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v3.25.3

Debt | 12 Months Ended
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Sep. 30, 2025
Debt |
Debt | 7. Debt Debt consists of the following at September 30, 2025 and 2024: ​
​ | ​ | ​ | ​ | ​ | ​
(Dollars in thousands) |  | 2025 |  | 2024
Revolving credit facility | ​ | $ | 25,000 | ​ | 122,000
Incremental facility (Term loan A) | ​ | ​ | 161,000 | ​ | —
Total borrowings | ​ | ​ | 186,000 |  | 122,000
Current portion of long-term debt and short-term borrowings | ​ |  | (20,000) |  | (20,000)
Total long-term debt, less current portion | ​ | $ | 166,000 |  | 102,000
​ The Credit Facility includes a $500 million revolving line of credit as well as provisions allowing for the increase of the credit facility commitment amount by an additional $250 million, if necessary, with the consent of the lenders. The bank syndication supporting the facility is comprised of a diverse group of seven banks led by JP Morgan Chase Bank, N.A., as administrative agent, Bank of America, N.A., as syndication agent, and Commerce Bank and TD Bank, N.A. as co-documentation agents. The Credit Facility matures August 30, 2028, with balance due by this date. The Credit Facility is secured by the unlimited guaranty of our direct and indirect material U.S. subsidiaries and the pledge of 100% of the equity interests of our direct and indirect material foreign subsidiaries. The financial covenants of the Credit Facility include a leverage ratio and an interest coverage ratio. As of September 30, 2025, we were in compliance with all covenants. On August 5, 2024, the Company and certain of its subsidiaries entered into Amendment No. 1 (the “Amendment”) to the Credit Facility which, among other things, (i) implements a senior incremental delayed draw term loan credit facility in an aggregate principal amount of up to $375 million (the “Incremental Facility”), and (ii) permits the direct or indirect acquisition by the Registrant or certain of its subsidiaries of all of the issued and outstanding shares of PMES I Limited, Measurement Systems, Inc., EMS Development Corporation, and DNE Technologies, Inc. (the “Maritime Acquisition”), pursuant to and in accordance with the terms and conditions of the Sale and Purchase Agreement dated July 8, 2024 among Ultra Electronics Holdings Limited, as parent seller, the Registrant, as guarantor, and certain of the Registrant’s subsidiaries as buyers. During the third quarter of 2025, the proceeds of the loans drawn under the Incremental Facility were applied to pay a portion of the cash consideration for the Maritime Acquisition and other customary fees, premiums, expenses and costs incurred in connection with the acquisition. The Incremental Facility matures August 30, 2028, with the balance due by that date. Interest on borrowings under the Credit Facility and the Incremental Facility is calculated at a spread ranging from 0.25% to 2.25% over either an Adjusted Term SOFR Rate, Adjusted EURIBOR Rate, Adjusted CDOR Rate, Alternate Base Rate or Daily Simple RFR, at the Company’s election. The Credit Facility also requires a facility fee ranging from 12.5 to 25 basis points per annum. The interest rate spreads and the facility fee are subject to increase or decrease depending on the Company’s leverage ratio. At September 30, 2025, we had approximately $465 million available to borrow under the Credit Facility, plus the $250 million increase option subject to the lenders’ consent, in addition to $101.4 million cash on hand. We classified $20 million as the current portion of long-term debt as of September 30, 2025, as we intend to repay at least this amount within the next twelve months; however, we have no contractual obligation to repay such amount during the next twelve months. During 2025 and 2024, our maximum aggregate short-term borrowings at any month-end were $637 million and $191 million, respectively, and the average aggregate short-term borrowings outstanding based on month-end balances were $264.9 million and $166.6 million, respectively. The weighted average interest rates under the Credit Facility were 5.99% and 6.72% for 2025 and 2024, respectively. The weighted average interest rate under the Incremental Facility was 6.38% for 2025. As of September 30, 2025, the interest rate on our debt was 6.50%. The letters of credit issued and outstanding under the Credit Facility totaled $10.1 million and $5.0 million at September 30, 2025 and 2024, respectively.

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