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 30, 2011			December 31, 2010
Senior secured revolving credit facility (see Credit Facility below)	$	209.8		$	285.0
Various other notes payable	4.4			7.2
Capital lease obligations	1.3			3.4
Total long-term debt and capital lease obligations	215.5			295.6
Less: Current portion	(2.2		)	(5.3		)
Long-term debt and capital lease obligations	$	213.3		$	290.3

Credit Facility

On July 17, 2009, we entered into a senior-secured revolving credit facility (the "Credit Facility"), with Rabobank Nederland, New York Branch, as administrative agent and lead arranger. 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 30, 2011	Borrowing Limit		Available Borrowings
Credit Facility	3.5 years	January 17, 2013	1.79%	$	300.0	$	71.2
Other working capital facilities	Varies	Varies	Varies	23.0		21.8
				323.0		93.0

The Credit Facility includes a swing line facility and a letter of credit facility with a $100 million sub-limit. 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 is collateralized directly or indirectly by substantially all of our assets and is guaranteed by certain of our subsidiaries. On March 28, 2011, we amended the Credit Facility by lowering applicable margins over LIBOR or Base rate borrowings that vary with our leverage ratio. Effective August 8, 2011, we voluntarily lowered the borrowing limit on the Credit Facility from $500 million to $300 million in order to reduce our unused commitment fee. As a result of the voluntary reduction of our borrowing limit, we proportionally reduced capitalized debt issuance costs by $1.2 million. This write-down is included in interest expense in the accompanying Consolidated Statements of Income.

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 30, 2011, we were in compliance with all of the covenants contained in the Credit Facility. 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 30, 2011, we applied $19.0 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 $1.0 million relating to a debt guarantee for a VIE. We also had $11.4 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.

12. 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):



	Long-Term Debt			Capital Leases			Totals
2012	$	1.4		$	0.9		$	2.3
2013	212.8			0.3			213.1
2014	—			0.2			0.2
	214.2			1.4			215.6
Less: Amounts representing interest	—			(0.1		)	(0.1		)
	214.2			1.3			215.5
Less: Current portion	$	(1.4	)	$	(0.8	)	$	(2.2	)

Totals, net of current portion of long-term debt and capital lease obligations	$	212.8		$	0.5		$	213.3

Cash payments of interest on long-term debt, net of amounts capitalized, were $3.3 million, $7.9 million and $8.8 million for 2011, 2010 and 2009, respectively. Capitalized interest expense was $1.2 million for 2011, $0.8 million for 2010 and $2.2 million for 2009, respectively.