Note 12 – Debt

Debt due within one year was as follows:


(In thousands)	November 28, 2014		February 28, 2014		November 29, 2013
Current portion of term loan	$	20,000	$	20,000	$	20,000
Accounts receivable facility		3,800		—		—

	$	23,800	$	20,000	$	20,000

Long-term debt and their related calendar year due dates were as follows:


(In thousands)	November 28, 2014			February 28, 2014			November 29, 2013
Term loan, due 2019	$	325,000		$	340,000		$	350,000
7.375% senior notes, due 2021		225,000			225,000			225,000
Revolving credit facility, due 2018		48,000			4,500			77,300
6.10% senior notes, due 2028		181			181			181
Unamortized financing fees		(7,949	)		(10,567	)		(10,153	)

		590,232			559,114			642,328
Current portion of term loan		(20,000	)		(20,000	)		(20,000	)

	$	570,232		$	539,114		$	622,328

At November 28, 2014, the balances outstanding on the term loan facility, the revolving credit facility and accounts receivable facility bear interest at a rate of approximately 2.7%, 2.7% and 0.6%, respectively. The revolving credit facility and accounts receivable facility provide the Corporation with funding of up to $250 million and $50 million, respectively. Outstanding letters of credit, which reduce the total credit available under the revolving credit and the accounts receivable facilities, totaled $27.7 million at November 28, 2014.

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 $238.0 million (at a carrying value of $225.2 million), $234.7 million (at a carrying value of $225.2 million) and $228.8 million (at a carrying value of $225.2 million) at November 28, 2014, February 28, 2014 and November 29, 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 $369.6 million (at a principal carrying value of $373.0 million), $344.5 million (at a principal carrying value of $344.5 million), and $427.3 million (at a principal carrying value of $427.3 million) at November 28, 2014, February 28, 2014 and November 29, 2013, respectively.

On September 5, 2014, the Corporation amended the Credit Agreement which provides for the term loan facility and revolving credit facility. The amendment modifies the Credit Agreement to, among other things: (i) reduce the interest rates applicable to the term loan and revolving loans, (ii) eliminate the LIBOR floor interest rate used in the determination of interest charged on Eurodollar revolving loans, (iii) reduce the commitment fee applicable to unused revolving commitments and (iv) reset the usage term of the general restricted payment basket with effect from September 5, 2014. As a result of this amendment and certain changes in the syndicated lending group, the Corporation expensed $1.9 million of unamortized financing fees and capitalized $1.1 million of new fees in the quarter ended November 28, 2014.

On August 8, 2014, the Corporation amended its accounts receivable facility. The amendment modified the accounts receivable facility to, among other things: (i) extend the scheduled termination date to August 7, 2015 and (ii) reduce the fees associated with this facility.

At November 28, 2014, the Corporation was in compliance with the financial covenants under its borrowing agreements.