XML 24 R14.htm IDEA: XBRL DOCUMENT v3.8.0.1
Long-Term Debt
9 Months Ended
Sep. 30, 2017
Long-Term Debt [Abstract]  
Long-Term Debt

(6) Long-Term Debt

On September 1, 2016, Weis Markets entered into a revolving credit agreement with Wells Fargo Bank, National Association (the Credit Agreement).  The Credit Agreement provides for an unsecured revolving credit facility with an aggregate principal amount not to exceed $100.0 million with an additional discretionary amount available of $50.0 million.  As of September 30, 2017,  $52.1 million of the available $100.0 million was borrowed from the credit facility.  The loan will bear interest on the outstanding principal amount at the one month LIBOR rate plus the applicable margin rate of 0.65% until its maturity on September 1, 2019.  The loan was used to fund the 2016 acquisitions and the Company’s working capital requirements.  The only financial covenant in the credit facility requires the Company’s trailing twelve month EBITDA to be at least $75.0 million.  The Credit Agreement is also being utilized by the Company for $15.3 million of outstanding letters of credit as of September 30, 2017.  The letters of credit are maintained primarily to support performance, payment, deposit or surety obligations of the Company.  The Company does not anticipate drawing on any of them. 



Interest expense related to long-term debt was $174 thousand and $707 thousand in the third quarter and first 39 weeks of 2017, respectively.