Long-term debt

Our long-term debt is summarized below:



In thousands of dollars
	Dec. 28, 2014			Dec. 29, 2013
Unsecured floating rate term loan due quarterly through August 2018	$	123,200		$	154,800
VIE unsecured floating rate term loans due quarterly through December 2018	33,379			39,270
Unsecured notes bearing fixed rate interest at 8.75% due November 2014	—			250,000
Unsecured notes bearing fixed rate interest at 10% due June 2015	66,568			66,568
Unsecured notes bearing fixed rate interest at 6.375% due September 2015	250,000			250,000
Unsecured notes bearing fixed rate interest at 10% due April 2016	193,429			193,429
Unsecured notes bearing fixed rate interest at 9.375% due November 2017	—			250,000
Borrowings under revolving credit agreement expiring August 2018	640,000			—
Unsecured notes bearing fixed rate interest at 7.125% due September 2018	250,000			250,000
Unsecured notes bearing fixed rate interest at 5.125% due October 2019	600,000			600,000
Unsecured notes bearing fixed rate interest at 5.125% due July 2020	600,000			600,000
Unsecured notes bearing fixed rate interest at 4.875% due September 2021	350,000			—
Unsecured notes bearing fixed rate interest at 6.375% due October 2023	650,000			650,000
Unsecured notes bearing fixed rate interest at 5.50% due September 2024	325,000			—
Unsecured notes bearing fixed rate interest at 7.75% due June 2027	200,000			200,000
Unsecured notes bearing fixed rate interest at 7.25% due September 2027	240,000			240,000
Total principal long-term debt	4,521,576			3,744,067
Other (fair market value adjustments and discounts)	(25,694		)	(31,167		)
Total long-term debt	4,495,882			3,712,900
Less current portion of long-term debt maturities of VIE loans	7,854			5,890
Long-term debt, net of current portion	$	4,488,028		$	3,707,010

Our debt balance at year end 2014 increased by $781 million primarily reflecting additional borrowings to fund the acquisition of the remaining 73% of Cars.com we did not previously own. This was partially offset by the early repayment of the 9.375% notes due November 2017 and the repayment of the 8.75% notes due November 2014 for $250 million each. We redeemed the 9.375% notes by paying 104.688% of the outstanding principal amount in accordance with the original terms. The early redemption of these notes saved us approximately $19 million in interest expense for 2014.

In September 2014, and in support of the Cars.com acquisition, we completed the private placement of $350 million in aggregate principal amount of 4.875% senior unsecured notes due 2021 (the 2021 Notes). The 2021 Notes were priced at 98.531% of face value, resulting in a yield to maturity of 5.125%. Subject to certain exceptions, we are unable to redeem the 2021 Notes before Sept. 15, 2017. On the same day, we completed the private placement of $325 million in aggregate principal amount of 5.500% senior unsecured notes due 2024 (the 2024 Notes). The 2024 Notes were priced at 99.038% of face value, resulting in a yield to maturity of 5.625%. Subject to certain exceptions, we are unable to redeem the 2024 Notes before Sept. 15, 2019. The 2021 and 2024 Notes were issued in a private offering that is exempt from the registration requirements of the Securities Act of 1933. The 2021 and 2024 Notes are guaranteed on a senior basis by our subsidiaries that guarantee our revolving credit facility, term loan and our other outstanding notes.

In August 2013, we entered into an agreement to replace, amend and restate our existing revolving credit facilities with a credit facility expiring on Aug. 5, 2018, which was further amended on Sept. 24, 2013 (the Credit Agreement). Total commitments under the Credit Agreement are $1.3 billion. Subject to total leverage ratio limits, the Credit Agreement eliminates our restriction on incurring additional indebtedness. The Credit Agreement was amended as of February 13, 2015. The maximum total leverage ratio permitted by the Credit Agreement as amended, is 4.0x through September 30, 2016, reducing to 3.75x thereafter. Commitment fees on the revolving credit agreement are equal to 0.375% -0.50% of the undrawn commitments, depending upon our leverage ratio, and are computed on the average daily undrawn balance under the revolving credit agreement and paid each quarter. Under the Credit Agreement, we may borrow at an applicable margin above the Eurodollar base rate (LIBOR loan) or the higher of the Prime Rate, the Federal Funds Effective Rate plus 0.50%, or the one month LIBOR rate plus 1.00% (ABR loan). The applicable margin is determined based on our leverage ratio but differs between LIBOR loans and ABR loans. For LIBOR based borrowing, the margin varies from 1.75% to 2.5%. For ABR based borrowing, the margin will vary from 0.75% to 1.50%. Based on our leverage ratio as of Dec. 28, 2014, our applicable margins were 2.25% and 1.25%, respectively.

On Dec. 28, 2014, we had unused borrowing capacity of $625.5 million under our revolving credit agreement.

We have an effective universal shelf registration statement under which an unspecified amount of securities may be issued, subject to a $7.0 billion limit established by the Board of Directors. Proceeds from the sale of such securities may be used for general corporate purposes, including capital expenditures, working capital, securities repurchase programs, repayment of debt and financing of acquisitions. We may also invest borrowed funds that are not required for other purposes in short-term marketable securities.

The following schedule of annual maturities of the principal amount of total debt assumes we use available capacity under our revolving credit agreement to refinance unsecured floating rate term loans and notes due in 2015. Based on this refinancing assumption, all of the obligations other than VIE unsecured floating rate term loans due in 2015 are reflected as maturities for 2016 and beyond.



In thousands of dollars
2015 (1)	$	7,854
2016	232,883
2017	39,454
2018	1,276,385
2019	600,000
Thereafter	2,365,000
Total	$	4,521,576

(1) Maturities of principal amount of debt due in 2015 (primarily the 10% fixed rate notes due in June 2015 and the 6.375% fixed rate notes due in September 2015) are assumed to be repaid with funds from the revolving credit agreement, which matures in 2018.

Our debt maturities may be repaid with cash flow from operating activities, by accessing capital markets or a combination of both.