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Long-Term Debt, Capital Leases And Financing Obligations | 12 Months Ended
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Mar. 26, 2016
Long-Term Debt, Capital Leases And Financing Obligations [Abstract] |
Long-Term Debt, Capital Leases And Financing Obligations | NOTE 6 – LONG-TERM DEBT, CAPITAL LEASES AND FINANCING OBLIGATIONS ﻿ Long-term debt, capital leases and financing obligations consist of the following: ﻿ ﻿
﻿ |  |  |  |  |  |
﻿ |  |  |  |  |  |
﻿ |  | March 26, |  | March 28,
﻿ |  | 2016 |  | 2015
﻿ |  | (Dollars in thousands)
﻿Revolving Credit Facility, LIBOR-based (a) |  | $ | 103,315 |  | $ | 122,543
﻿Long-term debt |  | $ | 103,315 |  | $ | 122,543
﻿Obligations under capital leases and financing obligations at various interest rates, due in installments through 2045 |  | $ | 176,974 |  | $ | 142,053
﻿Less – Current portion of capital leases and financing obligations |  |  | (11,244) |  |  | (8,908)
﻿Long-term capital leases and financing obligations |  | $ | 165,730 |  | $ | 133,145
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| (a) |  | The London Interbank Offered Rate (LIBOR) at March 2 6, 201 6 was .43%.
﻿ In June 2011, we entered into a five-year, $175 million Revolving Credit Facility agreement with seven banks. Th is Revolving 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 Revolving 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 Revolving Credit Facility was to expire in December 2017; and the $75 million accordion feature was maintained. There were no other changes in terms including those related to co venants or interest rates. ﻿ On January 25, 2016, we entered into a new five-year $600 million Revolving Credit Facility agreement with nine banks (the “Credit Facility”). Interest only is payable monthly throughout the Credit Facility’s term. The Credit Facility increases our current borrowing capacity from our prior financing agreement by $350 million to $600 million, and includes an accordion feature permitting us to request an increase in availability of up to an additional $100 million, an increase of $25 million from our prior financing agreement. The expanded facility bears interest at 75 to 175 basis points over LIBOR. The Credit Facility requires fees payable quarterly throughout the term between .15% and .35% of the amount of the average net availability under the Credit Facility during the preceding quarter. There was $103.3 million outstanding under the Credit Facility at March 26, 2016. We were in compliance with all debt covenants as of March 26, 2016. ﻿ At March 2 6, 2016 and March 28, 2015, the interest rate spread paid by the Company was 100 and 125 basis points over LIBOR, respectively. ﻿ Within the Credit Facility, we have a sub-facility of $80 million for the purpose of issuing standby letters of credit. The line requires fees aggregating 87.5 to 187.5 basis points over LIBOR annually of the face amount of each standby letter of credit, payable quarterly in arrears. There was $23.7 million in an outstanding letter of credit at March 2 6, 2016. ﻿ The net availability under the Credit Facility at March 2 6, 2016 was $473.0 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. Other specific terms and the maintenance of specified ratios are generally consistent with our prior financing agreement. Additionally, the Credit Facility is not secured by our real property, although we have agreed not to encumber our real property, with c ertain permissible exceptions. ﻿ Long-term debt had a carrying amount and a fair value of $103.3 million as of March 2 6, 201 6, as compared to a carrying amount and a fair value of $122.5 million as of March 2 8, 20 15. 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 $177.0 million and a re due in installments through 2045. ﻿ 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 had provided financing for 100% of the cost of the land via a 20-year non-amortizing, non-interest bearing mortgage. The mortgage was paid in full 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)
﻿ |  |  |  |  |  |  |  |  |  |  |  |
﻿2017 |  | $ | 24,042 |  | $ | (12,798) |  |  |  |  | $ | 11,244
﻿2018 |  |  | 24,279 |  |  | (12,042) |  |  |  |  |  | 12,237
﻿2019 |  |  | 24,289 |  |  | (11,198) |  |  |  |  |  | 13,091
﻿2020 |  |  | 24,197 |  |  | (9,724) |  |  |  |  |  | 14,473
﻿2021 |  |  | 24,034 |  |  | (9,189) |  | $ | 103,315 |  |  | 118,160

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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 + Details
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