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Note G - Long-term Debt
 12 Months Ended
Sep. 25, 2021
Notes to Financial Statements  
Debt Disclosure [Text Block]

NOTE G – LONG-TERM DEBT

 

In November 2016, we entered into an amended and restated loan agreement with our existing banks which provides for up to a $50,000,000 revolving credit facility repayable in November 2021, with the availability of repayments without penalty. Interest is calculated based on LIBOR plus an applicable margin. The agreement contains financial covenants and requires commitment fees in accordance with standard banking practice. As of September 25, 2021 and September 26, 2020, there were no outstanding balances under the facility. We were in compliance with the financial covenants at September 25, 2021.

 

On November 16, 2021, we entered into an amendment and modification to the amended and restated loan agreement which extended the maturity of the revolving credit facility to December 16, 2021.