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Long-term debt consists of:
(In Thousands) October 28, 2000 October 30, 1999
Industrial revenue bonds with variable interest rates,
due 2005 $ 4,700 $ 4,700
Promissory notes, principal and interest due annually
through 2007, interest at 7.23% and 8.9%, secured by
limited partnership interests in affordable housing 2,872 5,789
Medium-term unsecured notes. $35,000 maturing in
2002 and $75,000 maturing in 2006, with interest
at 7.16% and 7.35%, respectively, principal and
interest due annually through 2006 87,613 110,000
Medium-term unsecured note, denominated in euros,
with variable interest rate, principal and interest
due semi-annually through 2004 40,620 52,200
Declining balance credit facility, denominated in euros,
with variable interest rate, principal due annually
through 2004 20,312 22,647
Medium-term secured notes with variable rates,
principal and interest due semi-annually through
2006, secured by various equipment 11,377 14,096
Variable rate - revolving credit agreements 13,300 14,150
Other 3,567 2,355
184,367 225,937
Less current maturities 38,439 41,214
Total $145,928 $184,723
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The company has various lines of credit which have a maximum available commitment of $37.3 million. As of October 28, 2000, the company has unused lines of credit of $24.0 million which bear interest at variable rates below prime. A fixed fee is paid for the availability of credit lines.
Aggregate annual maturities of long-term debt for the five fiscal years after October 28, 2000, are as follows:
(In Thousands) 2001 $38,439 2002 41,990 2003 31,684 2004 28,695 2005 16,758 |
Total interest paid during fiscal 2000, 1999 and 1998 was $16.5 million. $14.8 million and $13.6 million, respectively. Based on borrowing rates currently available to the company for long-term financing with similar terms and average maturities, the fair value of long-term debt, including current maturities, utilizing discounted cash flows is $185 million.
On October 31, 2000, the company entered into a $425.0 million line of credit which replaced an existing credit line of $20.0 million.
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