NOTE 5 – Long-term debt

The long-term debt of the Company is summarized below:


*(in thousands of dollars)*
	Sept. 25, 2011		Dec. 26, 2010

Unsecured notes bearing fixed rate interest at 5.75% paid June 2011	$	—	$	433,196
Unsecured floating rate term loan paid July 2011		—		180,000
Unsecured notes bearing fixed rate interest at 6.375% due April 2012		306,500		306,397
Borrowings under revolving credit agreements expiring September 2014		395,000		221,000
Unsecured notes bearing fixed rate interest at 8.75% due November 2014		247,432		246,924
Unsecured notes bearing fixed rate interest at 10% due June 2015		59,126		58,007
Unsecured notes bearing fixed rate interest at 6.375% due September 2015		247,876		247,535
Unsecured notes bearing fixed rate interest at 10% due April 2016		168,742		165,950
Unsecured notes bearing fixed rate interest at 9.375% due November 2017		247,080		246,830
Unsecured notes bearing fixed rate interest at 7.125% due September 2018		246,668		246,403

Total long-term debt	$	1,918,424	$	2,352,242

For the first nine months of 2011, the Company’s long-term debt was reduced by $434 million reflecting net debt repayments of $439 million partially offset by debt discount amortization.

On September 25, 2011, the Company had unused borrowing capacity of $1.24 billion under its revolving credit agreements. In addition, its revolving credit agreements allow the Company to borrow at least $1.0 billion of additional unsecured debt (unrestricted as to purpose) guaranteed by the guarantor subsidiaries under these credit agreements. This borrowing limit is subject to increases depending upon the Company’s total leverage ratio. The Company used a combination of cash flow from operating activities and borrowings from the credit agreements to repay notes that matured in June 2011 and the term loan that matured in July 2011.