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Revolving Line of Credit | 12 Months Ended
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Mar. 29, 2014
Line of Credit [Abstract] |
Revolving Line of Credit | 9. Revolving Line of Credit The Company maintained a revolving credit agreement (the “Expired Credit Agreement”) with Wells Fargo Bank, National Association, as administrative agent and issuing lender, Barclays Bank, as syndication agent, Wells Fargo Securities, LLC and Barclays Capital, as joint lead arrangers and co-book managers until early fiscal year 2014. The aggregate borrowing limit under the unsecured revolving credit facility was $100 million with a $15 million letter of credit sublimit and was intended to provide the Company with short-term borrowings for working capital and other general corporate purposes. The interest rate payable was, at the Company's election, (i) a base rate plus the applicable margin, where the base rate is determined by reference to the highest of 1) the prime rate publicly announced by the administrative agent, 2) the federal funds rate plus 0.50%, and 3) LIBOR for a one month period plus the difference between the applicable margin for LIBOR rate loans and the applicable margin for base rate loans, or (ii) the LIBOR rate plus the applicable margin that varies according to the leverage ratio of the Company. Certain representations and warranties were required under the Expired Credit Agreement, and the Company must have been in compliance with specified financial covenants, including (i) the requirement that the Company maintain a ratio of consolidated funded indebtedness to consolidated EBITDA of not greater than 1.75 to 1.0, computed in accordance with the terms of the Expired Credit Agreement, and (ii) a minimum ratio of consolidated EBITDA to consolidated interest expense of not less than 3.50 to 1.0. The Company was in compliance with these covenants during the period. The Company had no outstanding amounts under the facility as of March 29, 2014 and March 30, 2013, and there were no borrowings under the facility prior to its expiration on April 19, 2013. See Note 20 – Subsequent Event for details on new revolving line of credit.

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- Definition Disclosure about the company's revolving line of credit + References No definition available. + Details
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