Long-term debt

9 Months Ended

Sep. 23, 2012

Long-term debt [Abstract]

Long-term debt

NOTE 5 – Long-term debt

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

(in thousands of dollars)	Sept. 23, 2012		Dec. 25, 2011
Unsecured notes bearing fixed rate interest at 6.375% repaid April 2012	$	—	$	306,534
Borrowings under revolving credit agreements expiring September 2014		410,000		235,000
Unsecured notes bearing fixed rate interest at 8.75% due November 2014		248,166		247,609
Unsecured notes bearing fixed rate interest at 10% due June 2015		60,803		59,522
Unsecured notes bearing fixed rate interest at 6.375% due September 2015		248,359		247,995
Unsecured notes bearing fixed rate interest at 10% due April 2016		173,016		169,775
Unsecured notes bearing fixed rate interest at 9.375% due November 2017		247,443		247,168
Unsecured notes bearing fixed rate interest at 7.125% due September 2018		247,046		246,760
Total long-term debt	$	1,634,833	$	1,760,363

For the first nine months of 2012, the Company’s long-term debt was reduced by $125.5 million reflecting net debt repayments of $131.6 million partially offset by debt discount amortization.

On September 23, 2012, the Company had unused borrowing capacity of $695 million under its revolving credit agreements. In addition, its revolving credit agreements allow the Company to borrow at least $1 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.