Long-Term debt and capital lease obligations (Tables)

12 Months Ended

Oct. 31, 2012

Long-Term Debt and Capital Lease Obligations

Long-term debt and capital lease obligations consisted of the following:

	October 31,
	2012		2011
	(In thousands)
Revolving credit agreement with banks (weighted average rate of 2.17% at October 31, 2012)	$	110,000	$	222,701
Term loan, accruing interest at 6.12%, maturing in 2016		40,000		50,000
Capital lease obligation, imputed interest at 5.53%, due in monthly installments of $112,015, including interest, maturity in 2015		10,969		11,685
6% Mississippi Business Investment Act bond-capital lease obligation, paid October 4, 2012		0		390
		160,969		284,776
Less current maturities of long-term debt and capital leases		10,757		11,106
	$	150,212	$	273,670

Leverage Ratio on which Spread on Libor Borrowings and Commitment Fee for Unused Balance of Revolving Credit Agreement are Determined

The spread on Libor borrowings and the commitment fee for the unused balance of the revolving credit agreement are determined based upon the Company’s leverage ratio as follows:

Level	Leverage Ratio	Spread			Commitment Fee
1	< 25%		1.00	%		0.35	%
2	³ 25% and < 35%		1.25	%		0.40	%
3	³ 35% and < 45%		1.75	%		0.45	%
4	³ 45% and < 55%		2.25	%		0.50	%
5	³ 55%		2.75	%		0.50	%

Annual Maturities of Long-Term Debt and Capital Lease Obligations

The aggregate annual maturities of long-term debt and capital lease obligations at October 31, 2012 are as follows (in thousands):

Fiscal Year	Amount
2013	$	10,757
2014		10,799
2015		19,413
2016		120,000
	$	160,969