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Credit Facilities | 3 Months Ended
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Sep. 27, 2020
Debt Disclosure [Abstract] |
Credit Facilities | Credit Facilities STRATTEC has a $40 million secured revolving credit facility (the “STRATTEC Credit Facility”) with BMO Harris Bank. ADAC-STRATTEC LLC has a $25 million secured revolving credit facility (the “ADAC-STRATTEC Credit Facility”) with BMO Harris Bank N.A., which is guaranteed by STRATTEC. The credit facilities both expire August 1, 2022. Borrowings under either credit facility are secured by our U.S. cash balances, accounts receivable, inventory, and fixed assets. Interest on borrowings under the STRATTEC Credit Facility is at varying rates based, at our option, on the London Interbank Offering Rate (“LIBOR”) plus 1.0 percent or the bank’s prime rate. Interest on borrowings under the ADAC-STRATTEC Credit Facility is at varying rates based, at our option, on LIBOR plus 1.25 percent or the bank’s prime rate. Both credit facilities contain a restrictive financial covenant that requires the applicable borrower to maintain a minimum net worth level. The ADAC-STRATTEC Credit Facility includes an additional restrictive financial covenant that requires the maintenance of a minimum fixed charge coverage ratio. As of September 27, 2020, we were in compliance with all financial covenants required by these credit facilities. Outstanding borrowings under the credit facilities were as follows (in thousands):
|  | September 27, 2020 |  |  | June 28, 2020 |
STRATTEC Credit Facility |  | $ | 13,000 |  |  | $ | 18,000 |
ADAC-STRATTEC Credit Facility |  |  | 17,000 |  |  |  | 17,000 |
|  | $ | 30,000 |  |  | $ | 35,000 |
Average outstanding borrowings and the weighted average interest rate under each credit facility referenced above were as follows for each period presented (in thousands):
|  | Three Months Ended |
|  | Average Outstanding Borrowings |  |  | Weighted Average Interest Rate |
|  | September 27, 2020 |  |  | September 29, 2019 |  |  | September 27, 2020 |  |  | September 29, 2019 |
STRATTEC Credit Facility |  | $ | 17,231 |  |  | $ | 16,033 |  |  |  | 1.2 | % |  |  | 3.3 | %
ADAC-STRATTEC Credit Facility |  | $ | 17,000 |  |  | $ | 23,473 |  |  |  | 1.4 | % |  |  | 3.5 | %

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