Long-Term Debt and Capital Lease Obligations

3 Months Ended

Mar. 29, 2014

Long-Term Debt and Capital Lease Obligations

LONG-TERM DEBT AND CAPITAL LEASE OBLIGATIONS

Long-Term Debt

Long-term debt consists of the following:



	March 29, 2014			December 28, 2013
Term loans	$	404,250		$	409,500
Revolving credit facility	235,603			253,308
Other long-term debt	241			241
Total debt	640,094			663,049
Less: current portion of long-term debt	(26,491		)	(21,241		)
Long-term debt	$	613,603		$	641,808

On May 29, 2013, we amended and restated our credit agreement dated September 23, 2011 to repay loans outstanding under the previous agreement, to retire our 2.25% Senior Convertible Debentures (2013 Notes), and to extend the maturity date of our credit agreement under a new $970,000 agreement (the $970M Credit Facility). The $970M Credit Facility provides for a $420,000 U.S. term loan facility and a $550,000 multi-currency revolving credit facility. The revolving credit facility may be drawn in U.S. Dollars, Euros, Pound Sterling, or Japanese Yen, subject to sub-limits by currency. Under specified circumstances, we have the ability to expand the term loan and/or revolving credit facility by up to $350,000 in the aggregate. Certain financing costs associated with the $970M Credit Facility were capitalized as deferred financing costs and will be amortized over the life of the agreement using the effective interest method.

The $420,000 U.S. term loan matures in quarterly installments through maturity on May 29, 2018. The revolving credit facility also matures on May 29, 2018 and requires no scheduled payment before this date. The interest rates applicable to the $970M Credit Facility are variable and are based on an applicable rate plus a spread determined by our leverage ratio. As of March 29, 2014, the interest rate spread for the adjusted LIBOR was 1.25%.

The $970M Credit Facility includes certain customary representations and warranties, events of default, notices of material adverse changes to our business and negative and affirmative covenants. As of March 29, 2014, we were compliant with all financial covenants specified in the credit agreement.

We had $5,109 outstanding under letters of credit as of March 29, 2014.

Principal maturities of existing debt for the periods set forth in the table below, are as follows:



Twelve Months Ending
March 2015	$	26,491
March 2016	42,000
March 2017	52,500
March 2018	73,500
March 2019	445,603
Total	$	640,094

We have capital leases for equipment. These leases are capitalized using interest rates considered appropriate at the inception of the lease. Capital lease obligations amounted to $717 and $740 at March 29, 2014 and December 28, 2013, respectively.