Debt

Long-term debt consisted of the following:



	As of
	June 27, 2015		September 27, 2014
	(In thousands)
Secured debt	$	40,000	$	40,000
Senior notes due 2019 ("2019 Notes")	—		100,000
Senior secured notes due 2019 ("Secured Notes")	375,000		375,000
Non-interest bearing notes payable	12,214		15,097
Fair value adjustment (1)	—		3,757
Total long-term debt	427,214		533,854
Less: Current Portion
2019 Notes called for redemption in fourth quarter of 2014	—		100,000
Fair value adjustment related to remaining 2019 Notes	—		3,757
Secured debt (refinanced in the first quarter of 2015)	—		40,000
Current portion of non-interest bearing notes payable	3,416		3,416
Long-term debt	$	423,798	$	386,681

(1) Represents fair value hedge accounting balance related to interest rate swaps.

During the first quarter of 2015, the Company redeemed the remaining $100 million of its 2019 Notes at par plus a redemption premium and accrued interest. In connection with this redemption, the Company recorded a net loss on extinguishment of debt of $2.9 million, consisting of redemption premiums of $5.3 million and a write-off of unamortized debt issuance costs of $1.4 million, partially offset by a $3.8 million credit for the fair value hedge adjustment related to the extinguished 2019 Notes.

In addition, during the first quarter of 2015, the Company entered into an amendment (the “Amendment”) of the Loan Agreement between the Company and MUFG Union Bank, N.A. (the “Bank”) dated July 19, 2012 (the “Loan Agreement”). The Amendment extends the maturity date of the Company’s secured debt from July 19, 2015 to December 19, 2017, which, upon approval of the Bank, may be extended up to two times for a period of one year for each extension. Principal, together with accrued and unpaid interest, is due on the maturity date. The Company has the right to prepay loans under the Loan Agreement in whole or in part at any time without penalty. As amended, the Loan Agreement requires the Company to comply with a financial covenant if certain conditions exist. None of these conditions existed at June 27, 2015.

Short-term debt

On May 20, 2015, the Company replaced its $300 million asset-backed revolving credit facility (the "ABL") with a $375 million secured revolving credit facility (the "Cash Flow Revolver"). The Cash Flow Revolver requires the Company to comply with certain financial covenants and may be increased by an additional $125 million upon obtaining additional commitments from lenders then party to the Cash Flow Revolver or new lenders. The Cash Flow Revolver expires on May 20, 2020, but may be terminated by the lenders as early as February 28, 2019 if certain conditions exist.

As of June 27, 2015, $5.0 million of borrowings and $22.4 million of letters of credit were outstanding under the Cash Flow Revolver.

The Company incurred $1.8 million of debt issuance costs in connection with this transaction. In addition, $1.0 million of unamortized debt issuance costs related to the ABL were carried forward and $0.8 million of such costs were expensed. Accordingly, $2.8 million of debt issuance costs will be amortized to interest expense over the life of the Cash Flow Revolver.

As of June 27, 2015, certain foreign subsidiaries of the Company had a total of $74.0 million of short-term borrowing facilities, under which no borrowings were outstanding. An aggregate of $25.0 million of such facilities expire during the fourth quarter of 2015 and the remainder of such facilities expire through the second quarter of 2017.

Debt covenants

Other than the financial covenant related to the Company's secured debt, which is not currently applicable, none of the Company's other long-term debt is subject to financial covenants. The Company's debt agreements contain a number of restrictive covenants, 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 was in compliance with these covenants as of June 27, 2015.