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 29, 2017			December 30, 2016
Senior unsecured revolving credit facility (see Credit Facility below)	$	356.2		$	230.5
Capital lease obligations	1.4			1.8
Total long-term debt and capital lease obligations	357.6			232.3
Less: Current portion	(0.6		)	(0.6		)
Long-term debt and capital lease obligations	$	357.0		$	231.7

Credit Facility

On April 16, 2015, we entered into a five-year $800 million syndicated senior unsecured revolving credit facility maturing on April 15, 2020 (the "Credit Facility") with Bank of America, N.A. as administrative agent and Merrill Lynch, Pierce, Fenner & Smith Inc. as sole lead arranger and sole book manager. Borrowings under the Credit Facility bear interest at a spread over LIBOR that varies with our leverage ratio. The Credit Facility also includes a swing line facility, a letter of credit facility and a feature which allows, with bank approval, an increase in availability of up to an additional $300.0 million. Debt issuance costs of $0.8 million are included in other nonconcurrent assets on our Consolidated Balance Sheets.

We have a renewable 364-day, $25.0 million commercial and stand-by letter of credit facility with Rabobank Nederland.

The following is a summary of the material terms of the Credit Facility and other working capital facilities at December 29, 2017 (U.S. dollars in millions):



	Term	Maturity Date	Interest Rate at December 29, 2017	Borrowing Limit		Available Borrowings at December 29, 2017
Bank of America credit facility	5.0 years	April 15, 2020	2.79%	$	800.0	$	443.8
Rabobank letter of credit facility	364 days	June 19, 2018	Varies	25.0		17.5
Other working capital facilities	Varies	Varies	Varies	23.3		13.7
				$	848.3	$	475.0

The current margin for LIBOR advances is 1.25%. 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 29, 2017, 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 a fee on unused commitments.

At December 29, 2017, we applied $7.5 million to the Rabobank Nederland letter of credit facility, in respect 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 $16.6 million in other letter of credit and bank guarantees not included in the Rabobank or Bank of America letter of credit facilities.

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

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



Fiscal Years	Long-Term Debt			Capital Leases			Totals
2018	$	9.8		$	0.7		$	10.5
2019	12.8			0.5			13.3
2020	371.4			0.2			371.6
2021	—			0.1			0.1
2022	—			—			—
	394.0			1.5			395.5
Less: Amounts representing interest ⁽¹⁾	(37.8		)	(0.1		)	(37.9		)
	356.2			1.4			357.6
Less: Current portion	$	—		$	(0.6	)	$	(0.6	)

Totals, net of current portion of long-term debt and capital lease obligations	$	356.2		$	0.8		$	357.0

⁽¹⁾ We utilize a variable interest rate on our long-term debt, and for presentation purposes we have used an assumed rate of 3%.

Cash payments of interest on long-term debt, net of amounts capitalized, were $5.8 million for 2017, $3.2 million for 2016 and $3.6 million for 2015. Capitalized interest expense was $1.0 million for 2017 and 0.8 million for years 2016 and 2015.