Credit Facilities

9 Months Ended

Jul. 29, 2011

Credit Facilities

Credit Facilities

14. In March 2011, the Company entered into a secured credit facility for $460.0 million made available through a group of banks. The credit facility is secured by substantially all of the Company's assets and interest is based on standard inter-bank offering rates. The credit facility expires in March 2016. The spread will range from LIBOR plus 1.5% to LIBOR plus 2.25% depending on the leverage ratios at the time the funds are drawn. The Company repaid the U.S. Term Loan in March 2011 for $118.8 million. At July 29, 2011, the Company had $395.0 million outstanding under the secured credit facility at an interest rate of LIBOR plus 1.75% or 1.94%.

In July 2011, the Company amended the secured credit facility to provide for a new €125.0 million term loan (Euro Term Loan) to Esterline Technologies Europe Limited. The interest rate spread on the Euro Term Loan will range from Euro LIBOR plus 1.5% to Euro LIBOR plus 2.25% depending on the leverage ratios at the time the funds are drawn. At July 29, 2011, the Company had €125.0 million outstanding or $180.0 million under the Euro Term Loan at an interest rate of Euro LIBOR plus 1.75% or 3.16%. The loan amortizes at 1.25% of the outstanding balance quarterly through March 2016, with the remaining balance due in July 2016.