5. Debt

Long-term debt consisted of the following at:

	July 29, 2011			July 30, 2010
2011 Revolving credit facility expiring on July 8, 2016	$	318,750		$	--
Term loan payable on or before July 8, 2016		231,250			--
Term loans payable on or before April 27, 2013		--			347,559
Term loans payable on or before April 27, 2016		--			232,585
Note payable		246			346
		550,246			580,490
Current maturities		(103	)		(6,746	)
Long-term debt	$	550,143		$	573,744

The aggregate maturities of long-term debt subsequent to July 29, 2011 are as follows:

Year
2012	$	103
2013		18,857
2014		25,036
2015		25,000
2016		481,250
Total	$	550,246

Credit Facility

On July 9, 2011, the Company entered into a five-year $750,000 credit facility (the “2011 Credit Facility”) consisting of a $250,000 term loan (aggregate outstanding at July 29, 2011 was $231,250) and a $500,000 revolving credit facility (“the 2011 Revolving Credit Facility). The 2011 Credit Facility replaced terms loans totaling $575,000 and a $165,000 revolving credit facility (“Prior Credit Facility”). Loan acquisition costs associated with the 2011 Credit Facility were capitalized in the amount of $5,125 and will be amortized over the five-year term of the 2011 Credit Facility. Loan acquisition costs of $3,860 associated with the Prior Credit Facility were written off in 2011 and are recorded in interest expense in the Consolidated Statement of Income.

At July 29, 2011, the Company had $318,750 outstanding borrowings under the 2011 Revolving Credit Facility. At July 30, 2010, the Company did not have any outstanding borrowings under the then existing revolving credit facility. At July 29, 2011, the Company had $29,981 of standby letters of credit, which reduce the Company's availability under the 2011 Revolving Credit Facility (see Note 16). At July 29, 2011, the Company had $151,269 in borrowing availability under the 2011 Revolving Credit Facility.

In accordance with the 2011 Credit Facility and the Prior Credit Facility, outstanding borrowings bear interest, at the Company's election, either at LIBOR or prime plus a percentage point spread based on certain specified financial ratios. As of July 29, 2011 and July 30, 2010, the Company's outstanding borrowings were swapped at weighted average interest rates of 7.57% and 7.47%, respectively (see Notes 2 and 6 for information on the Company's interest rate swaps). As of July 30, 2010, the weighted average interest rate on the remaining $5,144 of the Company's term loans was 2.23%.

Similar to the Prior Credit Facility, the 2011 Credit Facility contains customary financial covenants, which are specified in the agreement and include maintenance of a maximum consolidated total leverage ratio and a minimum consolidated interest coverage ratio. At July 29, 2011 and July 30, 2010, the Company was in compliance with all debt covenants.

The 2011 Credit Facility also imposes restrictions on the amount of dividends the Company is able to pay. If there is no default then existing and the total of our availability under the 2011 Revolving Credit Facility plus the Company's cash and cash equivalents on hand is at least $100,000, the Company may both: (1) pay cash dividends on its common stock if the aggregate amount of dividends paid in any fiscal year is less than 15% of Consolidated EBITDA from continuing operations (as defined in the 2011 Credit Facility) during the immediately preceding fiscal year; and (2) in any event, increase its regular quarterly cash dividend in any quarter by an amount not to exceed the greater of $.01 per share or 10% of the amount of the dividend paid in the prior fiscal quarter.

Note Payable

The note payable consists of a five-year note with a vendor with an original principal amount of $507 and represents the financing of prepaid maintenance for telecommunications equipment. The note payable is payable in monthly installments of principal and interest of $9 through October 16, 2013 and bears interest at 2.88%.