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Long-Term Debt
12 Months Ended
Oct. 02, 2011
Long-Term Debt 
Long-Term Debt

8.     Long-Term Debt

        Long-term debt consisted of the following:

 
  Fiscal Year Ended  
 
  October 2,
2011
  October 3,
2010
 
 
  (in thousands)
 
  
   
   
 

Credit facility

  $ 143,803   $ 120,000  

Other

    3,621     7,512  
           
 

Total long-term debt

    147,424     127,512  

Less: Current portion of long-term debt

    (2,556 )   (5,002 )
           

Long-term debt, less current portion

  $ 144,868   $ 122,510  
           

        On March 28, 2011, we entered into a new Credit Agreement and concurrently terminated our prior credit agreement. The Credit Agreement provides for a $460 million five-year Facility, which includes a $200 million sublimit for the issuance of standby letters of credit and a $100 million sublimit for multicurrency borrowings and letters of credit. At our election, the Facility may be increased from time to time by an amount up to $140 million in the aggregate, provided that no existing lender is required to commit to any such increased amount. At October 2, 2011, we had $143.8 million in borrowings outstanding at a weighted-average interest rate of 2.0% per annum, $28.5 million in standby letters of credit and $287.7 million in availability under the Facility. We had $23.8 million in multicurrency borrowings and standby letters of credit under the Facility at October 2, 2011.

        Interest on borrowings under the Credit Agreement is payable, at our election, at either (a) a base rate (the highest of the U.S. federal funds rate plus 0.50% per annum, the bank's prime rate and the Eurocurrency rate plus 1.00%) plus a margin that ranges from 0.50% to 1.50% per annum, or (b) a Eurocurrency rate plus a margin that ranges from 1.50% to 2.50% per annum.

        In fiscal 2011, other debt includes capital leases of $1.7 million, property and equipment loans of $1.2 million, and a bank overdraft facility of $0.7 million at one of our foreign affiliates. In fiscal 2010, other debt includes capital leases of $2.5 million, property and equipment loans of $2.8 million, and $2.2 million of guaranteed deferred cash payments related to a prior-year acquisition.

        In fiscal 2011, we entered into a bank overdraft facility for one of our foreign affiliates in the amount of $2.0 million, of which $0.7 million was utilized at October 2, 2011. In addition, we entered into two letter of credit agreements with two banks to issue up to $40 million in standby letters of credit. The amount of standby letters of credit outstanding under these facilities at October 2, 2011, was immaterial.

        The following table presents scheduled maturities of our long-term debt:

 
  Amount  
 
  (in thousands)
 
  
   
 

2012

  $ 2,556  

2013

    902  

2014

    163  

2015

     

2016

    143,803  

Beyond

     
       
 

Total

  $ 147,424