of the net cash proceeds from any debt incurred by us, (ii) 100% of any asset sales, casualty and condemnation events and (iii) 50% of excess cash flow (such percentage to be subject to reduction based on achievement of specified senior secured net leverage ratios), in each case, subject to certain reinvestment rights and other exceptions.  We are obligated to pay certain commitment fees on any unused amounts based on rates ranging from 0.375% to 0.750%.

At May 31, 2012, we had outstanding $2,000 in Revolver Loans; and $133,762 in Term Loans, which is net of unamortized debt issuance costs of $6,238.  The interest rate on the Revolver and Term Loans, respectively, was 4.99% and 6.00% at May 31, 2012.  The current portion of the Revolver and Term Loans, reflected as a current liability in the May 31, 2012 balance sheet, is $3,400.  Although contractually due on March 30, 2017, the outstanding $2,000 in Revolver Loans was paid in July 2012 and is reflected as a current liability at May 31, 2012.

At May 31, 2012, future maturities of the Revolver and Term Loans, excluding debt issuance costs, are as follows; $3,400 (2013), $1,400 (2014), $1,400 (2015), $1,400 (2016), $1,400 (2017) and $133,000 thereafter.  These future maturities exclude potential elective or required pre-payments as described above, if any.

Cash interest payments amounted to $2,220, $227 and $194, respectively, for fiscal 2012, 2011 and 2010.