Debt

Long-term debt consisted of the following:



	As of
	March 29, 2014		September 28, 2013
	(In thousands)
Secured debt due 2015	$	40,000	$	40,000
Senior notes due 2019	500,000		500,000
Fair value adjustment (1)	17,241		22,512
Total	$	557,241	$	562,512

(1) Represents fair value hedge accounting balance related to interest rate swaps. See Note 4 for discussion.

Other than the Company's secured debt due in 2015, the Company's debt agreements do not contain financial covenants currently applicable to the Company, but do include a number of restrictive covenants, including restrictions on incurring additional debt, making investments and other restricted payments, selling assets, paying dividends and redeeming or repurchasing capital stock and debt, subject to certain exceptions. The Company's secured debt due in 2015 requires the Company to maintain a minimum fixed charge coverage ratio during its term. The Company was in compliance with these covenants as of March 29, 2014.

Short-term debt

The Company has a $300 million secured asset-backed revolving credit facility. Borrowings under this facility bear interest, at the Company's option, at a rate equal to LIBOR or a base rate equal to Bank of America, N.A.'s announced prime rate, in each case plus a spread. The facility expires on March 16, 2017. As of March 29, 2014, $50.0 million of borrowings and $22.7 million of letters of credit were outstanding under this facility.

As of March 29, 2014, certain foreign subsidiaries of the Company had a total of $184 million of short-term borrowing facilities, under which no borrowings were outstanding. These facilities expire at various dates through the second quarter of 2015.