Long-Term Debt

Debt as of March 30, 2013 and June 30, 2012 includes the following:



	March 30, 2013			June 30, 2012
Borrowings under unsecured revolving credit facility	$	88.5		$	114.4
Borrowings under unsecured variable rate notes	75.0			75.0
Borrowings under secured variable rate loans	23.8			28.6
Other debt arrangements including capital leases	—			0.2
	187.3			218.2
Less current maturities	(23.8		)	(0.2		)
Total long-term debt	$	163.5		$	218.0

We have a $250.0 million, unsecured revolving credit facility with a syndicate of banks, which expires on March 7, 2017. Borrowings in U.S. dollars under this credit facility, at our election, bear interest at (a) adjusted LIBOR for specified interest periods plus a margin, which can range from 1.00% to 2.00%, determined with reference to our consolidated leverage ratio or (b) a floating rate equal to the greatest of (i) JPMorgan’s prime rate, (ii) the federal funds rate plus 0.50% and (iii) the adjusted LIBOR for a one month interest period plus 1.00%, plus, in each case, a margin determined with reference to our consolidated leverage ratio. Base rate loans will, at our election, bear interest at (i) the rate described in clause (b) above or (ii) a rate to be agreed upon by us and JPMorgan. Borrowings in Canadian dollars under the credit facility will bear interest at (a) the Canadian deposit offered rate plus 0.10% for specified interest periods plus a margin determined with reference to our consolidated leverage ratio or (b) a floating rate equal to the greater of (i) the Canadian prime rate and (ii) the Canadian deposit offered rate for a one month interest period plus 1.00%, plus, in each case, a margin determined with reference to our consolidated leverage ratio.

As of March 30, 2013, borrowings outstanding under the revolving credit facility were $88.5 million. The unused portion of the revolver may be used for general corporate purposes, acquisitions, share repurchases, dividends, working capital needs and to provide up to $50.0 million in letters of credit. As of March 30, 2013, letters of credit outstanding against the revolver totaled $0.6 million and primarily related to our property and casualty insurance programs. No amounts have been drawn upon these letters of credit. Availability of credit under this facility requires that we maintain compliance with certain covenants.

The covenants under this agreement are the most restrictive when compared to our other credit facilities. The following table illustrates compliance with regard to the material covenants required by the terms of this facility as of March 30, 2013:



	Required		Actual
Maximum Leverage Ratio (Debt/EBITDA)	3.50		1.78
Minimum Interest Coverage Ratio (EBITDA/Interest Expense)	3.00		26.38
Minimum Net Worth	$	379.8	$	450.3

Our maximum leverage ratio and minimum interest coverage ratio covenants are calculated by adding back certain non-cash charges, as defined in our debt agreement.

Borrowings outstanding as of March 30, 2013 bear interest at a weighted average all-in rate of 1.70%. We also pay a fee on the unused daily balance of the revolving credit facility based on a leverage ratio calculated on a quarterly basis. At March 30, 2013 this fee was 0.25% of the unused daily balance.

On April 12, 2013, we amended our $250.0 million unsecured revolving credit facility to remove the minimum net worth covenant. The effective date of the change in this covenant is the earlier of June 30, 2015 or the date of full repayment of the $75.0 million variable rate unsecured private placement notes.

We have $75.0 million of variable rate unsecured private placement notes. The notes bear interest at 0.60% over LIBOR and are scheduled to mature on June 30, 2015. The notes do not require principal payments until maturity. Interest payments are reset and paid on a quarterly basis. As of March 30, 2013, the outstanding balance of the notes was $75.0 million at an all-in rate of 0.91%.

We maintain a $50.0 million accounts receivable securitization facility, which expires on September 27, 2013. Under the terms of the facility, we pay interest at a rate per annum equal to a margin of 0.76%, plus LIBOR. The facility is subject to customary fees for the issuance of letters of credit and any unused portion of the facility. As is customary with transactions of this nature, our eligible accounts receivable are sold to a consolidated subsidiary. As of March 30, 2013, there was $23.8 million outstanding under this loan agreement at an all-in interest rate of 0.96% and $26.2 million of letters of credit were outstanding, primarily related to our property and casualty insurance programs.

See Note 5, “Derivative Financial Instruments” of the Notes to the Condensed Consolidated Financial Statements for details of our interest rate swap and hedging activities related to our outstanding debt and Note 16, "Subsequent Event," of the Notes to the Condensed Consolidated Financial Statements for details of a new debt arrangement.