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Revolving Credit Facility | 12 Months Ended
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Jun. 25, 2020
Revolving Credit Facility [Abstract] |
Revolving Credit Facility | NOTE 6 — REVOLVING CREDIT FACILITY On March 5, 2020, we entered into an Amended and Restated Credit Agreement (the “Amended and Restated Credit Agreement”) which amended and restated our Credit Agreement dated as of February 7, 2008 (the “Former Credit Agreement”). The Amended and Restated Credit Agreement provides for a $117,500 senior secured revolving credit facility (the “Credit Facility”) with the same borrowing capacity, interest rates and applicable margin as the Former Credit Agreement and extends the term of the Former Credit Agreement from July 7, 2021 to March 5, 2025. The Credit Facility is secured by substantially all our assets other than machinery and equipment, real property and fixtures. Enhanced features for the Amended and Restated Credit Agreement include, but are not limited to, the additions and amendments listed below:
| • |  | The maximum incremental revolver was increased to $50,000.
| • |  | The purchase-money and capital lease basket was increased to $10,000.
| • |  | A new basket for unsecured subordinated indebtedness of $10,000 and a new basket for additional unsecured indebtedness of $20,000 were added.
| • |  | For permitted acquisitions, a new two-tier alternative test was added. For any acquisition by the Company, either (a) revolver availability plus unrestricted cash must be equal to or greater than $20,000 after giving effect to the acquisition, or (b) revolver availability plus unrestricted cash must be equal to or greater than $15,000 and the pro forma fixed charge coverage ratio must be equal to or greater than 1.00:1.00, in each case after giving effect to the acquisition.
| • |  | The aggregate amount of dividends and distribution permitted in any fiscal year was increased to $75,000, subject to the same existing conditions of no defaults and a minimum excess availability of $30,000 , after giving effect to the dividends or distribution .
| • |  | The Company is allowed unlimited investments as long as (a) there are no existing defaults and (b) revolver availability plus unrestricted cash is not less than $20,000 after giving effect to the proposed investment.
| • |  | The definition of fixed charges was amended to increase the threshold exclusion of dividends and distributions to $40,000.
At June 25, 2020, the weighted average interest rate for the Credit Facility was 2.40%. At June 27, 2019 there were no borrowings on the line of credit. The terms of the Credit Facility contain covenants that require us to restrict investments, indebtedness, acquisitions and certain sales of assets, cash dividends, redemptions of capital stock and prepayment of indebtedness (if such prepayment, among other things, is of a subordinate debt). If loan availability under the Borrowing Base Calculation falls below $25,000, we will be required to maintain a specified fixed charge coverage ratio, tested on a monthly basis. All cash received from customers is required to be applied against the Credit Facility. The Bank Lenders are entitled to require immediate repayment of our obligations under the Credit Facility in the event of default on the payments required under the Credit Facility, a change in control in the ownership of the Company, non-compliance with the financial covenant or upon the occurrence of certain other defaults by us under the Credit Facility (including a default under the Mortgage Facility). As of June 25, 2020, we were in compliance with the financial covenant under the Credit Facility and we currently expect to be in compliance with the financial covenant in the Credit Facility for the next twelve months. At June 25, 2020, we had $ 87,131 of available credit under the Credit Facility which reflects borrowings of $ 27,008 and reduced availability as a result of $ 3,361 in outstanding letters of credit. We would still be in compliance with all restrictive covenants under the Credit Facility if this entire amount were borrowed.

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