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Debt and Floor Plan Payable | 3 Months Ended
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Jun. 27, 2020
Debt Disclosure [Abstract] |
Debt and Floor Plan Payable |
7. | Debt and Floor Plan Payable
Long-term debt consisted of the following:
(Dollars in thousands) |  | June 27, 2020 |  |  | March 28, 2020 |
Revolving credit facility maturing in 2023 |  | $ | 64,900 |  |  | $ | 64,900 |
Obligations under industrial revenue bonds due 2029 |  |  | 12,430 |  |  |  | 12,430 |
Total debt |  |  | 77,330 |  |  |  | 77,330 |
Less: current portion |  |  | — |  |  |  | — |
Total long-term debt |  | $ | 77,330 |  |  | $ | 77,330 |
The Company has an agreement with a syndicate of banks that 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 (“Credit Agreement”). The revolving credit facility allows the Company to draw down, repay and re-draw loans on the available funds during the term of the Credit Agreement. The Credit Agreement matures on June 5, 2023 and has no scheduled amortization. The interest rate on borrowings under the Credit Agreement adjusts based on the first lien net leverage of the Company from a high of LIBOR plus 2.25% and ABR plus 1.25% when the 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 the first lien net leverage is below 0.50:1.00. In addition, the Company is obligated to pay an unused line fee ranging between 0.25% and 0.40% (depending on the first lien net leverage) in respect of unused commitments under the Credit Agreement. At June 27, 2020 the interest rate on borrowings under the Credit Agreement was 1.75%. At June 27, 2020, letters of credit issued under the Credit Agreement totaled $28.7 million. Total available borrowings under the Credit Agreement as of June 27, 2020 were $6.4 million. On July 15, 2020, additional letters of credit were issued for $5.3 million. Total available borrowings under the Credit Agreement as of the date the financial statements were issued was $1.1 million. Obligations under industrial revenue bonds are supported by letters of credit and bear interest based on a municipal bond index rate. The weighted-average interest rate at June 27, 2020, including related costs and fees, was 2.24%. The industrial revenue bonds require lump-sum payments of principal upon maturity in 2029. The 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 Credit Agreement as of June 27, 2020. Floor Plan Payable The Company’s retail operations utilize floor plan financing to fund the purchase of manufactured homes for display or resale. At June 27, 2020 and March 28, 2020, the Company had outstanding borrowings on floor plan financing agreements of $29.4 million and $33.9 million, respectively. Total credit line capacity provided under the agreements was $48.0 million as of June 27, 2020. Borrowings are secured by the homes and are required to be repaid when the Company sells the home to a customer.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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