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Credit Facility
 6 Months Ended
Apr. 30, 2023
Credit Facility  
Credit Facility

11. Credit Facility

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We have a revolving credit facility (the “Credit Facility”) with Bank of America, N.A. (Bank of America) as administrative agent and Merrill Lynch, Pierce, Fenner & Smith Inc. as joint lead arranger and sole bookrunner, and Farm Credit West, as joint lead arranger.

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On November 1, 2022, we entered into a Seventh Amendment to our Credit Facility, which permitted us to declare cash dividends so long as (i) after giving effect to any such dividend a new Consolidated Dividend Adjusted Fixed Charge Coverage Ratio is not less than 1.20 to 1.00 and (ii) any such cash dividends are paid in the same fiscal quarter in which they are declared.

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As of April 30, 2023, we were in compliance with the financial covenants, and we expect to remain in compliance. As of April 30, 2023, approximately $18.3 million was available for borrowing, based on our borrowing base calculation discussed above. We have a letter of credit balance of $3.2 million as of April 30, 2023, that lowers the amount available per our Credit Facility.

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The weighted-average interest rate under the Credit Facility was 6.2% and 4.9% at April 30, 2023, and October 31 2022, respectively.  Under the Credit Facility, we had $22.2 million and $1.2 million outstanding as of April 30, 2023 and October 31, 2022, and had standby letters-of-credit of $3.2 million as of April 30, 2023, and October 31, 2022.