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Long Term Debt | 12 Months Ended
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May 31, 2020
Long Term Debt |
4. | Long-Term Debt
The Company has a financing agreement with a bank providing for a $15,000,000 unsecured revolving line of credit, which expires on September 30, 2021. There were no advances against the line of credit during fiscal years 2020 and 2019; there was no balance outstanding at May 31, 2020. Interest on any borrowings is LIBOR plus 100 basis points (rate under the terms of the agreement was 1.24% at May 31, 2020). Financial covenants include maintaining specified levels of tangible net worth, debt service coverage, and funded debt to EBITDA; the Company believes it was in compliance with these covenants at May 31, 2020.

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- Definition The entire disclosure for long-term debt. + 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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Namespace Prefix: | us-gaap_
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Period Type: | duration