Long-Term Debt

At December 30, 2012, Teledyne had $543.3 million in long-term debt outstanding. At January 1, 2012, Teledyne had $298.0 million in long-term debt outstanding.

On September 15, 2010, the Company issued $250.0 million in aggregate principal amount of private placement Senior Notes at par. The Company used the proceeds of the private placement Senior Notes to pay down amounts outstanding under the Company's then existing $590.0 million credit facility. On October 22, 2012, Teledyne entered into $200.0 million of term loans that mature in October 2015. The proceeds were applied against the $550.0 million revolving credit facility.

On February 25, 2011, Teledyne refinanced the then existing $590.0 million credit facility by terminating the facility and entering into a new facility that has lender commitments totaling $550.0 million. The new facility has a termination date of February 25, 2016. The facility requires the Company to comply with various financial and operating covenants, including maintaining certain consolidated leverage and interest coverage ratios. Excluding interest and fees, no payments are due under the $550.0 million facility until it matures. Borrowings under our credit facility are at variable rates which are, at our option, tied to a Eurocurrency rate equal to LIBOR (London Interbank Offered Rate) plus an applicable rate or a base rate as defined in our credit agreement. Eurocurrency rate loans may be denominated in U.S. dollars or an alternative currency as defined in the agreement. Eurocurrency or LIBOR based loans under the facility typically have terms of one, two, three or six months and the interest rate for each such loan is subject to change if the loan is continued or converted following the applicable maturity date. The Company has not drawn any loans with a term longer than three months under the credit facility. Base rate loans have interest rates that primarily fluctuate with changes in the prime rate. Interest rates are also subject to change based on our consolidated leverage ratio as defined in the credit agreement. The credit agreement also provides for facility fees that vary between 0.20% and 0.45% of the credit line, depending on our consolidated leverage ratio as calculated from time to time. Teledyne also has a $5.0 million uncommitted credit line which permits credit extensions up to $5.0 million plus an incremental $2.0 million solely for standby letters of credit. This credit line is utilized, as needed, for periodic cash needs. There were no outstanding funding advances under the uncommitted credit line at December 30, 2012 or January 1, 2012. The Company also has $14.3 million outstanding under capital leases, of which $1.5 million is current. At year-end 2012, Teledyne had $13.6 million in outstanding letters of credit.

Available borrowing capacity under the $550.0 million credit facility, which is reduced by borrowings and certain outstanding letters of credit, was $458.6 million at December 30, 2012. The credit agreement and term loans requires the Company to comply with various financial and operating covenants and at December 30, 2012, the Company was in compliance with these covenants.

Total interest expense including credit facility fees and other bank charges was $18.2 million in 2012, $16.7 million in 2011 and $6.9 million in 2010.

Teledyne estimates the fair value of its long-term debt based on debt of similar type, rating and maturity and at comparable interest rates. The estimated fair value of Teledyne’s long-term debt at December 30, 2012 and January 1, 2012, approximated the carrying value. Long-term debt consisted of the following (in millions):



Balance at	December 30, 2012		January 1, 2012
4.04% Senior Notes due September 2015	$	75.0	$	75.0
4.74% Senior Notes due September 2017	100.0		100.0
5.30% Senior Notes due September 2020	75.0		75.0
Term Loans Due October 2015, weighted average rate of 1.59%	200.0		—
Other debt at various rates due through 2018 (excluding the current portion)	14.3		—
$550.0 million revolving credit facility, weighted average rate of 2.82% at December 30, 2012 and 2.48% at January 1, 2012	79.0		48.0
Total long-term debt	$	543.3	$	298.0

No minimum principal payments on the revolving credit facility are required until September 2015.