9.	Debt and Floor Plan Payable

Long-term debt consisted of the following:


(Dollars in thousands)	June 30, 2018		March 31, 2018
Revolving credit facility	$	46,900	$	—
Obligations under industrial revenue bonds due 2029		12,430		12,430
Capital lease obligations and other debt		2		4
Term Loans due March 2020		—		46,897

Total debt		59,332		59,331
Less current portion		2		404

Total long-term debt	$	59,330	$	58,927

On June 5, 2018, the Company entered into a credit agreement (the “New Credit Agreement”) with a syndicate of banks. The New Credit Agreement provides for a revolving credit facility of up to $100.0 million, including a letter of credit sub-facility of not less than $45.0 million. Initial borrowings under the New Credit Agreement were used to repay the Company’s existing $46.9 million term loans (“Term Loans”) and replace the Company’s existing cash collateralized stand-alone letter of credit facility.

The New Credit Agreement matures on June 5, 2023 and has no scheduled amortization. The interest rate under the New Credit Agreement adjusts based on the first lien net leverage of the Company. For the fiscal quarters ending September 2018 and December 2018, the annual interest rate is the London Interbank Offered Rate (“LIBOR”) plus 1.75% or an alternative base rate described in the New Credit Agreement (“ABR”) plus 0.75%, at the election of the Company. Thereafter, the interest rate adjusts based on the first lien net leverage from a high of LIBOR plus 2.25% and ABR plus 1.25% when first lien net leverage is equal to or greater than 2.00:1.00, to a low of LIBOR plus 1.50% and ABR plus 0.50% when first lien net leverage is below 0.50:1.00. In addition, the Company is obligated to pay a commitment fee ranging between 0.40% and 0.25% (depending on first lien net leverage) in respect of unused commitments under the New Credit Agreement. At June 30, 2018, and for the period between June 5, 2018 and June 30, 2018, the interest rate on borrowings under the New Credit Agreement was 4.1%.

Prior to entering into the New Credit Agreement, the Company had outstanding Term Loans of $46.9 million under a prior credit agreement with lenders that primarily included the Company’s equity holders and certain of their affiliates. The weighted average interest rate on the Term Loans, priced using LIBOR plus an applicable margin, was approximately 7.4% and 6.5% for the period outstanding during the three months ended June 5, 2018 and July 1, 2017, respectively.

Also, prior to entering into the New Credit Agreement, the Company provided letters of credit issued by a commercial bank under a separate stand-alone facility collateralized with restricted cash of 101% of the issued letters of credit. At June 30, 2018, letters of credit issued under the stand-alone facility totaled $22.6 million. Subsequent to entering into the New Credit Agreement, the Company is no longer required to back those letters of credit with restricted cash, rather they are supported by a sub-facility under the New Credit Agreement.

Obligations under industrial revenue bonds are supported by letters of credit and bear interest based on a municipal bond index rate. The interest rate at June 30, 2018, including related costs and fees, was approximately 5.0%. The weighted average interest rate, including related costs and fees, for the three months ended June 30, 2018 and July 1, 2017 was approximately 3.7% and 2.4%, respectively. The industrial revenue bonds require lump-sum payments of principal upon maturity in 2029.

The New Credit Agreement contains covenants that restrict the amount of additional debt, liens and certain payments, including equity buybacks, investments, dispositions, mergers and consolidations, among other restrictions as defined. The Company was in compliance with all covenants of the New Credit Agreement as of June 30, 2018.

Floor Plan Payable

The Company’s retail operations utilize floor plan financing to fund the acquisition of manufactured homes for display or resale. At June 30, 2018 and March 31, 2018, the Company had outstanding borrowings on floor plan financing agreements of $29.5 million and $29.8 million, respectively. Total available borrowings under the agreements as of June 30, 2018 were $43.0 million. Borrowings are secured by the homes and are required to be repaid when the Company sells the home to a customer. The weighted average interest rate on floor plan payables was 5.9% and 6.0% at June 30, 2018 and March 31, 2018, respectively.