Debt, Capital Lease Obligations and Other Financing

6 Months Ended

Apr. 01, 2017

Debt and Capital Lease Obligations [Abstract]

Debt, Capital Lease Obligations And Other Financing

Debt, Capital Lease Obligations and Other Financing

Debt, capital lease and other obligations as of April 1, 2017 and October 1, 2016, consisted of the following (in thousands):

	April 1, 2017			October 1, 2016
Borrowing under the credit facility	$	90,000		$	75,000
5.20% senior notes, due June 15, 2018	175,000			175,000
Capital lease, non-cash financing of leased facility and other obligations	14,210			13,614
Unamortized deferred financing fees	(949		)	(1,105		)
Total obligations	278,261			262,509
Less: current portion	(92,623		)	(78,507		)
Long-term debt and capital lease obligations, net of current portion	$	185,638		$	184,002

The Company has a senior unsecured revolving credit facility (the “Credit Facility”) with a $300.0 million maximum commitment that expires on July 5, 2021.  The Credit Facility may be further increased to $500.0 million, generally by mutual agreement of the Company and the lenders, subject to certain customary conditions. During the three and six months ended April 1, 2017, the highest daily borrowing was $142.0 million and the average daily borrowing was $88.8 million and $103.0 million, respectively. The Company borrowed $23.0 million and repaid $8.0 million of revolving borrowings under the Credit Facility during the three months ended April 1, 2017. The Company borrowed $96.0 million and repaid $81.0 million of revolving borrowings under the Credit Facility during the six months ended April 1, 2017.

The financial covenants (as defined under the related Credit Agreement) require that the Company maintain, as of each fiscal quarter end, a maximum total leverage ratio and a minimum interest coverage ratio. As of April 1, 2017, the Company was in compliance with all financial covenants of the Credit Agreement. Borrowings under the Credit Facility bear interest, at the Company’s option, at a eurocurrency or base rate plus, in each case, an applicable interest rate margin based on the Company’s then-current leverage ratio (as defined in the Credit Agreement). As of April 1, 2017, the interest rate under the Credit Agreement was LIBOR plus 1.125% (or 2.108%).

As of April 1, 2017, $75.0 million of the total $90.0 million of outstanding borrowings under the Credit Facility is effectively at a fixed interest rate as a result of a $75.0 million interest rate swap contract discussed in Note 4, "Derivatives and Fair Value Measurements." The Company is required to pay an annual commitment fee based on the daily unused revolver credit commitment based on the Company's leverage ratio; the fee was 0.175% as of April 1, 2017.

The Company also has outstanding 5.20% senior notes, due on June 15, 2018 (the “Notes”). As of April 1, 2017 and October 1, 2016, $175.0 million of Notes was outstanding, and the Company was in compliance with all financial covenants relating to the Notes, which are generally consistent with those in the Credit Agreement discussed above.