Long-Term Debt

Debt as of June 29, 2013 and June 30, 2012 includes the following:



	2013			2012
Borrowings under $250M Revolver	$	—		$	114,400
Borrowings under $75M Variable Rate Notes	75,000			75,000
Borrowings under $50M A/R Line	—			28,600
Borrowings under $100M Fixed Rate Notes	100,000			—
Capital leases and other	18			224
	175,018			218,224
Less current maturities	(18		)	(206		)
Total long-term debt	$	175,000		$	218,018

We have a $250,000, unsecured revolving credit facility ("$250M Revolver") with a syndicate of banks, which expires on March 7, 2017. Borrowings in U.S. dollars under this credit facility generally bear interest at the adjusted London Interbank Offered Rate ("LIBOR") for specified interest periods plus a margin, which can range from 1.00% to 2.00%, depending on our consolidated leverage ratio. Additionally, we have access to a swingline facility under this line of credit as well as alternative base rate borrowings that are priced based on an agreed upon baseline rate plus a spread determined by the same consolidated leverage ratio.

As of June 29, 2013, there were no borrowings outstanding under this facility. The unused portion of this facility may be used for general corporate purposes, acquisitions, share repurchases, dividends, working capital needs and to provide up to $50,000 in letters of credit. As of June 29, 2013 letters of credit outstanding under this facility totaled $636 and primarily related to our property and casualty insurance programs. No amounts have been drawn upon these letters of credit. We pay a fee on the unused daily balance of this facility based on a leverage ratio calculated on a quarterly basis. At June 29, 2013 this fee was 0.20% of the unused daily balance.

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 the material covenants required by the terms of this facility as of June 29, 2013:



	Required		Actual
Maximum Leverage Ratio (Debt/EBITDA)	3.50		1.60
Minimum Interest Coverage Ratio (EBITDA/Interest Expense)	3.00		25.91
Minimum Net Worth	$	377,808	$	467,008

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.

On April 12, 2013, we amended this facility to remove the minimum net worth covenant. However, this change is not effective until the earlier of June 30, 2015 or the date of full repayment of the $75,000 variable rate unsecured private placement notes.

We have $75,000 of variable rate unsecured private placement notes ("$75M Variable Rate Notes") bearing 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 June 29, 2013, the outstanding balance of the notes was $75,000 at an all-in rate of 0.88%. As mentioned above, we have a minimum net worth covenant, which could limit the amount of dividends and share repurchases in any given period.

We maintain a $50,000 accounts receivable securitization facility ("$50M A/R Line"), 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 June 29, 2013 there were no borrowings outstanding under this securitization facility and there were $26,225 of letters of credit outstanding, primarily related to our property and casualty insurance programs.

On April 15, 2013, we issued $100,000 of fixed rate unsecured senior notes ("$100M Fixed Rate Notes") through a private placement transaction. We issued $50,000 of the notes with a fixed interest rate of 3.73% per annum maturing April 15, 2023 and $50,000 of the notes with a fixed interest rate of 3.88% per annum maturing on April 15, 2025. Interest on the notes is payable semiannually. As of June 29, 2013, the outstanding balance of the notes was $100,000 at an all-in rate of 3.81%.

The unsecured senior notes contain customary covenants, including, without limitation, covenants limiting priority indebtedness and liens. There is also a make-whole provision, as well as restrictions on mergers, consolidations, sales of assets and transactions with affiliates.

The proceeds were used to refinance existing floating rate debt under our unsecured revolving credit facility and accounts receivable securitization facility.

See Note 6, "Derivative Financial Instruments" of the Notes to the Consolidated Financial Statements for details of our interest rate swap and hedging activities related to our outstanding debt.

The credit facilities, loan agreements, fixed rate notes and variable rate notes contain various restrictive covenants that, among other matters, require us to maintain a minimum stockholders’ equity and a maximum leverage ratio. These debt arrangements also contain customary representations, warranties, covenants and indemnifications. At June 29, 2013, we were in compliance with all debt covenants.

The following table summarizes payments due on long-term debt, including capital leases, as of June 29, 2013 for the next five fiscal years and thereafter:



2014	$	18
2015	—
2016	75,000
2017	—
2018 and thereafter	100,000