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Note 15 - Subsequent Event

3 Months Ended

Mar. 31, 2024

Notes to Financial Statements

Subsequent Events [Text Block]

15. SUBSEQUENT EVENT

On April 26, 2024, we amended and restated our ABL Loan and Security Agreement with Bank of America, as agent for the lenders party thereto (the “Restated ABL Facility”), which replaced the existing ABL Facility described in Note 9. The Restated ABL Facility consists of a $175 million revolving credit facility and a $50 million term loan facility. 

The Restated ABL Facility bears interest of SOFR (or at our option, Prime Rate plus the applicable margin), as set forth on the following chart:

Revolver Pricing Level(1)		Average Availability as a Percentage of Commitments		Term SOFR Term Loan				Base Rate Term Loan				Term SOFR Revolver Loan				Base Rate Revolver Loan				Term SOFR FILO Loan				Base Rate FILO Loan
I		> 66.7%			2.75	%			1.50	%			1.25	%			0.00	%			1.75	%			0.50	%
II		>33.3% and < or equal to 66.7%			3.00	%			1.50	%			1.50	%			0.00	%			2.00	%			0.50	%
III		< or equal to 33.3%			3.25	%			1.75	%			1.75	%			0.25	%			2.25	%			0.75	%

⁽¹⁾Until June 30, 2024, Level III shall apply.

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- Definition

The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 855
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/855/tableOfContent

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-Topic 855
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483399/855-10-50-2

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