Note 6 - Debt

9 Months Ended

Sep. 27, 2014

Debt Disclosure [Abstract]

Debt Disclosure [Text Block]

6. Debt

The carrying amounts of long-term debt at September 27, 2014 and December 28, 2013 are as follows (in thousands):

	September 27, 2014		December 28, 2013
Term loan	$	95,000	$	98,750
Revolving credit facility		181,500		121,000
Total debt		276,500		219,750
Less: Current maturities		186,500		126,000
Total long-term debt	$	90,000	$	93,750

On May 31, 2013, the company entered into a new credit agreement with J.P Morgan Securities LLC for up to $325.0 million which consisted of an unsecured revolving credit facility of $225.0 million and an unsecured term loan of $100.0 million. The new credit agreement is for a five year period. On January 30, 2014, the company increased the unsecured revolving credit facility entered into on May 31, 2013, by $50.0 million thereby increasing the total revolver borrowing capacity from $225.0 million to $275.0 million. The company incurred debt issuance costs of $0.1 million which will be amortized over the life of the existing credit agreement. As of September 27, 2014, the company had available $92.9 million of borrowing capacity under the revolving credit agreement at an interest rate of LIBOR plus 1.50% (1.65% as of September 27, 2014). At September 27, 2014, the company was in compliance with all covenants under the revolving credit facility.