Annual report pursuant to Section 13 and 15(d)

Debt and Other Obligations (Tables)

v3.3.1.900
Debt and Other Obligations (Tables)
12 Months Ended
Dec. 26, 2015
Debt Disclosure [Abstract]  
Schedule of Debt and Other Obligations
 
December 26,
2015
 
December 27,
2014
 
(In millions)
6.00% Notes, net of discount
$

 
$
42

6.75% Notes
600

 
600

6.75% Notes, interest rate swap
7

 
3

7.75% Notes
450

 
450

7.50% Notes
475

 
475

7.00% Notes
500

 
500

Secured Revolving Line of Credit
230

 
130

Capital lease obligations

 
12

Total debt
2,262

 
2,212

Less: current portion
230

 
177

Total debt, less current portion
$
2,032

 
$
2,035

Secured Revolving Line Of Credit, Interest Rate Description
Applicable Margin, if average availability is equal to or greater than 66.66% of the total commitment amount and the fixed charge coverage ratio for the most recently ended four-fiscal quarter period is greater than or equal to 1.25 to 1.00, is 0.25% for Base Rate Revolver Loans and 1.25% for LIBOR Revolver Loans. Otherwise, Applicable Margin is determined in accordance with the below table:
Level
 
Average
Availability for
Last Fiscal
Month
 
Base Rate
Revolver Loans:
Applicable Margin
 
LIBOR
Revolver Loans:
Applicable Margin
I
 
greater than or equal to 66.66% of the Revolver Commitment
 
0.5%
 
1.5%
II
 
greater than or equal to 33.33% of the Revolver Commitment, less than 66.66%
 
0.75%
 
1.75%
III
 
less than 33.33% of the Revolver Commitment
 
1%
 
2%
Schedule of Future Payments on Debt
As of December 26, 2015, the Company’s future debt payment obligations were as follows:
 
Long Term Debt (Principal only)
 
Short Term Debt (Principal only)
 
(In millions)
2016
$

 
$
230

2017

 

2018

 

2019
600

 

2020
450

 

2021 and thereafter
975

 

Total
$
2,025

 
$
230

7.75% Senior Notes Due 2020  
Debt Instrument, Redemption [Line Items]  
Debt Instrument Redemption
Period
Price as
Percentage of
Principal Amount
Beginning on August 1, 2015 through July 31, 2016
103.875
%
Beginning on August 1, 2016 through July 31, 2017
102.583
%
Beginning on August 1, 2017 through July 31, 2018
101.292
%
On August 1, 2018 and thereafter
100.000
%
7.00% Senior Notes due 2024  
Debt Instrument, Redemption [Line Items]  
Debt Instrument Redemption
Starting July 1, 2019, the Company may redeem the 7.00% Notes for cash at the following specified prices plus accrued and unpaid interest: 
Period
Price as
Percentage of
Principal Amount
Beginning on July 1, 2019 through June 30, 2020
103.500
%
Beginning on July 1, 2020 through June 30, 2021
102.333
%
Beginning on July 1, 2021 through June 30, 2022
101.167
%
On July 1, 2022 and thereafter
100.000
%