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Long-Term Debt | 12 Months Ended
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Mar. 29, 2014
Long-Term Debt [Abstract] |
Long-Term Debt | NOTE 6 - LONG-TERM DEBT, CAPITAL LEASE S AND FINANCING OBLIGATIONS Long-term debt, capital leases and financing obligations consist of the following:
|  | March 29, |  | March 30,
|  |  | 2014 |  |  | 2013
|  | (Dollars in thousands)
Revolving Credit Facility, LIBOR-based (a) | $ | 105,841 |  | $ | 127,187
Mortgage Note Payable, non-interest bearing, secured by warehouse and office |  |  |  |  |
| land, due in one installment in 2015 |  |  |  |  | 660
Long-term debt | $ | 105,841 |  | $ | 127,847
Obligations under capital leases and financing obligations at various |  |  |  |  |
| interest rates, due in installments through 2042 | $ | 88,091 |  | $ | 93,795
Mortgage Note Payable, non-interest bearing, secured by warehouse and office |  |  |  |  |
| land, due in one installment in 2015 |  | 660 |  |  |
| Less – Current portion of long-term debt, capital leases and financing obligations |  | (7,552) |  |  | (6,833)
Long-term capital leases and financing obligations | $ | 81,199 |  | $ | 86,962
(a) The London Interbank Offered Rate (LIBOR) at March 29, 2014 was .15%. In June 2011, we entered into a five-year, $175 million Revolving Credit Facility agreement with seven banks (the “Credit Facility”). Th is Credit Facility amended and restated, in its entirety, the Credit Facility agreement previously entered into by Monro as of July 2005 and amended from time to time. The Credit Facility also provided an accordion feature permitting us to request an increase in availability of up to an additional $75 million. In December 2012, the Credit Facility was amended to include the following: the committed sum was increased by $75 million to $250 million; the term was extended for another one and a half years, such that the Credit Facility now expires in December 2017; and the $75 million accordion feature was maintained. There were no other changes in terms including those related to covenants or interest rates. There are now six banks participating in the syndication. There was $105.8 million outstanding under the Credit Facility at March 29, 2014. We were in compliance with all debt covenants as of March 29, 2014. The interest rate on the Credit Facility increased from 100 basis points to 125 basis points over LIBOR during fiscal year 2014. At March 29, 2014, t he interest rate was 125 basis points over LIBOR. Within the Credit Facility, we have a sub-facility of $40 million for the purpose of issuing standby letters of credit. The line requires fees aggregating 1.375% annually of the face amount of each standby letter of credit, payable quarterly in arrears. There was $22.7 million in an outstanding letter of credit at March 29, 2014. The net availability under the Credit Facility at March 29, 2014 was $12 1.5 million. Specific terms of the Credit Facility permit the payment of cash dividends not to exceed 50% of the prior year's net income, and permit mortgages and specific lease financing arrangements with other parties with certain limitations. Additionally, the Credit Facility is not secured by our real property, although we have agreed not to encumber our real property, with certain permissible exceptions. The agreement also requires the maintenance of specified interest and rent coverage ratios. Long-term debt, including current portion, had a carrying amount of $106.5 million and a fair value of $106.5 million as of March 29, 2014, as compared to a carrying amount of $127.8 million and a fair value of $127.8 million as of March 30, 2013. The fair value of long-term debt was estimated based on discounted cash flow analyses using either quoted market prices for the same or similar issues, or the current interest rates offered to Monro for debt with similar maturities. In addition, we have financed certain store properties and vehicles with capital leases/financing obligations, which amount to $88.1 million and are due in installments through 2042. During fiscal 1995, Monro purchased 12.7 acres of land for $.7 million from the City of Rochester, New York, on which its office/warehouse facility is located. The City has provided financing for 100% of the cost of the land via a 20-year non-interest bearing mortgage, all due and payable in fiscal 2015. Aggregate debt maturities over the next five years are as follows:
| Capital Leases/Financing Obligations |  |  |  |  |  |
|  | Aggregate |  |  | Imputed |  |  | All Other |  |  |
Year Ending Fiscal March |  | Amount |  |  | Interest |  |  | Debt |  |  | Total
(Dollars in thousands)
2015 | $ | 13,459 |  | $ | (6,567) |  | $ | 660 |  | $ | 7,552
2016 |  | 12,732 |  |  | (6,061) |  |  |  |  |  | 6,671
2017 |  | 12,204 |  |  | (5,564) |  |  |  |  |  | 6,640
2018 |  | 12,186 |  |  | (5,050) |  |  | 105,841 |  |  | 112,977
2019 |  | 11,976 |  |  | (4,510) |  |  |  |  |  | 7,466

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- Definition The entire disclosure for long-term debt. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 22 -Article 5 Reference 2: 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 + Details
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