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Note 12 - Long-Term Debt | 9 Months Ended
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Mar. 25, 2012
Long-term Debt [Text Block] | 12. Long-Term Debt Long-term debt consists of the following:
|  | March 25, 2012 |  |  | June 26, 2011 |
Notes payable |  | $ | 123,722 |  |  | $ | 133,722 |
Revolving credit facility |  |  | 35,000 |  |  |  | 34,600 |
Capital lease obligation |  |  | 37 |  |  |  | 342 |
Total debt |  |  | 158,759 |  |  |  | 168,664 |
Current portion of long-term debt |  |  | (37 | ) |  |  | (342 | )
Total long-term debt |  | $ | 158,722 |  |  | $ | 168,322 |
Notes Payable On May 26, 2006, the Company issued $190,000 of 2014 notes due May 15, 2014 with interest payable on May 15 and November 15 of each year. The 2014 notes are guaranteed on a senior, secured basis by each of the Company’s existing and future restricted domestic subsidiaries. The 2014 notes and guarantees are secured by first-priority liens, subject to permitted liens, on substantially all of the Company’s PP&E, domestic capital stock and some foreign capital stock. Domestic capital stock includes the capital stock of the Company’s domestic subsidiaries and certain of its joint ventures. Foreign capital stock includes up to 65% of the voting stock of the Company’s first-tier foreign subsidiaries. The terms of the 2014 notes do not contain financial maintenance covenants. The Company can currently elect to redeem some or all of the 2014 notes at redemption prices equal to or in excess of par depending on the year the optional redemption occurs. Beginning in May 2012, the redemption price of the 2014 notes is equal to par. The Company may also purchase its 2014 notes in open market purchases or in privately negotiated transactions and then retire them or it may refinance all or a portion of the 2014 notes with a new debt offering. See “Footnote 29. Subsequent Events” for a discussion of the Company’s planned debt refinancing and 2014 notes redemption that were announced on April 24, 2012. The following table presents the components of the Company’s partial redemptions of its 2014 notes and the charges for the extinguishment of debt:
Date |  | Principal Amount |  | Redemption Price |  | Premium (Discount) |  | Costs and Other Fees |  | Loss/ (Gain)
August 5, 2011 |  | $ | 10,000 |  | 102.875% |  | $ | 288 |  | $ | 174 |  | $ | 462
Total – FY 2012 |  | $ | 10,000 |  |  |  | $ | 288 |  | $ | 174 |  | $ | 462
June 30, 2010 |  | $ | 15,000 |  | 105.750% |  | $ | 862 |  | $ | 282 |  | $ | 1,144
February 16, 2011 |  |  | 30,000 |  | 105.750% |  |  | 1,725 |  |  | 468 |  |  | 2,193
Total – FY 2011 |  | $ | 45,000 |  |  |  | $ | 2,587 |  | $ | 750 |  | $ | 3,337
September 15, 2009 |  | $ | 500 |  | 86.750% |  | $ | (66) |  | $ | 12 |  | $ | (54)
Total – FY 2010 |  | $ | 500 |  |  |  | $ | (66) |  | $ | 12 |  | $ | (54)
April 3, 2009 |  | $ | 8,778 |  | 100.000% |  | $ | — |  | $ | 226 |  | $ | 226
June 3, 2009 |  |  | 2,000 |  | 73.750% |  |  | (525) |  |  | 48 |  |  | (477)
Total – FY 2009 |  | $ | 10,778 |  |  |  | $ | (525) |  | $ | 274 |  | $ | (251)
Revolving Credit Facility Concurrent with the issuance of the 2014 notes, the Company amended its senior secured asset-based revolving credit facility (“Amended Credit Agreement”) which, along with revising certain terms and covenants, extended its maturity date to May 15, 2011. On September 9, 2010, the Company and the Subsidiary Guarantors (as co-borrowers) entered into the First Amendment to the Amended and Restated Credit Agreement ("First Amended Credit Agreement”) with Bank of America, N.A. (as both Administrative Agent and Lender). The First Amended Credit Agreement provides for a revolving credit facility of $100,000 that matures on September 9, 2015. However, if the 2014 notes have not been paid in full on or before February 15, 2014, the maturity date of the Company’s revolving credit facility will be automatically adjusted to February 15, 2014. The First Amended Credit Agreement contains customary affirmative and negative covenants for asset-based loans that restrict future borrowings and certain transactions. The covenants include restrictions and limitations on (i) sales of assets, consolidation, merger, dissolution and the issuance of capital stock, (ii) permitted encumbrances on property, (iii) the incurrence of indebtedness, (iv) the making of loans or investments, (v) the declaration of dividends and redemptions and (vi) transactions with affiliates. As long as pro forma excess availability is at least 27.5% of the total credit facility or, if applicable, other specific conditions are met, the Company can make certain distributions and investments including (i) the payment or making of any dividend, (ii) the redemption or other acquisition of any of the Company’s capital stock, (iii) cash investments in joint ventures, (iv) acquisition of the property and assets or capital stock or a business unit of another entity and (v) loans or other investments to a non-borrower subsidiary. The First Amended Credit Agreement requires the Company to maintain a trailing twelve month fixed charge coverage ratio of at least 1.0 to 1.0 should borrowing availability decrease below 15% of the total credit facility. There are no capital expenditure limitations under the First Amended Credit Agreement. The Company was in compliance with all such covenants at March 25, 2012. The First Amended Credit Agreement is secured by first-priority liens on the Company’s and its subsidiary guarantors’ inventory, accounts receivable, general intangibles, investment property and certain other property. The Company’s ability to borrow under the First Amended Credit Agreement is limited to a borrowing base equal to specified percentages of eligible accounts receivable and inventory and is subject to other conditions and limitations. Borrowings under the First Amended Credit Agreement bear interest at rates of LIBOR plus 2.00% to 2.75% and/or prime plus 0.75% to 1.50% depending on the Company’s level of excess availability. The unused line fee under the First Amended Credit Agreement is 0.375% to 0.50% of the unused line amount. The weighted average interest rate for the revolving credit facility borrowings for the nine months ended March 25, 2012, including the effects of all interest rate swaps was 3.6%. The Company has $2,695 of standby letters of credit at March 25, 2012, none of which have been drawn upon. As of March 25, 2012 and June 26, 2011, the Company had $52,955 and $51,734 of excess availability under the revolving credit facility, respectively. The following table presents the scheduled maturities of the Company’s long-term debt on a fiscal year basis:
2012 |  |  | 2013 |  |  | 2014 |  |  | 2015 |  |  | 2016 |  |  | Thereafter |  |  | Total |
$ | 37 |  |  | $ | — |  |  | $ | 123,722 |  |  | $ | — |  |  | $ | 35,000 |  |  | $ | — |  |  | $ | 158,759 |
Amortization charged to interest expense related to debt financing fees was as follows:
|  | For the Three Months Ended |  |  | For the Nine Months Ended |
|  | March 25, 2012 |  |  | March 27, 2011 |  |  | March 25, 2012 |  |  | March 27, 2011 |
Interest expense |  | $ | 227 |  |  | $ | 235 |  |  | $ | 672 |  |  | $ | 736 |

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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 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 22 -Article 5 + Details
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