Notes, Mortgage Notes and Obligations Payable

9 Months Ended

Sep. 28, 2013

Debt Disclosure [Abstract]

Notes, Mortgage Notes and Obligations Payable

Notes, Mortgage Notes and Obligations Payable

Senior Secured Asset-Based Revolving Credit Facility (the "ABL Facility")

As of September 28, 2013, the Company had approximately $30.0 million in outstanding borrowings, and approximately $13.1 million in outstanding letters of credit, under the ABL Facility. Based on the August 2013 borrowing base calculations, at September 28, 2013, the Company had excess availability of approximately $256.9 million and approximately $219.4 million of excess availability before triggering the cash deposit requirements under the ABL Facility.

Subsequent to September 28, 2013, the Company voluntarily repaid $15.0 million of outstanding borrowings under its ABL Facility and, accordingly, has classified such amount as current maturities of long-term debt in the accompanying unaudited condensed consolidated balance sheet as of September 28, 2013.

Debt Covenant Compliance

The indenture governing the 10% Senior Notes due 2018 (the "10% Notes") contains certain restrictive financial and operating covenants including covenants that restrict, among other things, the payment of cash dividends, the incurrence of additional indebtedness, the making of certain investments, mergers, consolidations, and the sale of assets (all as defined in the indenture and other agreements). As of September 28, 2013, the Company had the capacity to make certain payments, including dividends, under the 10% Notes of approximately $57.2 million.

As of September 28, 2013, the Company was in compliance with all covenants under the indentures that govern the 10% Notes and the 8.5% Senior Notes due 2021 (the "8.5% Notes") and the credit agreements that govern the ABL Facility and the senior secured term loan due 2017 ("Term Loan Facility").