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NOTE 5 - Long-Term Debt Long-term debt consists of the following:
The Company has a $255,000 unsecured revolving credit facility agreement with ten banks. The agreement provides a four-year commitment of up to $170,000, maturing May 2005 and a one-year commitment plus a one-year term loan extension at the Company's option, maturing May 2003, of up to $85,000. The credit facility incurs interest at a floating rate of the London Interbank Offered Rate (LIBOR) plus a spread dependent upon the Company's net debt to total capital ratio. At December 30, 2001, the Company had borrowings outstanding under this agreement of $200,000. At December 31, 2000, the Company had borrowings outstanding of $200,000 under a $300,000 revolving credit agreement that was replaced by the current agreement on May 11, 2001. The Company entered into a $200,000 five-year interest rate swap that fixed the Company's borrowing rate at 5.84% plus the spread and bank fees through January 2003 (see Note 13). The all-in annual fixed cost of the $200,000 of borrowings under the credit facility agreement is 6.65% and 6.09% at December 30, 2001, and December 31, 2000, respectively. 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 2001 are as follows: 2002 - $630 and 2003 - $2,300. |
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