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USD ($)
USD ($) / shares
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<div align="left" style="font-size: 10pt; margin-top: 12pt">NOTE 8 — CREDIT AGREEMENT
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">On February 23, 2011, the Company entered into a new revolving credit facility to, among other
things, increase the available credit to $500.0 million from $300.0 million, and to increase the
annual capital expenditure limitation to $60.0 million during
fiscal years 2011 and $55.0 million for
fiscal years 2012, 2013, 2014 and 2015. The new credit facility also permits the Company to spend
up to $115.0 million in capital expenditures on the construction of a second poultry complex in
North Carolina, which expenditures are in addition to the annual limits. Under the new revolving
credit facility the Company may not exceed a maximum debt to total capitalization ratio of 55%
from the date of the agreement through October 30, 2014, and 50% thereafter. The Company has a onetime right, at any
time during the Company’s fiscal year ending October 31, 2011 or October 31, 2012, to increase the
maximum debt to total capitalization ratio then in effect by 5% for the four fiscal quarters
beginning on the first day of the fiscal quarter during which the Company gives written notice of
its intent to exercise this right. The credit remains unsecured and, unless extended, will expire
on February 23, 2016. As of January 31, 2011, the Company had no
outstanding borrowings under the then existing revolving credit facility, but had
$9.9 million outstanding letters of credit under the facility. As of
February 24, 2011, the Company had borrowed $57.7 million under the
new revolving credit facility.
</div>
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<!-- Begin Block Tagged NotefalsefalsefalsefalsefalseOtherus-types:textBlockItemTypestringThis element may be used to capture the complete disclosure pertaining to short-term or long-term contractual arrangements with lenders, including letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line.Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Paragraph f
-Article 4
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 19, 22
-Article 5
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