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 28, 2018			December 29, 2017
Senior unsecured revolving credit facility (see Credit Facility below)	$	661.3		$	356.2
Capital lease obligations	1.1			1.4
Total long-term debt and capital lease obligations	662.4			357.6
Less: Current portion	(0.5		)	(0.6		)
Long-term debt and capital lease obligations	$	661.9		$	357.0

Credit Facility

On April 16, 2015, we entered into a five-year $800.0 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, and a letter of credit facility.

On February 27, 2018, we exercised an option to increase the total commitments under the Credit Facility from $800.0 million to $1.1 billion. We capitalized $0.8 million of debt issuance costs during the year ended December 28, 2018 as a result of these changes to the Credit Facility. Debt issuance costs of $1.2 million are included in other noncurrent assets on our Consolidated Balance Sheets as of the year ended December 28, 2018. On September 27, 2018, we amended certain covenant ratios of our Credit Facility.

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 28, 2018 (U.S. dollars in millions):



	Term	Maturity Date	Interest Rate at December 28, 2018	Borrowing Limit		Available Borrowings at December 28, 2018
Bank of America credit facility	5.0 years	April 15, 2020	3.87%	$	1,100.0	$	433.7
Rabobank letter of credit facility	364 days	June 18, 2019	Varies	25.0		19.3
Other working capital facilities	Varies	Varies	Varies	23.3		14.2
				$	1,148.3	$	467.2

The current margin for LIBOR advances is 1.50%. 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 28, 2018, we were in compliance with all of the covenants contained in the Credit Facility. The Credit Facility is unsecured 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.

As of December 28, 2018, we applied $10.7 million to the Rabobank Nederland and Bank of America letter of credit facilities, 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 $17.4 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)

During 2018 we entered into interest rate swaps in order to hedge the risk of the fluctuation on future interest payments related to our variable rate LIBOR-based borrowings from our Credit Facility. Refer to Note 18, “Derivatives”.

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
2019	$	28.1		$	0.5		$	28.6
2020	695.8			0.3			696.1
2021	—			0.2			0.2
2022	—			0.1			0.1
2023	—			—			—
	723.9			1.1			725.0
Less: Amounts representing interest ⁽¹⁾	(62.6		)	—			(62.6		)
	661.3			1.1			662.4
Less: Current portion	$	—		$	(0.5	)	$	(0.5	)

Totals, net of current portion of long-term debt and capital lease obligations	$	661.3		$	0.6		$	661.9

⁽¹⁾ We utilize a variable interest rate on our long-term debt, and for presentation purposes we have used an assumed rate of 4.3%.

Cash payments of interest on long-term debt, net of amounts capitalized, were $19.3 million for 2018, $5.8 million for 2017 and $3.2 million for 2016. Capitalized interest expense was $2.4 million for 2018 and $1.0 million for 2017 and $0.8 million for 2016.