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Long-Term Debt
6 Months Ended
Jul. 02, 2011
Long-Term Debt [Abstract]  
Long-term Debt
(7) Long-term Debt:
In September 2010, the Company entered into a credit agreement with a syndicate of lenders providing for a $250.0 million senior revolving credit facility. The credit agreement provides for borrowings by the Company and its subsidiaries in various currencies for working capital and other general corporate purposes, including acquisitions. The credit agreement matures on September 21, 2015 and is guaranteed by the Company and certain of its subsidiaries. Loans under the credit facility bear interest at a floating rate at the Company’s option as Eurocurrency rate loans or as base rate loans.
The credit agreement requires the Company to comply with maximum leverage and minimum interest coverage ratios. The Company was in compliance with all restrictive covenants contained in the credit agreement at July 2, 2011. Taking into account $4.7 million of letters of credit issued under the credit agreement, the Company had available credit of $245.3 million at July 2, 2011.