Long-Term Debt

Debt as of September 28, 2013 and June 29, 2013 includes the following:



	September 28, 2013		June 29, 2013
Borrowings under $250M Revolver	$	6,600	$	—
Borrowings under $75M Variable Rate Notes	75,000		75,000
Borrowings under $100M Fixed Rate Notes	100,000		100,000
Capital leases and other	—		18
	181,600		175,018
Less current maturities	—		(18		)
Total long-term debt	$	181,600	$	175,000

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 September 28, 2013, borrowings outstanding under the revolving credit facility were $6,600 at a rate of LIBOR plus a margin of 1.25%. 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 $50,000 in letters of credit. As of September 28, 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 the revolving credit facility based on a leverage ratio calculated on a quarterly basis. At September 28, 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 regard to the material covenants required by the terms of this facility as of September 28, 2013:



	Required		Actual
Maximum Leverage Ratio (Debt/EBITDA)	3.50		1.58
Minimum Interest Coverage Ratio (EBITDA/Interest Expense)	3.00		24.40
Minimum Net Worth	$	379,836	$	480,426

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 September 28, 2013 under this facility bear interest at a weighted average all-in rate of 2.12%.

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 September 28, 2013, the outstanding balance of the notes was $75,000 at an all-in rate of 0.87%.

On September 27, 2013 we amended and restated our $50,000 accounts receivable securitization facility ("$50M A/R Line"), which expires on September 27, 2016. Under the terms of the facility, we pay interest at a rate per annum equal to LIBOR plus a margin of 0.75%. The facility is subject to customary fees, including a rate per annum equal to 0.80%, for the issuance of letters of credit and 0.26% for 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 September 28, 2013, there were no borrowings outstanding under this securitization and $26,225 of letters of credit were outstanding, primarily related to our property and casualty insurance programs.

We have $100,000 of fixed rate unsecured senior notes ("$100M Fixed Rate Notes") with $50,000 of the notes bearing interest at a fixed interest rate of 3.73% per annum maturing April 15, 2023 and $50,000 of the notes bearing interest at a fixed interest rate of 3.88% per annum maturing April 15, 2025. Interest on the notes is payable semiannually. As of September 28, 2013 the outstanding balance of the notes was $100,000 at an all-in rate of 3.81%.

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.