NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
At April 30, 2006, and April 24, 2005, long-term debt consisted of the following:
| 2006 | 2005 | ||||||
|---|---|---|---|---|---|---|---|
| (Amounts in thousands) | |||||||
| 5% convertible senior subordinated debentures | $ 100,000 | $ 100,000 | |||||
| Term loan due after one year | 16,500 | — | |||||
| Capital lease obligations due after one year | 5,245 | 7,060 | |||||
| Other | 1,454 | 1,886 | |||||
| $ 123,199 | $ 108,946 | ||||||
In December 2003, the Company completed the sale of $100 million aggregate principal amount of 5% convertible senior subordinated debentures due in 2023. Interest on the debentures is payable semi-annually at the rate of 5.00%. The debentures are convertible, under certain circumstances, into the Company’s common stock at an initial conversion rate of 85.034 shares per
$1,000 principal amount of debentures, equivalent to an initial conversion price of $11.76 per share of common stock.
Holders of the debentures have the ability to require the Company to repurchase the debentures, in whole or in part, on December 15, 2008, December 15, 2013 and December 15, 2018. The repurchase price is 100 percent of the principal amount of the debentures plus accrued and unpaid interest. The Company may, at its option, elect to pay the repurchase price in cash, its common stock or a combination of cash and its common stock. The Company has the option to redeem the debentures after December 15, 2008, in whole or in part, for cash, at a price equal to 100 percent of the principal amount plus accrued and unpaid interest. Subsequent to the end of fiscal 2004, the debentures and the common stock potentially issuable upon conversion of the debentures were registered for resale under the Securities Act of 1933.
The Company used a portion of the net proceeds of the offering to repay amounts outstanding under its senior secured credit facility and for the redemption of a portion of the 9.5% convertible subordinated debentures, and used the remainder for working capital and other general corporate purposes.