Note 5 - Debt

9 Months Ended

Sep. 29, 2012

Debt Disclosure [Text Block]

5. Debt

The carrying amounts of long-term debt at September 29, 2012 and December 31, 2011 are as follows (in thousands):

	September 29, 2012		December 31,2011
Revolving credit facility	$	88,534	$	85,000
Less: Current maturities		88,534		85,000
Total long-term debt	$	—	$	—

On June 13, 2011, the company entered into a new credit agreement with certain commercial banks that provides an unsecured revolving credit facility in an amount of up to $150.0 million, with a potential to increase up to $225.0 million. At September 29, 2012, the company had available $61.9 million of borrowing capacity under the revolver credit agreement at an interest rate of LIBOR plus 1.25% (1.46% as of September 29, 2012). The credit agreement replaces the company's previous credit agreement dated July 21, 2006 and loan agreement dated September 29, 2008, and, unless terminated earlier, will terminate on June 13, 2016. During the second quarter of 2011, $0.2 million of previously capitalized debt issuance costs were written off as a non-cash charge and $0.7 million of new debt issuance costs incurred was capitalized and will be amortized over the life of the new credit agreement.

During the second quarter of 2011, as part of the new refinancing arrangement discussed above, $47.0 million of indebtedness that was due on the previous term loan was settled and rolled-over into the revolving credit facility by the lender.

The company has a secured bank credit line in Sweden that provides a €1.0 million (approximately $1.3 million) line of credit at an interest rate of LIBOR plus 2.1% (2.3% as of September 29, 2012). The company had available €0.2 million of borrowing capacity (approximately $0.3 million) under this line of credit at September 29, 2012.