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LONG-TERM BORROWINGS | 12 Months Ended
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Nov. 02, 2014
LONG-TERM BORROWINGS [Abstract] |
LONG-TERM BORROWINGS | NOTE 7 - LONG-TERM BORROWINGS Long-term borrowings consist of the following:
|  | November 2, 2014 |  |  | November 3, 2013 |
3.25% convertible senior notes due in April 2016 |  | $ | 115,000 |  |  | $ | 115,000 |
5.50% convertible senior notes due and converted in October 2014 |  |  | - |  |  |  | 22,054 |
2.77% capital lease obligation payable through July 2018 |  |  | 20,481 |  |  |  | 25,065 |
3.09% capital lease obligation payable through March 2016 |  |  | 6,705 |  |  |  | 10,652 |
Term loan, which bore interest at a variable rate, as defined (2.69% at November 3, 2013), repaid in December 2013 |  |  | - |  |  |  | 21,250 |
|  |  | 142,186 |  |  |  | 194,021 |
Less current portion |  |  | 10,381 |  |  |  | 11,818 |
|  | $ | 131,805 |  |  | $ | 182,203 |
The $115.0 million of long-term borrowings, excluding capital lease obligations, that was outstanding as of November 2, 2014, matures in fiscal year 2016. As of November 2, 2014, minimum lease payments under the Company's capital lease obligations were as follows:
Fiscal Years: |  |  |
2015 |  | $ | 11,070 |
2016 |  |  | 7,546 |
2017 |  |  | 5,168 |
2018 |  |  | 4,698 |
|  |  | 28,482 |
Less interest |  |  | 1,296 |
Net minimum lease payments under capital leases |  |  | 27,186 |
Less current portion of net minimum lease payments |  |  | 10,381 |
Long-term portion of minimum lease payments |  | $ | 16,805 |
In October 2014 the 5.50% convertible senior notes, with a principal balance of $22.1 million, matured and were converted into 4.3 million shares of the Company’s common stock. See below for further discussion. In August 2014 the Company amended its credit facility. The credit facility, which expires in December 2018, has a $50 million limit with an expansion capacity to $75 million, and is secured by substantially all of the Company’s assets located in the United States and common stock the Company owns in certain of its foreign subsidiaries. The credit facility is subject to a minimum interest coverage ratio, total leverage ratio and minimum unrestricted cash balance financial covenants, all of which the Company was in compliance with at November 2, 2014. The Company had no outstanding borrowings against the credit facility at November 2, 2014, and $50 million was available for borrowing. The interest rate on the credit facility (1.67% at November 2, 2014) is based on the Company’s total leverage ratio at LIBOR plus a spread, as defined in the credit facility. In August 2013 a $26.4 million principal amount, five year capital lease commenced to fund the purchase of a high-end lithography tool. Payments under the capital lease, which bears interest at 2.77% are $0.5 million per month through July 2018. Under the terms of the lease agreement, the Company must maintain the equipment in good working order, and is subject to a cross default with cross acceleration provision related to certain nonfinancial covenants incorporated in its credit facility. As of November 2, 2014, the total amount payable through the end of the lease term was $21.6 million, of which $20.5 million represented principal and $1.1 million represented interest. In March 2012 the Company, in connection with its purchase of the U.S. nanoFab facility (see Note 5 for further discussion), amended its credit facility (“the credit facility”) to include the addition of a $25 million term loan that was to mature in March 2017. Simultaneously with entering into the amended credit facility, the Company repaid the $21.3 million balance of this term loan. In March 2011 the Company issued through a private offering pursuant to Rule 144A under the Securities Act of 1933, as amended, $115 million aggregate principal amount of 3.25% convertible senior notes. The notes mature on April 1, 2016, and note holders may convert each $1,000 principal amount of notes to approximately 96 shares of common stock (equivalent to an initial conversion price of $10.37 per share of common stock) at any time prior to the close of business on the second scheduled trading day immediately preceding April 1, 2016. The conversion rate is subject to adjustment upon the occurrence of certain events, which are described in the indenture dated March 28, 2011. The Company is not required to redeem the notes prior to their maturity date. Interest on the notes accrues in arrears, and is paid semiannually through the notes’ maturity date. The net proceeds of the notes were approximately $110.7 million, which were used, in part, to acquire $35.4 million of the Company’s then outstanding 5.5% convertible senior notes and to repay, in full, its then outstanding obligations under capital leases of $19.8 million. In September 2009 the Company issued, through a public offering, $57.5 million aggregate principal amount of 5.5% convertible senior notes with a five year term. Under the terms of the offering, the note holders could convert each $1,000 principal amount of notes to approximately 197 shares of common stock (equivalent to an initial conversion price of $5.08 per share of common stock) on, or before, September 30, 2014. The net proceeds of this offering were approximately $54.9 million, which were used to reduce amounts outstanding under the Company’s credit facility. As discussed above, $35.4 million of these notes were repurchased in fiscal 2011 with a portion of the proceeds from the March 2011 issuance of the Company’s 3.25% convertible senior notes. As discussed above, the remaining $22.1 million of these notes were converted in a non-cash transaction by their holders to 4.3 million shares of the Company’s common stock upon their maturity in October 2014. In April 2011 the Company entered into a five year, $21.2 million capital lease for manufacturing equipment. Payments under the lease, which bears interest at 3.09%, are $0.4 million per month through March 2016. The lease agreement provides that the Company must maintain the equipment in good working order, and includes a cross default with cross acceleration provision related to certain non-financial covenants incorporated in the Company's credit facility agreement. As of November 2, 2014, the total amount payable through the end of the lease term was $6.9 million, of which $6.7 million represented principal and $0.2 million represented interest. Interest payments were $6.3 million in fiscal 2014, 2013 and 2012, including deferred financing cost payments of $0.3 million and $0.2 million in fiscal 2014 and 2012, respectively.

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- Definition The entire disclosure for long-term debt. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 22 -Article 5 + Details
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