Debt

Long-term debt consisted of the following:



	As of
	July 2, 2016		October 3, 2015
	(In thousands)
Secured debt	$	40,000	$	40,000
Senior secured notes due 2019	375,000		375,000
Non-interest bearing promissory notes	22,545		12,365
Total long-term debt	437,545		427,365
Less: Current Portion
Current portion of non-interest bearing promissory notes	3,416		3,416
Long-term debt	$	434,129	$	423,949

Non-interest bearing notes payable

On January 5, 2016, the Company completed an acquisition and financed $18.0 million of the purchase price with the acquiree using a non-interest bearing promissory note due May 1, 2016. The promissory note was repaid upon maturity.

On February 1, 2016, the Company completed an acquisition and financed $15.0 million of the purchase price with the acquiree using a four-year non-interest bearing promissory note with a discounted value of $12.3 million as of the acquisition date (see Note 8).

Short-term debt

The Company has a $375 million secured revolving credit facility (the "Cash Flow Revolver") that may be increased by an additional $125 million upon obtaining additional commitments from lenders then party to the Cash Flow Revolver or new lenders. The Cash Flow Revolver expires on May 20, 2020, but may be terminated by the lenders as early as March 4, 2019 if certain conditions exist. As of July 2, 2016, $80.0 million of borrowings and $17.3 million of letters of credit were outstanding under the Cash Flow Revolver.

As of July 2, 2016, certain foreign subsidiaries of the Company had a total of $74.3 million of short-term borrowing facilities, under which no borrowings were outstanding. Most of these facilities expire at various dates through the third quarter of 2017.

Debt covenants

The Company's Cash Flow Revolver requires the Company to comply with certain financial covenants. Additionally, the agreement governing the Company’s $40 million debt collateralized by the Company’s corporate campus (the “Secured Debt”) requires the Company to comply with a financial covenant if certain conditions exist, none of which existed as of July 2, 2016.

The Company's debt agreements contain a number of restrictive covenants, 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 July 2, 2016.