XML 70 R18.htm IDEA: XBRL DOCUMENT v2.4.0.6
LONG-TERM DEBT
 12 Months Ended
Dec. 31, 2011
LONG-TERM DEBT  
LONG-TERM DEBT

(9) LONG-TERM DEBT

 
   December 31,
2011 		  December 25,
2010 		 

6.625% senior unsecured notes(a)

   $ 450,000   $ 300,000  

Unamortized premium on senior unsecured notes(a)

     14,100     —  

6.875% senior subordinated notes(b)

     —     150,000  

Revolving credit agreement(c)

     —     8,000  

IDR Bonds(d)

     8,500     8,500  

1.75% to 3.485% notes

     2,050     2,334  
           

Total long-term debt

     474,650     468,834  

Less current installments of long-term debt

     235     238  
           

Long-term debt, excluding current installments

   $ 474,415   $ 468,596  
           
(a)
The senior unsecured notes include an aggregate principal amount of $450,000 on which interest is paid and an unamortized premium balance of $14,100 at December 31, 2011. $300,000 principal amount of the notes were issued in April 2010 and $150,000 principal amount of the notes were issued in June 2011. The notes bear interest at 6.625% per annum and are due in April 2020. The premium will be amortized against interest expense as interest payments are made over the term of the notes. These notes may be repurchased at specified prepayment premiums. These notes and the senior subordinated notes are guaranteed by certain subsidiaries of the Company.

(b)
The $150,000 of senior subordinated notes were redeemed on June 16, 2011 at a redemption price of 101.146% of the principal amount plus accrued and unpaid interest thereon. The redemption premium of approximately $1,700 was recorded in interest expense.

(c)
The revolving credit agreement is with a group of banks for up to $280,000. The Company may increase the credit agreement by up to an additional $100,000 at any time, subject to the participating banks increasing the amount of their lending commitments. The interest rate on outstanding borrowings is, at the Company's option, either:

(i)
LIBOR (based on a 1, 2, 3 or 6 month interest period, as selected by the Company) plus 125 to 200 basis points (inclusive of facility fees), depending on the Company's ratio of debt to EBITDA, or;

(ii)
the higher of

The higher of (a) the prime lending rate and (b) the Federal Funds rate plus 50 basis points plus, in each case, 25 to 100 basis points (inclusive of facility fees), depending on the Company's ratio of debt to EBITDA, or LIBOR (based on a 1 week interest period) plus 125 to 200 basis points (inclusive of facility fees), depending on the Company's ratio of debt to EBITDA

  • At December 31 2011, the Company had no outstanding borrowings under the revolving credit agreement. The revolving credit agreement has a termination date of October 16, 2013 and contains certain financial covenants that may limit additional borrowing capability under the agreement. At December 31, 2011, the Company had the ability to borrow an additional $260,869 under this facility.

(d)
The Industrial Development Revenue Bonds were issued to finance the construction of a manufacturing facility in Jasper, Tennessee. Variable interest is payable until final maturity June 1, 2025. The effective interest rates at December 31, 2011 and December 25, 2010 were 0.24% and 0.50%, respectively.

        The lending agreements include certain maintenance covenants, including financial leverage and interest coverage. The Company was in compliance with all debt covenants at December 31, 2011.

        The minimum aggregate maturities of long-term debt for each of the four years following 2011 are: $235, $283, $268 and $281.