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):



	December 26, 2014			December 27, 2013
Senior unsecured revolving credit facility (see Credit Facility below)	$	262.5		$	247.7
Various other notes payable	3.4			3.0
Capital lease obligations	1.0			0.7
Total long-term debt and capital lease obligations	266.9			251.4
Less: Current portion	(2.2		)	(2.8		)
Long-term debt and capital lease obligations	$	264.7		$	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. The Credit Facility also includes a swing line facility and a letter of credit facility. We capitalized $0.9 million of debt issuance costs, which are included in other noncurrent assets on our Consolidated Balance Sheets.

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



	Term	Maturity Date	Interest Rate at December 26, 2014	Borrowing Limit		Available Borrowings at December 26, 2014
Credit Facility	5.0 years	October 23, 2017	1.52%	$	500.0	$	222.1
Other working capital facilities	Varies	Varies	Varies	19.8		14.0
				$	519.8	$	236.1

The Credit Facility bears interest at a rate of LIBOR plus a spread that varies with the our leverage ratio. 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.

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 December 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 the 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 a fee on unused commitments.

At December 26, 2014, we applied $15.4 million to the letter of credit facility, comprised primarily of certain contingent obligations and other governmental agency guarantees combined with guarantees for purchases of raw materials and equipment. The letter of credit facility includes $2.2 million relating to a debt guarantee for a VIE. We also had $11.3 million in other letters of credit and bank guarantees not included in the letter of credit facility. Refer to Note 5, “Variable Interest Entities”, for further discussion of VIEs.

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

Maturities of long-term debt and capital lease obligations during the next four years are (U.S. dollars in millions):



	Long-Term Debt			Capital Leases			Totals
2015	$	2.2		$	0.4		$	2.6
2016	1.2			0.4			1.6
2017	285.8			0.3			286.1
2018	—			0.2			0.2
	289.2			1.3			290.5
Less: Amounts representing interest ⁽¹⁾	(23.3		)	(0.3		)	(23.6		)
	265.9			1.0			266.9
Less: Current portion	$	(1.9	)	$	(0.3	)	$	(2.2	)

Totals, net of current portion of long-term debt and capital lease obligations	$	264.0		$	0.7		$	264.7

⁽¹⁾ We utilize a variable interest rate on our long-term debt, and for presentation purposes we have used an assumed rate of 2%.

Cash payments of interest on long-term debt, net of amounts capitalized, were $2.9 million, $2.0 million and $1.6 million for 2014, 2013 and 2012, respectively. Capitalized interest expense was $0.8 million for 2014, $0.5 million for 2013 and $0.9 million for 2012.