Long-Term Debt

Long-term debt as of March 28, 2015 and June 28, 2014 consists of the following:



	March 28, 2015			June 28, 2014
Borrowings under $250 million Revolver	$	25,900		$	65,925
Borrowings under $75 million Variable Rate Notes	75,000			75,000
Borrowings under $50 million A/R Line	28,100			25,075
Borrowings under $100 million Fixed Rate Notes	100,000			100,000
Capital leases and other	337			1,022
	229,337			267,022
Less current maturities	(337		)	(792		)
Total long-term debt	$	229,000		$	266,230

We have a $250,000 unsecured revolving credit facility 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.

As of March 28, 2015, there was $25,900 outstanding under this facility and $636 in letters of credit outstanding under this facility primarily related to our property and casualty insurance programs. No amounts have been drawn upon these letters of credit. As of March 28, 2015, there is a fee of 0.20% of the unused daily balance of this facility.

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 28, 2015:



	Required	Actual
Maximum Leverage Ratio (Debt/EBITDA)	3.50	1.70
Minimum Interest Coverage Ratio (EBITDA/Interest Expense)	3.00	20.99

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 28, 2015 under this facility bear interest at a weighted average effective rate of 1.56%.

Amounts outstanding under this facility were refinanced on April 15, 2015. See Note 18, "Subsequent Events," of the Notes to the Condensed Consolidated Financial Statements.

We have $75,000 of variable rate unsecured private placement 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 March 28, 2015, the outstanding balance of the notes was $75,000 at an effective interest rate of 0.86%. The notes require that we maintain a minimum net worth of $358,999 as of March 28, 2015. We currently plan to repay these notes on their maturity date using borrowings from our new revolving credit facility, so we continue to classify the $75,000 as long-term debt in the Condensed Consolidated Balance Sheets.

We maintain a $50,000 accounts receivable securitization facility, 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 March 28, 2015, there was $28,100 outstanding under this securitization facility and there were $21,900 of letters of credit outstanding, primarily related to our property and casualty insurance programs. Borrowings outstanding as of March 28, 2015 under this facility bear interest at an average effective interest rate of 0.92%.

We have $100,000 of fixed rate unsecured senior 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 March 28, 2015, the outstanding balance of the notes was $100,000 at an effective interest 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.