Note 11 – Debt

As of August 24, 2012, the Corporation had a $400 million revolving credit facility, which expires in June 2015, and an accounts receivable facility that provides funding of up to $70 million. On September 21, 2012, the accounts receivable facility was amended to decrease the amount of available financing threshold from $70 million to $50 million. Also, on September 21, 2012, the liquidity commitments under the accounts receivable facility were renewed for an additional year and the facility’s term was extended an additional three years from September 21, 2012 to October 1, 2015. As of August 24, 2012, there was $55.0 million outstanding under the Corporation’s revolving credit facility, bearing interest at a rate of approximately 1.5%. There were no balances outstanding under the Corporation’s accounts receivable facility at August 24, 2012. The Corporation had, in the aggregate, $30.6 million outstanding under letters of credit under these borrowing agreements, which reduces the total credit available to the Corporation thereunder.

There were no balances outstanding under the Corporation’s revolving credit facility or accounts receivable facility at February 29, 2012 and August 26, 2011, respectively.

Long-term debt and their related calendar year due dates, net of unamortized discounts, which were zero as of August 24, 2012 and February 29, 2012, respectively, and $20.9 million as of August 26, 2011, were as follows:


(In thousands)	August 24, 2012		February 29, 2012		August 26, 2011
7.375% senior notes, due 2021	$	225,000	$	225,000	$	—
Revolving credit facility, due 2015		55,000		—		—
7.375% senior notes, due 2016		—		—		213,593
7.375% notes, due 2016		—		—		20,196
6.10% senior notes, due 2028		181		181		181

	$	280,181	$	225,181	$	233,970

The total fair value of the Corporation’s publicly traded debt, which was considered a Level 1 valuation as it was based on quoted market prices, was $247.1 million (at a carrying value of $225.2 million), $239.6 million (at a carrying value of $225.2 million) and $237.8 million (at a carrying value of $234.0 million) at August 24, 2012, February 29, 2012 and August 26, 2011, respectively.

The total fair value of the Corporation’s non-publicly traded debt, which was considered a Level 2 valuation as it was based on comparable privately traded debt prices, was $55.0 million (at a carrying value of $55.0 million) at August 24, 2012.

At August 24, 2012, the Corporation was in compliance with the financial covenants under its borrowing agreements.