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Debt
12 Months Ended
Apr. 25, 2015
Debt  
Debt

Note 9: Debt

                                                                                                                                                                                    

(Amounts in thousands)

 

4/25/2015

 

4/26/2014

 

Industrial revenue bonds

 

$

 

$

7,100

 

Capital leases

 

 

830

 

 

674

 

​  

​  

​  

​  

Total debt

 

 

830

 

 

7,774

 

Less: current portion

 

 

(397

)

 

(7,497

)

​  

​  

​  

​  

Long-term debt

 

$

433

 

$

277

 

​  

​  

​  

​  

​  

​  

​  

​  

We maintain a revolving credit facility secured primarily by all of our accounts receivable, inventory, and cash deposit and securities accounts. We amended this agreement on December 30, 2014, extending its maturity date to December 30, 2019. Availability under the agreement fluctuates according to a borrowing base calculated on eligible accounts receivable and inventory. The credit agreement includes affirmative and negative covenants that apply under certain circumstances, including a fixed charge coverage ratio requirement that applies when excess availability under the line is less than certain thresholds. At April 25, 2015, we were not subject to the fixed charge coverage ratio requirement, had no borrowings outstanding under the agreement, and had excess availability of $145.0 million of the $150.0 million credit commitment.

In the first quarter of fiscal 2015, we paid our remaining industrial revenue bond that was used to finance the construction of some of our manufacturing facilities.

Fair value of our debt approximates the carrying value.

Capital leases consist primarily of long-term commitments for the purchase of information technology equipment and have maturities ranging from fiscal 2016 to fiscal 2020. Interest rates range from 2.7% to 7.6%.

Maturities of long-term capital leases, subsequent to April 25, 2015, are $0.2 million in fiscal 2017, $0.1 million in fiscal 2018, $0.1 million in fiscal 2019, and less than $0.1 million in fiscal 2020.

Cash paid for interest during fiscal years 2015, 2014 and 2013 was $0.5 million, $0.5 million, and $0.7 million, respectively.