Note 12 – Debt

There was no debt due within one year as of May 29, 2015 and February 28, 2015. Debt due within one year totaled $20,000 as of May 30, 2014, which represented the current maturity of the term loan.

Long-term debt and their related calendar year due dates as of May 29, 2015, February 28, 2015 and May 30, 2014, respectively, were as follows:


(In thousands)	May 29, 2015			February 28, 2015			May 30, 2014
Term loan, due 2019	$	185,000		$	250,000		$	335,000
7.375% senior notes, due 2021		225,000			225,000			225,000
Revolving credit facility, due 2018		58,000			4,300			66,600
6.10% senior notes, due 2028		181			181			181
Unamortized financing fees		(4,712	)		(6,752	)		(10,079	)

		463,469			472,729			616,702
Current portion of term loan		—			—			(20,000	)

	$	463,469		$	472,729		$	596,702

At May 29, 2015, the balances outstanding on the term loan facility and revolving credit facility bear interest at a rate of approximately 2.7% and 2.9%, respectively. The revolving credit facility provides the Corporation with funding of up to $250 million. 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 29, 2015, February 28, 2015 and May 30, 2014, respectively. Outstanding letters of credit, which reduce the total credit available under the revolving credit and the accounts receivable facilities, totaled $26.4 million at May 29, 2015.

In March 2015 the Corporation made a voluntary prepayment of $65.0 million on the term loan facility, thereby eliminating all future quarterly installment payments prior to this facility’s August 9, 2019 maturity date. During the three months ended May 29, 2015, the Corporation expensed an additional $1.8 million of unamortized financing fees as a result of the prepayment.

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 $238.6 million (at a carrying value of $225.2 million), $238.2 million (at a carrying value of $225.2 million) and $236.4 million (at a carrying value of $225.2 million) at May 29, 2015, February 28, 2015 and May 30, 2014, 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 $242.5 million (at a principal carrying value of $243.0 million), $251.8 million (at a principal carrying value of $254.3 million), and $401.6 million (at a carrying value of $401.6 million) at May 29, 2015, February 28, 2015 and May 30, 2014, respectively.

At May 29, 2015, the Corporation was in compliance with the financial covenants under its borrowing agreements.