Advance Auto Parts 2013 Annual Report Download - page 72

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ADVANCE AUTO PARTS, INC. AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
December 28, 2013, December 29, 2012 and December 31, 2011
(in thousands, except per share data)
F-20
6. Receivables, net:
Receivables consist of the following:
December 28,
2013
December 29,
2012
Trade $ 145,670 $ 110,153
Vendor 138,336 119,770
Other 6,884 5,862
Total receivables 290,890 235,785
Less: Allowance for doubtful accounts (13,295)(5,919)
Receivables, net $ 277,595 $ 229,866
7. Long-term Debt:
Long-term debt consists of the following:
December 28,
2013
December 29,
2012
Revolving facility at variable interest rates (1.47% at December 28, 2013,
due December 5, 2018 and 1.74% at December 29, 2012 replaced by
the current facility) $ — $ —
Term loan at variable interest rates (1.67% at December 29, 2013) due
December 1, 2023 — —
5.75% Senior Unsecured Notes (net of unamortized discount of $865 and
$975 at December 28, 2013 and December 29, 2012, respectively) due
May 1, 2020 299,135 299,025
4.50% Senior Unsecured Notes (net of unamortized discount of $80 and
$88 at December 28, 2013 and December 29, 2012, respectively) due
January 15, 2022 299,920 299,912
4.50% Senior Unsecured Notes (net of unamortized discount of $1,387 at
December 28, 2013) due December 1, 2023 448,613 —
Other 5,916 6,151
1,053,584 605,088
Less: Current portion of long-term debt (916)(627)
Long-term debt, excluding current portion $ 1,052,668 $ 604,461
Bank Debt
On December 5, 2013, the Company entered into a new credit agreement which provides a $700,000 unsecured term loan
and a $1,000,000 unsecured revolving credit facility (the “2013 Credit Agreement”) with Advance Stores, as Borrower, the
lenders party thereto, and JPMorgan Chase Bank, N.A., as administrative agent. This new revolving credit facility replaced the
revolver under the Company’s former Credit Agreement dated as of May 27, 2011 with Advance Stores, as Borrower, the
lenders party thereto, JPMorgan Chase Bank, N.A., as administrative agent (the “2011 Credit Agreement”). Upon execution of
the 2013 Credit Agreement, the lenders’ commitments under the 2011 Credit Agreement were terminated and the liabilities of
the Company and its subsidiaries with respect to their obligations under the 2011 Credit Agreement were discharged. The new
revolving credit facility also provides for the issuance of letters of credit with a sub-limit of $300,000 and swingline loans in an
amount not to exceed $50,000. The Company may request, subject to agreement by one or more lenders, that the total revolving
commitment be increased by an amount not to exceed $250,000 (up to a total commitment of $1,250,000) during the term of
the credit agreement. Voluntary prepayments and voluntary reductions of the revolving balance are permitted in whole or in
part, at the Company’s option, in minimum principal amounts as specified in the revolving credit facility. The revolving credit
facility terminates in December 2018 and the term loan matures in January 2019.