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Debt Obligations | 6 Months Ended
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Sep. 26, 2015
Debt Disclosure [Abstract] |
Debt Obligations | Debt Obligations Senior Unsecured Revolving Credit Facility On February 8, 2013, the Company entered into a senior unsecured credit facility (“2013 Credit Facility”). Pursuant to the agreement, the 2013 Credit Facility provides for up to $200.0 million of borrowings, and expires on February 8, 2018. The agreement also provides for loans and letters of credit to the Company’s European subsidiaries of up to $100.0 million. The 2013 Credit Facility contains financial covenants, such as requiring an adjusted leverage ratio of 3.5 to 1.0 (with the ratio being total consolidated indebtedness plus 8 times consolidated rent expense to EBITDA plus consolidated rent expense) and a fixed charge coverage ratio of 2 to 1.0 (with the ratio being EBITDA plus consolidated rent expense to the sum of fixed charges plus consolidated rent expense), restricts and limits additional indebtedness, and restricts the incurrence of additional liens and cash dividends. As of September 26, 2015, the Company was in compliance with all covenants related to this agreement. Borrowings under the 2013 Credit Facility accrue interest at the rate per annum announced from time to time by the agent based on the rates applicable for deposits in the London interbank market for U.S. dollars or the applicable currency in which the loans are made (the “Adjusted LIBOR”) plus an applicable margin. The applicable margin may range from 1.25% to 1.75%, and is based, or dependent upon, a particular threshold related to the adjusted leverage ratio calculated during the period of borrowing. The 2013 Credit Facility requires an annual facility fee of $0.1 million and an annual commitment fee of 0.25% to 0.35% on the unused portion of the available credit under the facility. As of September 26, 2015 and March 28, 2015, there were no borrowings outstanding under the 2013 Credit Facility. At September 26, 2015, stand-by letters of credit of $11.0 million were outstanding. The amount available for future borrowings under the agreement was $189.0 million as of September 26, 2015. See Note 17, Subsequent Events, for the amended and restated senior unsecured revolving credit facility entered into in October 2015. Debt Obligations of MK Panama During the second quarter of Fiscal 2016, the Company obtained controlling interest in MK Panama and began to consolidate its financial results into its operations (see Note 3 for additional information). MK Panama's debt obligations are as follows (in thousands):
4.75% loan, due April 6, 2020 from Banco General de Panama | $ | 1,943 |
5.0% loan (see Note 15) | 2,000 |
Other | 180 |
Total long-term debt | $ | 4,123 |
Borrowings outstanding under revolving line of credit with Banco General de Panama, 4.0% interest rate | 5,416 |
Total debt obligations | $ | 9,539 |

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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