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Subsequent Events (Tables) | 12 Months Ended
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Oct. 02, 2021
Subsequent Events [Abstract] |
Schedule of Long-term Debt Instruments | The interest rate on the Term Loan Facility was (i) from the first amendment effective date until the first quarter ended on or about September 30, 2018, LIBOR plus 2.25%, and (ii) commencing with the fiscal quarter ended on or about September 30, 2018 and thereafter, dependent on the Total Net Leverage Ratio ("TNLR") of the Company, an election of either base rate or LIBOR pursuant to the table below:
Level |  | Total Net Leverage Ratio |  | ABR Loans |  | Eurodollar Loans
I |  | Less than 2.00x |  | 0.75% |  | 1.75%
II |  | Greater than or equal to 2.00x and less than 2.50x |  | 1.00% |  | 2.00%
III |  | Greater than or equal to 2.50x and less than 3.00x |  | 1.25% |  | 2.25%
IV |  | Greater than or equal to 3.00x and less than 3.25x |  | 1.50% |  | 2.50%
V |  | Greater than or equal to 3.25x and less than 3.50x |  | 1.75% |  | 2.75%
VI |  | Greater than 3.50x |  | 2.00% |  | 3.00%
Debt consisted of the following at the dates indicated:
(in thousands) | October 2, 2021 |  | October 3, 2020
2023 term loans, net of deferred financing costs of $2,027 and $2,246, respectively | $ | 164,423 |  |  | $ | 174,104 |
Less: Current portion of long-term debt | 14,850 |  |  | 9,900 |
Long-term debt, net of current portion | $ | 149,573 |  |  | $ | 164,204 |
With respect to the financial performance covenants, during the Amended Limited Availability Period for the fiscal quarters ending January 1, 2022 through October 1, 2022, the TNLR requirement is not applicable, although it continues to impact the interest rate that is charged on outstanding borrowings as discussed below. Instead, the minimum consolidated EBITDA that the Company is required to maintain during the Amended Limited Availability Period has been updated to include fiscal 2022 as set forth in the table below (in millions):
| Period |  | Minimum Consolidated EBITDA |
| Fiscal quarter ending January 1, 2022 |  | $14.5 |
| Fiscal quarter ending April 2, 2022 |  | $(4.5) |
| Fiscal quarter ending July 2, 2022 |  | $(6.8) |
| Fiscal quarter ending October 1, 2022 |  | $20.0 |
The minimum liquidity (in the form of undrawn availability under the Revolving Credit Facility and unrestricted cash and cash equivalents) that the Company must maintain during the Amended Limited Availability Period has been amended as set forth in the table below (in millions):
Period |  | Minimum Liquidity
Fourth amendment effective date through January 1, 2022 |  | $10.0
January 2, 2022 through April 2, 2022 |  | $5.0
April 3, 2022 through July 2, 2022 |  | $15.0
Thereafter |  | $20.0
Additionally, a new financial performance covenant was added in the Fourth Amended Credit Agreement, requiring that school bus units manufactured by the Company (“Units”) not fall below the pre-set thresholds set forth in the table below on a three month trailing basis (“Units Covenant”). The Units Covenant is triggered only if the Company’s liquidity for the most-recently ended fiscal month is less than $50 million during the Amended Limited Availability Period:
Period |  | Minimum Units Manufactured
Three month period ending November 27, 2021 |  | 1,128
Three month period ending January 1, 2022 |  | 776
Three month period ending January 29, 2022 |  | 748
Three month period ending February 26, 2022 |  | 727
Three month period ending April 2, 2022 |  | 763
Three month period ending April 30, 2022 |  | 1,111
Three month period ending May 28, 2022 |  | 1,525
Three month period ending July 2, 2022 |  | 2,053
Three month period ending July30, 2022 |  | 2,072
Three month period ending August 27, 2022 |  | 2,199
Three month period ending October 1, 2021 |  | 2,306
The pricing grid in the Fourth Amended Credit Agreement, which is based on the TNLR, is determined in accordance with the amended pricing matrix set forth below:
Level |  | Total Net Leverage Ratio |  | ABR Loans |  | Eurodollar Loans
I |  | Less than 2.00x |  | 0.75% |  | 1.75%
II |  | Greater than or equal to 2.00x and less than 2.50x |  | 1.00% |  | 2.00%
III |  | Greater than or equal to 2.50x and less than 3.00x |  | 1.25% |  | 2.25%
IV |  | Greater than or equal to 3.00x and less than 3.25x |  | 1.50% |  | 2.50%
V |  | Greater than or equal to 3.25x and less than 3.50x |  | 1.75% |  | 2.75%
VI |  | Greater than or equal to 3.50x and less than 4.50x |  | 2.00% |  | 3.00%
VII |  | Greater than or equal to 4.50x and less than 5.00x |  | 3.25% |  | 4.25%
VIII |  | Greater than 5.00x |  | 4.25% |  | 5.25%

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- Definition Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=119993939&loc=d3e28541-108399 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21506-112644 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(e),(f)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=119993939&loc=d3e28551-108399 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21521-112644 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21538-112644 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 55 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644 + Details
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