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Note 6 - Revolving Credit Facility

6 Months Ended

Sep. 29, 2018

Notes to Financial Statements

Debt Disclosure [Text Block]

6 . Revolving Credit Facility

The Company completed the closing of a new

five

-year revolving credit facility (“Revolver”) on

July 5, 2016.

Maximum borrowings under the Revolver total

$400,000,000

from

April

through

July

and

$500,000,000

from

August

through

March.  

The Revolver balance as of

September 29, 2018

was

$242,947,000

and is included in Long-Term Debt in the accompanying Condensed Consolidated Balance Sheet since the Revolver matures on

July 5, 2021.

The total unused credit availability was

$243,500,000

as of

September 29, 2018. 

The Company utilizes its Revolver for general corporate purposes, including seasonal working capital needs, to pay debt principal and interest obligations, and to fund capital expenditures and acquisitions. Seasonal working capital needs are affected by the growing cycles of the vegetables and fruits the Company processes. The majority of vegetable and fruit inventories are produced during the months of

June

through

November

and are then sold over the following year. Payment terms for vegetable and fruit produce are generally

three

months but can vary from a few days to

seven

months. Accordingly, the Company’s need to draw on the Revolver

may

fluctuate significantly throughout the year.

The decrease in the reported end of period amount of Revolver borrowings during the

first

six

months of fiscal

2019

compared to the

first

six

months of fiscal

2018

was attributable to Working Capital which is

$54,536,000

lower than the same period last year primarily due to the Modesto disposal.

General terms of the Revolver include payment of interest at LIBOR plus a defined spread.

The following table documents the quantitative data for Revolver borrowings during the

second

quarter and year-to-date of fiscal

2019

and fiscal

2018:

		Second Quarter								Year-to-Date
		2019				2018				2019				2018
		(In thousands)								(In thousands)
Reported end of period:
Outstanding borrowings		$	242,947			$	272,609			$	242,947			$	272,609
Weighted average interest rate			3.73	%			2.75	%			3.73	%			2.75	%
Reported during the period:
Maximum amount of borrowings		$	242,947			$	274,117			$	294,062			$	274,117
Average outstanding borrowings		$	220,917			$	244,160			$	241,855			$	229,235
Weighted average interest rate			3.64	%			2.58	%			3.56	%			2.45	%

X

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ 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

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- References

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