8 Debt

The Company maintains an $80.0 million revolving credit facility, which expires in January 2014, with borrowings secured by a pledge of certain assets of the Company. No borrowings were outstanding as of March 3, 2012 or February 26, 2011. The credit facility requires the Company to maintain a minimum level of net worth as defined in the credit facility based on certain quarterly financial calculations. The minimum required net worth computed in accordance with the credit agreement at March 3, 2012 was $274.2 million, whereas the Company's net worth as defined in the credit facility was $321.2 million. The credit facility also requires that the Company maintain an adjusted debt-to-EBITDA ratio of not more than 2.75. This ratio is computed quarterly, with EBITDA computed on a rolling four-quarter basis. For purposes of calculating the adjusted debt in the adjusted debt-to-EBITDA ratio, the Company reduces non-credit facility debt for up to $25 million to the extent of unrestricted cash balances, cash equivalents and short-term marketable securities available for sale in excess of $15 million. The Company's ratio was 0.00 at March 3, 2012. If the Company is not in compliance with either of these covenants, the lenders may terminate the commitment and/or declare any loan then outstanding to be immediately due and payable. At March 3, 2012, the Company was in compliance with the financial covenants of the credit facility.


(In thousands)	2012			2011
Borrowings under revolving credit agreement	$	—		$	—
Other, interest at 0.6% and 1.4% for 2012 and 2011, respectively		21,024			22,429

Total long-term debt		21,024			22,429
Less current installments		(108	)		(987	)

Net long-term debt	$	20,916		$	21,442

Included in the totals above are $8.4 million of industrial revenue bonds, $12.0 million of recovery zone facility bonds and other debt held by GlassecViracon. The industrial development and recovery zone facility bonds mature in fiscal years 2021 through 2036, and the other debt matures in fiscal years 2013 through 2021. The $8.4 million of industrial revenue bonds are supported by $8.7 million of letters of credit, and the $12.0 million of recovery zone facility bonds are supported by a $12.3 million letter of credit. The fair value of debt approximates carrying value at March 3, 2012.

Debt maturities are as follows:


(In thousands)	2013		2014		2015		2016		2017		Thereafter		Total
Maturities	$	108	$	62	$	62	$	62	$	62	$	20,668	$	21,024

Selected information related to long-term debt is as follows:


(In thousands, except percentages)	2012			2011
Average daily borrowings during the year	$	21,414		$	9,156
Maximum borrowings outstanding during the year		22,268			23,524
Weighted average interest rate during the year		0.95	%		1.7	%

Interest expense was as follows for fiscal 2012, 2011 and 2010:


(In thousands)	2012		2011		2010
Interest on debt	$	942	$	421	$	54
Other interest expense		485		298		552

Net interest expense	$	1,427	$	719	$	606

Interest payments were $1.0 million, $0.6 million and $0.9 million in fiscal 2012, 2011 and 2010, respectively.