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Bank indebtedness and long-term debt | 12 Months Ended
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Dec. 28, 2013
Debt Disclosure [Abstract] |
Bank Indebtedness And Long Term Debt [Text Block] | 11. Bank Indebtedness and Long-T erm D ebt
|  |  |  | December 28, 2013 | December 29, 2012
|  |  |  | $ | $
Bank indebtedness: |  |
| North American credit facilities(1) | 64,382 | 75,700
| European credit facilities(2) | 61,892 | 44,611
| Opta Minerals revolving term credit facility(3) | 15,579 | 10,750
|  |  |  | 141,853 | 131,061
Long-term debt: |  |
| Opta Minerals non-revolving term credit facility(3) | 42,253 | 50,315
| Lease obligations(4) | 6,444 | 7,219
| Other | 311 | 664
|  |  |  | 49,008 | 58,198
| Less: current portion | 6,354 | 6,925
|  |  |  | 42,654 | 51,273
(1) North American credit facilities The syndicated North American credit facilities support the core North American food operations of the Company. On July 27, 2012, the Company entered into an amended and restated credit agreement with a syndicate of lenders. The amended agreement provides secured revolving credit facilities of Cdn $ 10,000 (or the equivalent U.S. dollar amount) and $ 165,000, as well as an additional $ 50,000 in availability upon the exercise of an uncommitted accordion feature. These facilities mature on July 27, 2016, with the outstanding principal amount repayable in full on the maturity date. Interest on borrowings under the facilities accrues based on various reference rates including LIBOR, plus an applicable margin of 1.75% to 2.50%, which is set quarterly based on average borrowing availability. As at December 28, 2013, the weighted-average interest rate on the facilities was 2.1 7%. The facilities are collateralized by substantially all of the assets of the Company and its subsidiaries, excluding Opta Minerals and The Organic Corporation (“TOC”). (2) European credit facilities The European credit facilities support the global sourcing, supply and processing capabilities of the International Sourcing and Supply operating segment. On September 25, 2012, TOC and certain of its subsidiaries entered into a credit facilities agreement with two lenders, which provides for a € 45,000 revolving credit facility covering working capital needs and a € 3,000 pre-settlement facility covering currency hedging requirements. As of December 28, 2013 and December 29, 2012, €42,661 ($5 8,6 16) and €30,262 ($39,995), respectively, of this facility had been utilized. On January 6, 2014, the lenders increased the amount available under the revolving credit facility to €51,000 until April 30, 2014. The revolving credit facility is secured by the working capital of TOC and certain of its subsidiaries. The revolving credit facility and pre-settlement facility are due on demand with no set maturity date, and the credit limit may be extended or adjusted upon approval of the lenders. Interest costs under the facilities accrue based on either a loan margin of 1.75% or an overdraft margin of 1.85% plus the cost of funds as set by each of the lenders on a periodic basis. The cost of fund s as set by the lenders was 0.17% at December 28, 2013. On March 26, 2012, TOC entered into a € 4,990 credit facility to pre-finance the construction of equipment for a cocoa processing facility located in Middenmeer, the Netherlands. As at July 18, 2013 and December 29, 2012, € 4,990 ($6,495) and € 3,493 ($4,616), respectively, of this facility had been utilized to fund the construction in process. Interest on borrowings under this facility accrued at 3.8%. On July 18, 2013, this facility was repaid through borrowings under a long-term lease facility (as described below under (4)). On May 22, 2013, a subsidiary of TOC entered into a revolving credit facility agreement to provide up to €4,500 to cover the working capital needs of TOC's Bulgarian operations. The facility is secured by the accounts receivable and inventories of the Bulgarian operations and is fully guaranteed by TOC. Interest accrues under the facility based on Euribor plus a margin of 2.75%, and borrowings under the facility are repayable in full on April 30, 2014. As of December 28, 2013, €2,385 ($3,276) was borrowed under this facility. (3) Opta Minerals credit facilities These credit facilities are specific to the operations of Opta Minerals. On July 24, 2012, Opta Minerals amended its credit agreement dated May 18, 2012, to provide for a Cdn $ 15,000 revolving term credit facility and a Cdn $ 52,500 non-revolving term credit facility. On April 30, 2013, Opta Minerals amended the credit agreement again to increase the revolving term credit facility to Cdn $ 20,000. The revolving term credit facility matures on August 14, 2014, with the outstanding principal amount repayable in full on the maturity date. The principal amount of the non-revolving term credit facility is repayable in equal quarterly installments of approximately Cdn $ 1,312. Opta Minerals may be required to make additional repayments on the non-revolving term credit facility if certain financial covenants are not met (see below). The non-revolving term credit facility matures on May 18, 2017, with the remaining outstanding principal amount repayable in full on the maturity date. Interest on the borrowings under these facilities accrues at the borrower's option based on various reference rates including LIBOR, plus an applicable margin of 2.00% to 3.50% based on certain financial ratios of Opta Minerals. Opta Minerals utilizes interest rate swaps to hedge the interest payments on a portion of the borrowings under the non-revolving term credit facility (see note 4). As at December 28, 2013, the weighted-average interest rate on the credit facilities was 5.52%, after taking into account the related interest rate hedging activities. The credit facilities are collateralized by a first priority security interest on substantially all of the assets of Opta Minerals, and are without recourse to SunOpta Inc. As at September 30, 2013, Opta Minerals was not in compliance with the financial covenants under its credit agreement, which constituted an event of default under the credit agreement. On October 31, 2013, Opta Minerals obtained a waiver from its lenders in respect of these financial covenants, and the credit agreement was amended to increase the applicable margin on borrowings up to 5.00% based on certain financial ratios of Opta Minerals. On November 22, 2013, the credit agreement was again amended to reset the financial covenants for the quarterly periods ending December 31, 2013 through March 31, 2015. As it is not considered probable that Opta Minerals will violate the amended financial covenants within the next 12 months, the non-revolving term credit facility has been classified as non-current on the consolidated balance sheet as at December 28, 2013. (4) Lease obligations On October 1, 2012, TOC entered into a € 4,990 lease facility to provide for long-term financing on equipment for the cocoa processing facility in the Netherlands. Interest on this facility accrues at an effective rate of 5.9 0% and the facility matures on October 1, 2019. Principal and accrued interest is repayable in equal monthly installments of € 73. As at December 28, 2013 and December 29, 2012, €4,242 ($5,829) and €4,845 ($6,403), respectively, remained outstanding under this facility. On July 18, 2013, borrowings under this facility were applied to the repayment of the credit facility used to pre-finance the construction of the cocoa processing equipment (as described above under (2)). These borrowings had been previously recorded as restricted cash on the consolidated balance sheet as at December 29, 2012. Principal r epayments of long-term debt are as follow s:
|  |  |  | $
2014 | 6,354
2015 | 6,098
2016 | 6,054
2017 | 5,996
2018 | 5,894
Thereafter | 18,612
|  |  |  | 49,008
Interest expense (i nclud ing standby fees and the amortization of deferred financing costs) and interest income are as follows:
|  |  |  | December 28, 2013 | December 29, 2012 | December 31, 2011
|  |  |  | $ | $ | $
Interest expense | 8,046 | 9,602 | 9,086
Interest income | (186) | (269) | (247)
Interest expense, net | 7,860 | 9,333 | 8,839

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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 SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19, 20, 22 -Article 5 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 129 -Paragraph 2, 4 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: 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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