Note 5 – Debt

(In thousands)	2013			2012

Term Loan Facility with interest at 1.54%, due 2017	$	200,000		$	200,000
Mueller-Xingrong credit facility with interest at 5.88%, due 2014		28,033			26,570
2001 Series IRB’s with interest at 1.16%, due through 2021		7,250			8,250
Other		50			50

		235,333			234,870
Less current portion of debt		(29,083	)		(27,570	)

Long-term debt	$	206,250		$	207,300

On September 24, 2012, the Company entered into an agreement with Leucadia National Corporation (Leucadia) to repurchase 10.4 million shares of the Company’s common stock at a total cost of $427.3 million. The Company funded the purchase price with available cash on hand and borrowings of $200.0 million under its $350.0 revolving credit facility (the Revolving Credit Facility) provided by its credit agreement (the Agreement) dated March 7, 2011. On December 11, 2012, the Company amended the Agreement to add a $200.0 million term loan facility (the Term Loan Facility), after which the total borrowing capacity under the Agreement was increased to $550.0 million. The Company used the borrowings under the Term Loan Facility to replace the amounts previously advanced under the Revolving Credit Facility. The amendment also adjusted the pricing and extended the maturity date to December 11, 2017 for all borrowings under the Agreement. Borrowings under the Agreement bear interest, at the Company’s option, at LIBOR or Base Rate as defined by the Agreement, plus a variable premium. LIBOR advances may be based upon the one, three, or six-month LIBOR. The variable premium is based upon the Company’s debt to total capitalization ratio, and can range from 112.5 to 162.5 basis points for LIBOR based loans and 12.5 to 62.5 basis points for Base Rate loans. At December 28, 2013, the premium was 137.5 basis points for LIBOR loans and 37.5 basis points for Base Rate loans. Additionally, a facility fee is payable quarterly on the total commitment and varies from 25.0 to 37.5 basis points based upon the Company’s debt to total capitalization ratio. Availability of funds under the Revolving Credit Facility is reduced by the amount of certain outstanding letters of credit, which are used to secure the Company’s payment of insurance deductibles and certain retiree health benefits, totaling approximately $10.0 million at December 28, 2013. Terms of the letters of credit are generally one year but are renewable annually.

On September 24, 2013, Mueller-Xingrong entered into a credit agreement (the JV Credit Agreement) with a syndicate of four banks establishing a secured RMB 450 million, or approximately $74.0 million, revolving credit facility with a maturity date of September 24, 2014. The JV Credit Agreement replaced the previous secured RMB 350 million financing agreement that matured during the year. Borrowings outstanding under the JV Credit Agreement are secured by the real property and equipment of Mueller-Xingrong and bear interest at the latest base-lending rate published by the People’s Bank of China, which was 5.88 percent at December 28, 2013. The JV Credit Agreement requires lender consent for the payment of dividends.

Covenants contained in the Company’s financing obligations require, among other things, the maintenance of minimum levels of tangible net worth and the satisfaction of certain minimum financial ratios. At December 28, 2013, the Company was in compliance with all debt covenants.

Aggregate annual maturities of the Company’s debt are $29.1 million in 2014, $1.0 million in 2015, $1.0 million in 2016, $201.0 million in 2017, $1.0 million in 2018, and $2.2 million thereafter. Interest paid in 2013, 2012, and 2011 was $4.9 million, $8.4 million, and $10.8 million, respectively. In 2013, $1.2 million of interest was capitalized. No interest was capitalized in 2012 or 2011.