Long-Term Debt

Long-term debt consisted of the following obligations:



(In millions)	May 28, 2016		May 30, 2015
Series B senior notes, 6.42%, due January 3, 2018	$	149.9	$	149.8
Debt securities, 6.0%, due March 1, 2021	50.0		50.0
Syndicated Revolving Line of Credit, due July 2019	22.0		90.0
Total	$	221.9	$	289.8

On January 3, 2015, $50.0 million of the company’s Series A senior notes became due and payable. This debt was paid through the use of borrowings on the company’s revolving line of credit.

During the first quarter of fiscal 2015, the company entered into a third amendment and restatement of its syndicated revolving line of credit, which provides the company with up to $250 million in revolving variable interest borrowing capacity and includes an "accordion feature" allowing the company to increase, at its option and subject to the approval of the participating banks, the aggregate borrowing capacity of the facility by $125 million. The facility expires in July 2019 and outstanding borrowings bear interest at rates based on the prime rate, federal funds rate, LIBOR, or negotiated rates as outlined in the agreement. Interest is payable periodically throughout the period if borrowings are outstanding. As of May 28, 2016, the total debt outstanding related to borrowings against this facility was $22.0 million. Of the borrowings against this facility, $18.0 million has an interest rate of 1.28 percent and the remaining $4.0 million has an interest rate of 1.29 percent. These borrowings are included within Long-term debt in the Consolidated Balance Sheet. As of May 28, 2016, the total usage against the facility was $30.7 million, of which $8.7 million related to outstanding letters of credit. As of May 30, 2015, total usage against this facility was $98.3 million, of which $8.3 million related to outstanding letters of credit.

The company has access to foreign revolving lines of credit, in the amount of approximately $12.8 million, that can be used to meet working capital cash flow needs within Asia. As of May 28, 2016 and May 30, 2015, there were no borrowings against these facilities.

Our senior notes and the unsecured senior revolving credit facility restrict, without prior consent, our borrowings, capital leases, and the sale of certain assets. In addition, we have agreed to maintain certain financial performance ratios, which include a maximum leverage ratio covenant, which is measured by the ratio of debt to trailing four quarter adjusted EBITDA (as defined in the credit agreement) and is required to be less than 3.5:1, except that we may elect, under certain conditions, to increase the maximum Leverage Ratio to 4:1 for four consecutive fiscal quarter end dates. The covenants also require a minimum interest coverage ratio, which is measured by the ratio of trailing four quarter EBITDA to trailing four quarter interest expense (as defined in the credit agreement) and is required to be greater than 4:1. Adjusted EBITDA is generally defined in the credit agreement as EBITDA adjusted by certain items which include non-cash share-based compensation, non-recurring restructuring costs, legacy pension expenses and extraordinary items. At May 28, 2016 and May 30, 2015, the company was in compliance with all of these restrictions and performance ratios.

Annual maturities of long-term debt for the five fiscal years subsequent to May 28, 2016, are as follows:



(In millions)
2017	$	—
2018	$	149.9
2019	$	—
2020	$	22.0
2021	$	50.0
Thereafter	$	—