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Credit Facility and Debt | 9 Months Ended
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Mar. 28, 2025
Debt Disclosure [Abstract] |
Credit Facility and Debt | Credit Facility and Debt The Company entered into a Secured Credit Facility Agreement (the “Credit Facility”), dated May 9, 2023, amended as of November 22, 2023 and October 18, 2024, with Wells Fargo Bank, National Association, as administrative agent, swingline lender and issuing lender and Wells Fargo Securities LLC, Citigroup Global Markets Inc., and Regions Capital Markets as lenders. The Credit Facility provides for a $75.0 million revolving credit facility (the “Revolver”) and a $75.0 million Term Loan Facility (the “Term Loan”) with a maturity date of October 18, 2029. The $75.0 million Revolver can be borrowed with a $10.0 million sub-limit for letters of credit, and a $10.0 million swingline loan sub-limit. In November 2023, the Company borrowed $50.0 million against the Term Loan to primarily settle the cash portion of the consideration associated with the NEC Transaction (as defined below). See Note 11. Acquisitions for further information. As of March 28, 2025, the available credit under the Revolver was $66.3 million, reflecting the available limit of $75.0 million less outstanding letters of credit of $8.7 million. The Company borrowed and repaid $55.0 million against the Revolver during the nine months ended March 28, 2025. The Company borrowed $75.0 million and repaid $49.7 million against the Term Loan during the nine months ended March 28, 2025. The following summarizes the Company’s outstanding long-term debt as of March 28, 2025:
(In thousands) |  |
Revolver |  | $ | — |
Term loan |  | 74,063 |
Less: unamortized deferred financing costs |  | (140) |
Total debt |  | 73,923 |
Less: current portion of long-term debt |  | (3,719) |
Total long-term debt |  | $ | 70,204 |
Outstanding borrowings under the Credit Facility bear interest at either: (a) Adjusted Term Secured Overnight Financing Rate (“SOFR”) plus the applicable margin; or (b) the Base Rate plus the applicable margin. The pricing levels for interest rate margins are determined based on the Consolidated Total Leverage Ratio as determined and adjusted quarterly. As of March 28, 2025, the applicable margin on Adjusted Term SOFR and Base Rate borrowings was 2.75% and 1.75%, respectively. The effective rate of interest on the outstanding Term Loan borrowings as of March 28, 2025 was 7.1%. The Credit Facility requires the Company and its subsidiaries to maintain a fixed charge coverage ratio to be greater than 1.25 to 1.00 as of the last day of any fiscal quarter of the Company. The Credit Facility also requires that the Company maintain a maximum leverage ratio of 3.00 times EBITDA, with a step-down to 2.75 times EBITDA after four full quarters, and 2.50 times EBITDA after eight full quarters. The Credit Facility contains customary affirmative and negative covenants, including, among others, covenants limiting the ability of the Company and its subsidiaries to dispose of assets, permit a change in control, merge or consolidate, make acquisitions, incur indebtedness, grant liens, make investments, make certain restricted payments, and enter into transactions with affiliates, in each case subject to customary exceptions. As of March 28, 2025, the Company was in compliance with all financial covenants contained in the Credit Facility. As of March 28, 2025, scheduled maturities of outstanding long-term debt by fiscal year are as follows:
(In thousands) |  |
Remainder of 2025 |  | $ | 938 |
2026 |  | 4,688 |
2027 |  | 6,562 |
2028 |  | 1,875 |
2029 |  | — |
2030 |  | 60,000 |
Total |  | $ | 74,063 |

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- 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://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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