Note 10 – Debt

As of May 30, 2014, the Corporation was a party to a $600 million senior secured credit agreement, which provides for a $350 million term loan facility and a $250 million revolving credit facility. The outstanding borrowings under the term loan facility were $335.0 million and $340.0 million at May 30, 2014 and February 28, 2014, respectively. There was no term loan at May 31, 2013. The outstanding borrowings under the revolving credit facility were $66.6 million, $4.5 million and $35.1 million at May 30, 2014, February 28, 2014 and May 31, 2013, respectively. At May 30, 2014, the balances outstanding on the revolving credit facility and the term loan facility bear interest at a rate of approximately 3.1% and 4.0%, respectively. 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 30, 2014, February 28, 2014 and May 31, 2013, respectively. As of May 30, 2014, the Corporation had, in the aggregate, $27.7 million outstanding under letters of credit under these borrowing agreements, which reduces the total credit available to the Corporation thereunder.

Debt due within one year, which represented the current maturity of the term loan, totaled $20.0 million as of May 30, 2014 and February 28, 2014. There was no debt due within one year as of May 31, 2013.

Long-term debt and their related calendar year due dates as of May 30, 2014, February 28, 2014 and May 31, 2013, respectively, were as follows:


(In thousands)	May 30, 2014			February 28, 2014			May 31, 2013
Term loan, due 2019	$	335,000		$	340,000		$	—
7.375% senior notes, due 2021		225,000			225,000			225,000
Revolving credit facility, due 2017		—			—			35,100
Revolving credit facility, due 2018		66,600			4,500			—
6.10% senior notes, due 2028		181			181			181

		626,781			569,681			260,281
Current portion of term loan		(20,000	)		(20,000	)		—
Unamortized financing fees		(10,079	)		(10,567	)		—

	$	596,702		$	539,114		$	260,281

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 $236.4 million (at a carrying value of $225.2 million), $234.7 million (at a carrying value of $225.2 million) and $227.4 million (at a carrying value of $225.2 million) at May 30, 2014, February 28, 2014 and May 31, 2013, 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 $401.6 million (at a principal carrying value of $401.6 million), $344.5 million (at a principal carrying value of $344.5 million), and $35.1 million (at a carrying value of $35.1 million) at May 30, 2014, February 28, 2014 and May 31, 2013, respectively.

At May 30, 2014, the Corporation was in compliance with the financial covenants under its borrowing agreements.