DEBT



	May 26, 2013		November 25, 2012
	(Dollars in thousands)

Long-term debt
Unsecured:
Senior term loan due 2014	$	—	$	324,424
4.25% Yen-denominated Eurobonds due 2016	39,212		48,508
7.75% Euro senior notes due 2018	387,990		386,520
7.625% senior notes due 2020	525,000		525,000
6.875% senior notes due 2022	535,858		385,000
Total unsecured	1,488,060		1,669,452
Total long-term debt	$	1,488,060	$	1,669,452
Short-term debt
Short-term borrowings	$	54,370	$	59,759
Total short-term debt	$	54,370	$	59,759
Total long-term and short-term debt	$	1,542,430	$	1,729,211

Senior Term Loan due 2014

During the three months ended May 26, 2013, the Company repaid in full the remaining balance of its Senior Term Loan due 2014 with the proceeds of the notes issued on March 14, 2013, and cash on hand. See “Additional Issuance of Senior Notes due 2022” below.

Additional Issuance of Senior Notes due 2022

Additional Senior Notes due 2022. On March 14, 2013, the Company issued an additional $140.0 million in 6.875% senior notes due 2022 (the “Additional Senior Notes due 2022”) to qualified institutional buyers in compliance with the Securities Act of 1933, as amended (the “Securities Act”). The Additional Senior Notes due 2022 have the same terms and are part of the same series as the $385.0 million aggregate principal amount of 6.875% senior notes due 2022 the Company issued in May 2012 (the “Existing Senior Notes due 2022”). The Additional Senior Notes due 2022 were offered at a premium of $11.2 million, which will be amortized to interest expense over the term of the notes. Costs of approximately $2.6 million associated with the issuance of the notes, representing underwriting fees and other expenses, will also be amortized to interest expense over the term of the notes.

Exchange offer. In accordance with a registration rights agreement, the Company conducted an exchange offer to allow holders of the Additional Senior Notes due 2022 to exchange the Additional Senior Notes due 2022 for new notes in the same principal amount with substantially identical terms ("Exchange Notes"), except that the Exchange Notes were registered under the Securities Act. The exchange offer expired at 5:00 p.m. on New York City time on June 11, 2013, and all of the Additional Senior Notes due 2022 were exchanged.

Covenants. The Exchange Notes and the Existing Senior Notes due 2022 will be treated as a single class for all purposes under the indenture governing the Company's Existing Senior Notes due 2022, including without limitation, the covenants, events of default, asset sale, change of control, covenant suspension and other terms.

Use of Proceeds. The Company used the net proceeds from the offering, together with cash on hand, to prepay in full its Senior Term Loan due 2014. The Company recorded a $0.7 million loss on the early extinguishment of debt, which was comprised of the write-off of the remaining unamortized discount and unamortized debt issuance costs.

Senior Revolving Credit Facility

The Company’s unused availability under its senior secured revolving credit facility was $558.9 million at May 26, 2013, as the Company’s total availability of $627.5 million was reduced by $68.6 million of letters of credit and other credit usage allocated under the facility.

Interest Rates on Borrowings

The Company’s weighted-average interest rate on average borrowings outstanding during the three and six months ended May 26, 2013, was 7.70% and 7.29%, respectively, as compared to 7.17% and 7.08%, respectively, in each of the same periods of 2012.