NOTE 5 - L o n g T
e r m D e b t
Long-term debt consists of the following:
| |
|
|
|
|
| (Dollars in thousands) |
December 31,
2000
|
January 2,
2000
|
 |
| Revolving credit facility |
$
|
200,000
|
$
|
200,000
|
| Industrial development revenue bonds |
|
3,520
|
|
3,520
|
| Total |
|
203,520
|
|
203,520
|
| Less current portion |
|
590
|
|
—
|
|
| Long-term portion |
$
|
202,930
|
$
|
203,520
|
|
The Company has a $300,000 unsecured revolving credit
line agreement maturing December 31, 2002. The credit line bears interest
at a floating rate of the London Interbank Offered Rate (LIBOR) plus a spread
dependent upon the net debt to total capital ratio. The Company had $200,000
of borrowings outstanding under this credit line at December 31, 2000 and
January 2, 2000. The Company has an interest rate swap agreement that effectively
converts $200,000 of its floating rate debt to an all-in fixed rate of 6.09%,
throughout the term of the credit line.
Long-term debt also includes industrial development revenue bonds issued
by Rutherford County, Tennessee. Interest is payable semi-annually at 6.125%.
Required annual bond principal payments subsequent to fiscal 2000 are as
follows: 2001 - $590; 2002 - $630; and 2003 - $2,300.
|
