XML 57 R11.htm IDEA: XBRL DOCUMENT v2.4.0.8
Long-Term Debt
3 Months Ended
Mar. 29, 2014
Debt Disclosure [Abstract]  
Long-Term Debt
Long-Term Debt
 
Long-term debt is as follows (in thousands): 
 
 
March 29,
2014
 
December 28,
2013
ABL Facility, due 2017
 
$
142,200

 
$
121,400

Term Loan Facility, due 2017 ($328.2 million and $329.1 million outstanding principal amount as of March 29, 2014, and December 28, 2013, respectively)
 
323,882

 
326,013

15% Unsecured Term Loan, due 2017 ($9.4 million and $10.0 million outstanding principal amount as of March 29, 2014, and December 28, 2013, respectively)
 
8,940

 
9,500

11.5% senior notes, due 2017 ($225.0 million outstanding principal amount as of March 29, 2014, and December 28, 2013)
 
219,444

 
219,068

7% senior exchangeable notes, due 2017
 
86,250

 
86,250

8.875% senior second lien notes, due 2018 ($400.0 million outstanding principal amount as of March 29, 2014, and December 28, 2013)
 
398,411

 
398,326

Other debt including capital leases
 
23,400

 
24,968

 
 
1,202,527

 
1,185,525

Less current maturities
 
(8,762
)
 
(9,174
)
Long-term debt
 
$
1,193,765

 
$
1,176,351



The estimated fair value of the Company’s long-term debt was approximately $1.2 billion as of March 29, 2014, and December 28, 2013. The fair value was determined by the Company to be Level 2 under the fair value hierarchy and was based upon review of observable pricing in secondary markets for each debt instrument.

As of March 29, 2014, the Company was in compliance with all debt agreement covenants.

Amendment to Term Loan Facility
In February 2014, the Company entered into an amendment to adjust, among other things, its covenant requirements under its $360 million secured term loan facility (the "Term Loan Facility"). This amendment eliminated the maximum consolidated leverage ratio and replaced it with a maximum consolidated first lien leverage ratio, providing the Company additional financial flexibility. In connection with this amendment, the Company capitalized $1.5 million related to original issuance discount.

Extinguishments

In the first quarter of 2013, the Company extinguished all of its 7.875% senior subordinated notes due 2013 ("7.875% Notes"). In connection with the extinguishment, the Company recorded a loss on early extinguishment of debt of approximately $0.1 million, all of which relates to the write-off of unamortized debt issuance costs.