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Debt

9 Months Ended

Nov. 25, 2011

Note 13—Debt

As of November 25, 2011, the Corporation was party to an amended and restated $350 million secured credit agreement and to an amended and restated receivables purchase agreement with available financing of up to $70 million. During the current quarter, on September 21, 2011, the amended and restated receivable purchase agreement was amended to decrease the amount of available financing under the agreement from $80 million to $70 million. Also, on September 21, 2011, the liquidity commitments under the receivables purchase agreement were renewed for an additional 364-day period. There were no balances outstanding under either the Corporation’s credit facility or receivables purchase agreement at November 25, 2011, February 28, 2011 and November 26, 2010. As of November 25, 2011, the Corporation had, in the aggregate, $31.8 million outstanding under letters of credit under these borrowing agreements, which reduces the total credit available to the Corporation thereunder.

There was no debt due within one year as of November 25, 2011, February 28, 2011 and November 26, 2010.

Long-term debt and their related calendar year due dates, net of unamortized discounts which totaled $20.2 million, $22.2 million and $22.8 million as of November 25, 2011, February 28, 2011 and November 26, 2010, respectively, were as follows:


(In thousands)	November 25, 2011		February 28, 2011		November 26, 2010
7.375% senior notes, due 2016	$	213,864	$	213,077	$	212,832
7.375% notes, due 2016		20,597		19,430		19,065
6.10% senior notes, due 2028		181		181		181

	$	234,642	$	232,688	$	232,078

The total fair value of the Corporation’s publicly traded debt, based on quoted market prices, was $243.6 million (at a carrying value of $234.6 million), $237.5 million (at a carrying value of $232.7 million) and $237.4 million (at a carrying value of $232.1 million) at November 25, 2011, February 28, 2011 and November 26, 2010, respectively.

At November 25, 2011, the Corporation was in compliance with the financial covenants under its borrowing agreements.

See Note 18, “Subsequent Event” for additional information.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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