Long-Term Debt

Debt as of June 27, 2015 and June 28, 2014 includes the following:



	2015			2014
Borrowings under Unsecured Revolver	40,500			65,925
Borrowings under $75M Variable Rate Notes	75,000			75,000
Borrowings under $50M A/R Line	28,100			25,075
Borrowings under $100M Fixed Rate Notes	100,000			100,000
Capital leases and other	169			1,022
	243,769			267,022
Less current maturities	(169		)	(792		)
Total long-term debt	$	243,600		$	266,230

On April 15, 2015, we refinanced our $250,000 unsecured revolving credit facility, which was scheduled to expire on March 7, 2017, with a new five-year $350,000 revolving credit facility ("Unsecured Revolver") maturing on April 15, 2020. Domestic U.S. Dollar borrowings under the new facility bear interest between 1.00% and 1.75% over London Interbank Offered Rate ("LIBOR"), depending on our leverage ratio and can be expanded by $200,000 to a total of $550,000. As of June 27, 2015, there was $40,500 outstanding under this facility. 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 $45,000 in letters of credit. We intend to use this facility to repay our $75,000 of variable rate unsecured private placement notes which mature on June 30, 2015.

As of June 27, 2015 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. As of June 27, 2015 there is a fee of 0.175% 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 the material covenants required by the terms of this facility as of June 27, 2015:



	Required	Actual
Maximum Leverage Ratio (Debt/EBITDA)	3.50	1.82
Minimum Interest Coverage Ratio (EBITDA/Interest Expense)	3.00	20.49

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 June 27, 2015 under this facility bear interest at a weighted average effective rate of 1.438%.

We had $75,000 of variable rate unsecured private placement notes ("$75M Variable Rate Notes") bearing interest at 0.60% over LIBOR that matured on June 30, 2015. The notes did not require principal payments until maturity. As of June 27, 2015, the outstanding balance of the notes was $75,000 at an effective interest rate of 0.873%. The notes required that we maintained a minimum net worth of $379,953 as of June 27, 2015. We subsequently paid these notes using our new revolving credit facility. Therefore, we continue to classify the $75,000 as long-term debt in the Consolidated Balance Sheets.

We have a $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 June 27, 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 June 27, 2015 under this facility bear interest at an average effective rate of 0.93%.

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 on April 15, 2025. Interest on the notes is payable semiannually. As of June 27, 2015, the outstanding balance of the notes was $100,000 at an effective rate of 3.81%.

See Note 6, "Derivative Financial Instruments," of "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 27, 2015, we were in compliance with all debt covenants.

The following table summarizes payments due on long-term debt, including capital leases, as of June 27, 2015 for the next five fiscal years and thereafter:



2016	$	75,169
2017	28,100
2018	—
2019	—
2020 and thereafter	140,500