Debt

Long-term debt consisted of the following:



	As of
	December 27, 2014		September 27, 2014
	(In thousands)
Secured debt	$	40,000	$	40,000
Senior notes due 2019 ("2019 Notes")	—		100,000
Senior secured notes due 2019 ("Secured Notes")	375,000		375,000
Non-interest bearing notes payable	15,282		15,097
Fair value adjustment (1)	—		3,757
Total long-term debt	$	430,282	$	533,854
Less: Current Portion
2019 Notes called for redemption in fourth quarter of 2014	—		100,000
Fair value adjustment related to remaining 2019 Notes	—		3,757
Secured debt (refinanced in the first quarter of 2015)	—		40,000
Current portion of non-interest bearing notes payable	3,416		3,416
Long-term debt	$	426,866	$	386,681

(1) Represents fair value hedge accounting balance related to interest rate swaps. See Note 4 for discussion.

During the first quarter of 2015, the Company redeemed the remaining $100 million of its 2019 Notes at par plus a redemption premium and accrued interest. In connection with this redemption, the Company recorded a net loss on extinguishment of debt of $2.9 million, consisting of redemption premiums of $5.3 million and a write-off of unamortized debt issuance costs of $1.4 million, partially offset by a $3.8 million credit for the fair value hedge adjustment related to the extinguished 2019 Notes.

In addition, the Company entered into an amendment (the “Amendment”) of the Loan Agreement (the “Loan Agreement”) between the Company and MUFG Union Bank, N.A. (formerly known as Union Bank, N.A. (the “Bank”)) dated July 19, 2012. The Amendment extends the maturity date of the Company’s secured debt from July 19, 2015 to December 19, 2017. At the Company’s request and upon approval of the Bank, such maturity date may be extended up to two times for a period of one year for each extension. Principal, together with accrued and unpaid interest, is due on the maturity date. The Company has the right to prepay loans under the Loan Agreement in whole or in part at any time without penalty. The Amendment also provides for a 0.75% reduction in the interest rate charged for the loan made under the Loan Agreement (bears interest at LIBOR plus a spread or the bank's prime rate plus a spread). As amended, the Loan Agreement requires the Company to comply with a consolidated fixed charge coverage ratio, determined in accordance with the Loan Agreement, of at least 1.25 to 1.00 in the event of a credit ratings agency downgrade of the Company or certain trigger periods relating to liquidity under the Company’s existing revolving credit facility. None of these conditions existed at December 27, 2014.

Short-term debt

The Company has a $300 million secured asset-backed revolving credit facility. Borrowings under this facility bear interest, at the Company's option, at a rate equal to LIBOR or a base rate equal to Bank of America, N.A.'s announced prime rate, in each case plus a spread. The facility expires on March 16, 2017. As of December 27, 2014, $60.0 million of borrowings and $22.1 million of letters of credit were outstanding under this facility.

As of December 27, 2014, certain foreign subsidiaries of the Company had a total of $74.0 million of short-term borrowing facilities, under which no borrowings were outstanding. An aggregate of $25.0 million of such facilities expire during the second quarter of 2015 and most of the remainder of such facilities expire during the fourth quarter of 2015.

Debt covenants

The Company's debt agreements do not contain financial covenants currently applicable to the Company, but do include a number of restrictive covenants, including restrictions on incurring additional debt, making investments and other restricted payments, selling assets, paying dividends and redeeming or repurchasing capital stock and debt, subject to certain exceptions. The Company was in compliance with these covenants as of December 27, 2014.