v3.6.0.2
Borrowings (Tables)
 6 Months Ended
Dec. 30, 2016
Total Borrowings, Including Short-Term and Long-Term Borrowings

The Company’s total borrowings, including short-term and long-term borrowings, consisted of the following:

 

(amount in thousands)                        

Rate (1)

   

Conditions

   

Maturity

    As of
December 30,
2016		      As of
June 24,
2016		  

Short-term borrowing:

            

Revolving borrowing:

            

LIBOR + 1.75% per annum

   

Repayable in

1 to 6 months

    January 2017 (2)    $ 20,000       $ 6,500   

Short-term loans from bank:

            

Bank of England base rate +1.85% per annum

   

Repayable based on

credit terms of secured accounts receivable

         3,377         —     

Bank of England base rate + 2.2% per annum(3)

    Repayable on monthly basis    May 2017      55         —     

Current portion of long-term borrowing

            15,100         18,100   
        

 

 

     

 

 

  
           38,532         24,600   

Less: Unamortized debt issuance costs

            (245 )       (293 ) 
        

 

 

     

 

 

  
         $ 38,287       $ 24,307   
        

 

 

     

 

 

  

Long-term borrowing:

            

LIBOR + 2.8% per annum

    Repayable in quarterly installments    March 2017    $ 1,500       $ 4,500   

Term loan borrowing:

            

LIBOR +1.75% per annum

    Repayable in quarterly installments    May 2019      43,200         50,000   
        

 

 

     

 

 

  
           44,700         54,500   

Less: Current portion

            (15,100 )       (18,100 ) 

Unamortized debt issuance costs

            (188 )       (300 ) 
        

 

 

     

 

 

  

Non-current portion

          $ 29,412       $ 36,100   
        

 

 

     

 

 

  

 

(1)  LIBOR is London Interbank Offered Rate.
(2)  In December 2016, the maturity date was extended to January 2017.

 

(3)  As of December 30, 2016, the carrying amount of plant and machinery of Exception EMS secured to such loan was $4.3 million. Under the conditions stipulated in the loan agreement, this loan will be cross securitized, cross default and co-terminus with the short terms of loans of $3.4 million which are secured by accounts receivable.
Movements of Long-Term Loans

The movements of long-term loans were as follows for the six months ended December 30, 2016 and December 25, 2015:

 

     Six Months Ended  
(amount in thousands)    December 30,
2016		      December 25,
2015		  

Opening balance

    $ 54,500       $ 10,500   

Repayments during the period

      (9,800 )       (3,000 ) 
  

 

 

     

 

 

  

Closing balance

    $ 44,700       $ 7,500   
  

 

 

     

 

 

  
Future Maturities of Long-Term Debt

As of December 30, 2016, future maturities of long-term debt during each fiscal year were as follows:

 

(amount in thousands)       

2017 (remaining six months)

    $ 8,300   

2018

      13,600   

2019

      22,800   
  

 

 

  

Total

    $ 44,700   
  

 

 

  
Undrawn Available Credit Facilities Classified by Availability Period of Future Borrowing

Undrawn available credit facilities classified by availability period of future borrowing as of December 30, 2016 and June 24, 2016 were as follows:

 

(amount in thousands)    December 30,
2016		      June 24,
2016		  

Short-term

    $ 3,395       $ 1,414   

Long-term

    $ 136,800       $ 143,500