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Note 8 - Long-term Debt

12 Months Ended

Dec. 31, 2024

8.	LONG-TERM DEBT:

On October 28, 2024, the Company converted the outstanding balance of the IFA into a $15 million term loan with WFEF that was used to fund the Company’s new reinforced concrete pipe mill. The term loan matures on October 28, 2029, bears interest at the SOFR Average (as defined in the term loan) plus 2.22%, is payable in monthly installments of $0.3 million plus accrued interest, and is secured by the pipe mill equipment. As of December 31, 2024, the outstanding balance of the term loan was $14.5 million and the weighted-average interest rate for outstanding borrowings was 6.90%. The term loan may be prepaid in full at any time provided that the Company pays a prepayment fee equal to 2% of the outstanding principal balance if repaid in the first 30 months of the loan.

Future principal payments of long-term debt are as follows (in thousands):

Year ending December 31,
2025	$	3,000
2026		3,000
2027		3,000
2028		3,000
2029		2,500
Total future principal payments		14,500
Less: Unamortized debt issuance costs		(30	)
Less: Current portion of long-term debt		(2,994	)
Long-term debt, net of current portion	$	11,476