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Debt
 3 Months Ended
Aug. 31, 2023
Debt Disclosure [Abstract]  
Debt Debt
Long-term debt consisted of the following components (in thousands):
August 31, 2023May 31, 2023
6.50% Starion term loan
$12,109 $12,786 
6.15% Vantage Garden City loan
13,154 10,074 
7.48% Starion Ellendale loan
18,859 19,728 
Other long-term debt386 354 
Debt issuance costs, net of amortization(463)(3,012)
Less: Current portion of term loan(9,163)(7,950)
Long-term debt, net$34,882 $31,980 
Letters of Credit
As of August 31, 2023, the Company had letters of credit totaling $25.3 million. As of May 31, 2023, the Company had letters of credit totaling $14.5 million. The Company has restricted cash related to its letters of credit and is required to keep these balances in separate accounts for the duration of the letter of credit agreements, which all have terms ending within the 12 months following August 31, 2023.
B. Riley Loan
On May 23, 2023, Sai Computing LLC, a wholly-owned subsidiary of the Company (“SAI”), entered into a Loan and Security Agreement (the "B. Riley Loan") with B. Riley Commercial Capital, LLC and B. Riley Securities, with the Company as Guarantor. The B. Riley Loan provides for a term loan of up to $50 million in the principal with an interest rate of 9.00% per annum and a 3% commitment fee on outstanding balances as of each quarter. The proceeds of the B. Riley Loan are being used to provide additional liquidity to help fund the buildout of the Company’s recently announced cloud services platform and datacenters by the Company, and for general corporate purposes and working capital. As of August 31, 2023, the Company had repaid all balances on the loans. Total remaining unused capacity on the B. Riley Loan as of August 31, 2023 was $10.5 million.
Remaining Principal Payments
Below is a summary of the remaining principal payments due over the life of the term loans as of August 31, 2023 (in thousands):
Remainder of FY24$6,930 
FY259,831 
FY2610,508 
FY2711,221 
FY286,018 
Total$44,508