Note 12 – Debt

As of May 31, 2013, the Corporation was a party to a $400 million senior secured credit agreement (the “Credit Agreement”), under which there was $35.1 million and $61.2 million borrowings outstanding as of May 31, 2013 and February 28, 2013, respectively. There were no borrowings under the Credit Agreement as of May 25, 2012. The Corporation is also a party to an accounts receivable facility that provides funding of up to $50 million, under which there were no borrowings outstanding as of May 31, 2013, February 28, 2013 and May 25, 2012, respectively. The Corporation had, in the aggregate, $27.5 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 May 31, 2013, February 28, 2013 and May 25, 2012, respectively.

Long-term debt and their related calendar year due dates as of May 31, 2013, February 28, 2013 and May 25, 2012, respectively, were as follows:


(In thousands)	May 31, 2013		February 28, 2013		May 25, 2012
7.375% senior notes, due 2021		$225,000		$225,000		$225,000
Revolving credit facility, due 2017		35,100		61,200		-
6.10% senior notes, due 2028		181		181		181

		$260,281		$286,381		$225,181

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 $227.4 million (at a carrying value of $225.2 million), $233.6 million (at a carrying value of $225.2 million) and $229.1 million (at a carrying value of $225.2 million) at May 31, 2013, February 28, 2013 and May 25, 2012, 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 $35.1 million (at a carrying value of $35.1 million) and $61.2 million (at a carrying value of $61.2 million) at May 31, 2013 and February 28, 2013, respectively.

At May 31, 2013, the Corporation was in compliance with the financial covenants under its borrowing agreements.