Long-Term Debt and Capital Lease Obligations

9 Months Ended

Sep. 26, 2014

Long-term Debt and Capital Lease Obligations [Abstract]

Long-Term Debt and Capital Lease Obligations

The following is a summary of long-term debt and capital lease obligations (U.S. dollars in millions):



	September 26, 2014			December 27, 2013
Senior unsecured revolving credit facility (see Credit Facility below)	$	135.0		$	247.7
Various other notes payable	3.6			3.0
Capital lease obligations	1.1			0.7
Total long-term debt and capital lease obligations	139.7			251.4
Less: Current portion	(1.6		)	(2.8		)
Long-term debt and capital lease obligations	$	138.1		$	248.6

Credit Facility

On October 23, 2012, we entered into a five-year, $500 million syndicated senior unsecured revolving credit facility maturing on October 23, 2017 (the "Credit Facility") with Bank of America, N.A, as administrative agent. Borrowings under the Credit Facility bear interest at a spread over the London Interbank Offer Rate ("LIBOR") that varies with our leverage ratio. The Credit Facility also includes a swing line facility and a letter of credit facility.

The following is a summary of the material terms of the Credit Facility and other working capital facilities at September 26, 2014 (U.S. dollars in millions):



	Term	Maturity Date	Interest Rate	Borrowing Limit		Available Borrowings
Credit Facility	5 years	October 23, 2017	1.41%	$	500.0	$	351.1
Other working capital facilities	Varies	Varies	Varies	19.9		12.1
				$	519.9	$	363.2

The current margin for LIBOR advances is 1.25%. We intend to use funds borrowed under the Credit Facility from time to time for general corporate purposes, which may include the repayment, redemption or refinancing of our existing indebtedness, working capital needs, capital expenditures, funding of possible acquisitions, possible share repurchases and satisfaction of other obligations.

9. Long-Term Debt and Capital Lease Obligations (continued)

The Credit Facility requires us to comply with financial and other covenants, including limitations on capital expenditures, the amount of dividends that can be paid in the future, the amount and types of liens and indebtedness, material asset sales and mergers. As of September 26, 2014, we were in compliance with all of the covenants contained in the Credit Facility. The Credit Facility is unsecured as long as we maintain a certain leverage ratio and is guaranteed by certain of our subsidiaries. The Credit Facility permits borrowings under the revolving commitment with an interest rate determined based on our leverage ratio and spread over LIBOR. In addition, we pay an unused commitment fee.

At September 26, 2014, we applied $13.9 million to the letter of credit facility, comprised of certain contingent obligations and other governmental agency guarantees combined with guarantees for purchases of raw materials and equipment and other trade related letters of credit. We also had $13.3 million in other letters of credit and bank guarantees not included in the letter of credit facility.