NOTE 5 – Long-term debt

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

(in thousands of dollars)


	Mar. 25, 2012		Dec. 25, 2011
Unsecured notes bearing fixed rate interest at 6.375% due April 2012	$	306,567	$	306,534
Borrowings under revolving credit agreements expiring September 2014		138,000		235,000
Unsecured notes bearing fixed rate interest at 8.75% due November 2014		247,792		247,609
Unsecured notes bearing fixed rate interest at 10% due June 2015		59,936		59,522
Unsecured notes bearing fixed rate interest at 6.375% due September 2015		248,114		247,995
Unsecured notes bearing fixed rate interest at 10% due April 2016		170,808		169,775
Unsecured notes bearing fixed rate interest at 9.375% due November 2017		247,258		247,168
Unsecured notes bearing fixed rate interest at 7.125% due September 2018		246,854		246,760

Total long-term debt	$	1,665,329	$	1,760,363

For the first three months of 2012, the Company’s long-term debt was reduced by $95.0 million reflecting net debt repayments of $97.0 million partially offset by debt discount amortization.

On March 25, 2012, the Company had unused borrowing capacity of $1.0 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 repaid the 6.375% notes that matured in April 2012 and immediately following the repayment the unused borrowing capacity under the revolving credit agreements was $638 million.