Note 7: Debt

(Amounts in thousands)	4/28/2012			4/30/2011
Revolving credit facility	$	—		$	20,000
Industrial revenue bonds		7,131			11,482
Other debt		1,984			3,104
Capital leases		645			471
Total debt		9,760			35,057
Less: current portion		(1,829	)		(5,120	)
Long-term debt	$	7,931		$	29,937

On October 19, 2011, we entered into an amended credit agreement with a syndicate of lenders, which reduced our revolving credit facility capacity from $175 million to $150 million and extended its maturity date to October 19, 2016. We may elect interest rates based on LIBOR or the base rate. The base rate is the higher of the federal funds rate plus 0.5% or the prime rate. Interest on our loans is set at the applicable rate plus a margin ranging from 1.50% to 2.00% for LIBOR loans and up to 0.50% for base rate loans, in each case based on average excess availability. The amended credit agreement reduces the commitment fee that we pay on the unused portion of the revolving credit commitment from 0.375% to 0.25% per annum.

The amended credit agreement is secured primarily by all of our accounts receivable, inventory, and cash deposit and securities accounts. Availability under the agreement fluctuates in accordance with a borrowing base calculation based on eligible accounts receivable and inventory. The agreement includes affirmative and negative covenants that apply under certain circumstances, including a 1.05 to 1.00 fixed charge coverage ratio requirement that applies when excess availability under the line is less than 12.5% of the revolving credit commitment. At April 28, 2012, we were not subject to the fixed charge coverage ratio requirement, but would have complied with the requirement had we been subject to it. At April 28, 2012, we had no borrowings outstanding under the agreement, and had excess availability of $124.2 million.

The amended credit agreement contains customary events of default, including nonpayment of principal when due, nonpayment of interest after a stated grace period; inaccuracy of representations and warranties; violations of covenants; certain acts of bankruptcy and liquidation; defaults under certain material contracts; certain ERISA-related events; certain material environmental claims; and a change in control (as defined in the agreement). In the event of a default, the lenders may terminate their commitments, declare amounts outstanding, including accrued interest and fees, payable immediately, and enforce any and all of their rights, including exercising remedies with respect to the collateral including foreclosure and other remedies available to secured creditors.

Industrial revenue bonds were used to finance the construction of some of our manufacturing facilities. The facilities constructed from the bond proceeds are mortgaged as collateral for the bonds. Interest for these bonds is at a variable rate and at April 28, 2012, was approximately 0.4%. Maturities range from June 2012 to June 2023.

Other debt includes foreign and domestic debt of $2.0 million. Maturities range from fiscal 2013 to fiscal 2015 with interest rates ranging from 4.9% to 6.4%.

Fair value of our debt approximates the carrying value.

Capital leases consist primarily of long-term commitments for the purchase of IT equipment and have maturities ranging from fiscal 2013 to fiscal 2015. Interest rates range from 7.6% to 9.1%.

Maturities of long-term debt, subsequent to April 28, 2012, are $1.8 million in fiscal 2013, $0.5 million in fiscal 2014, $7.4 million in fiscal 2015, less than $0.1 million in fiscal 2016, less than $0.1 million in fiscal 2017 and less than $0.1 million thereafter.

Cash paid for interest during fiscal years 2012, 2011 and 2010 was $1.6 million, $1.9 million and $2.6 million, respectively.