XML 13 R9.htm IDEA: XBRL DOCUMENT

Note 2 - Debt	3 Months Ended
Note 2 - Debt	Jun. 28, 2014
Disclosure Text Block [Abstract]
Long-term Debt [Text Block]	NOTE 2 – DEBT Description: Transcat, through its credit agreement (the “Credit Agreement”), which matures in September 2015, has a revolving credit facility in the amount of $20.0 million (the “Revolving Credit Facility”). As of June 28, 2014, $10.8 million was outstanding under the Revolving Credit Facility and is included in long-term debt on the Consolidated Balance Sheet. Interest and Other Costs: Interest on the Revolving Credit Facility accrues, at Transcat’s election, at either the one-month London Interbank Offered Rate (“LIBOR”), adjusting daily, or a fixed rate for a designated period at the LIBOR corresponding to such period, in each case, plus a margin. Commitment fees accrue based on the average daily amount of unused credit available on the Revolving Credit Facility. Interest rate margins and commitment fees are determined on a quarterly basis based upon the Company’s calculated leverage ratio, as defined in the Credit Agreement. The one-month LIBOR as of June 28, 2014 was 0.2%. The Company’s interest rate for the first quarter of fiscal year 2015 ranged from 1.1% to 1.7%. Covenants: The Credit Agreement has certain covenants with which the Company has to comply, including a fixed charge ratio covenant and a leverage ratio covenant. The Company was in compliance with all loan covenants and requirements throughout the first quarter of fiscal year 2015. Other Terms: The Company has pledged all of its U.S. tangible and intangible personal property, the equity interests of its U.S.-based subsidiaries, and a majority of the common stock of Transmation (Canada) Inc. as collateral security for the loans made under the Revolving Credit Facility.