XML 27 R16.htm IDEA: XBRL DOCUMENT
v3.6.0.2

Long-Term Debt | 6 Months Ended
--- | ---
Dec. 25, 2016
Debt Disclosure [Abstract] |
Long-Term Debt | 10. Long-Term Debt Debt Obligations The following table presents the total balances outstanding for the Company’s debt obligations, their scheduled maturity dates and the weighted average interest rates for borrowings as well as the applicable current portion of long-term debt:
|  |  |  |  |  | Weighted Average |  |  |  |
|  | Scheduled |  |  | Interest Rate as of |  |  | Principal Amounts as of |
|  | Maturity Date |  |  | December 25, 2016 |  |  | December 25, 2016 |  |  | June 26, 2016 |
ABL Revolver |  | March 2020 |  |  |  | 2.9% |  |  | $ | 9,800 |  |  | $ | 6,200 |
ABL Term Loan |  | March 2020 |  |  | 2.4% (1) |  |  |  | 100,000 |  |  |  | 90,250 |
Capital lease obligations |  | (2) |  |  | (3) |  |  |  | 13,643 |  |  |  | 15,798 |
Construction financing |  | (4) |  |  | (4) |  |  |  | 11,768 |  |  |  | 6,629 |
Renewables’ term loan |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 4,000 |
Renewables’ promissory note |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 135 |
Total debt |  |  |  |  |  |  |  |  |  |  | 135,211 |  |  |  | 123,012 |
Current portion of capital lease obligations |  |  |  |  |  |  |  |  |  |  | (4,153 | ) |  |  | (4,261 | )
Current portion of other long-term debt |  |  |  |  |  |  |  |  |  |  | (10,000 | ) |  |  | (9,525 | )
Unamortized debt issuance costs |  |  |  |  |  |  |  |  |  |  | (1,215 | ) |  |  | (1,421 | )
Total long-term debt |  |  |  |  |  |  |  |  |  | $ | 119,843 |  |  | $ | 107,805 |
(1) | The weighted average interest rate as of December 25, 2016 for the ABL Term Loan includes the effects of the interest rate swap with a notional balance of $50,000.
(2) | Scheduled maturity dates for capital lease obligations range from January 2017 to November 2027.
(3) | Interest rates for capital lease obligations range from 2.3% to 4.6%.
(4) | Refer to the discussion under the heading “—Construction Financing” below for further information.
ABL Revolver and ABL Term Loan On March 26, 2015, the Company and its subsidiary, Unifi Manufacturing, Inc., entered into an Amended and Restated Credit Agreement (as subsequently amended, the “Amended Credit Agreement”) for a $200,000 senior secured credit facility (the “ABL Facility”) with a syndicate of lenders. The ABL Facility consists of a $100,000 revolving credit facility (the “ABL Revolver”) and a term loan that can be reset up to a maximum amount of $100,000, once per fiscal year, if certain conditions are met (the “ABL Term Loan”). The ABL Facility has a maturity date of March 26, 2020. On November 18, 2016, pursuant to the principal reset conditions of the Amended Credit Agreement, the Company, at its discretion, reset the ABL Term Loan principal balance to $100,000. In connection with the principal reset, the ABL Term Loan is subject to quarterly amortizing payments of $2,500. Construction Financing In December 2015, the Company entered into an agreement with a third-party lender that provides for construction-period financing for certain build-to-suit assets. The Company will record project costs to construction in progress and the corresponding liability to construction financing (within long-term debt). The agreement provides for monthly, interest-only payments during the construction period, at a rate of 3.5%, and contains terms customary for a financing of this type. The principal balance of this construction financing arrangement reflects cash paid by the third-party lender for (i) construction in progress and (ii) advances to the Company. The agreement provides for 60 monthly payments, which will commence at the earlier of the completion of the construction period or July 1, 2017, with an interest rate of 3.2%. Renewables As described in Note 4, “Sale of Renewables,” the Company’s sale of its 60% equity ownership interest in Renewables required deconsolidation of the corresponding assets and liabilities, and, accordingly, the respective debt principal balances are appropriately excluded from the Company’s total long-term debt as of December 25, 2016. The Company has no joint and several liability for such debt. Scheduled Debt Maturities The following table presents the scheduled maturities of the Company’s outstanding debt obligations for the remainder of fiscal 2017 and the fiscal years thereafter:
|  | Scheduled Maturities on a Fiscal Year Basis |
|  | 2017 |  |  | 2018 |  |  | 2019 |  |  | 2020 |  |  | 2021 |  |  | Thereafter |
ABL Revolver |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 9,800 |  |  | $ | — |  |  | $ | — |
ABL Term Loan |  |  | 5,000 |  |  |  | 10,000 |  |  |  | 10,000 |  |  |  | 75,000 |  |  |  | — |  |  |  | — |
Capital lease obligations |  |  | 2,106 |  |  |  | 4,128 |  |  |  | 4,058 |  |  |  | 2,542 |  |  |  | 171 |  |  |  | 638 |
Total (1) |  | $ | 7,106 |  |  | $ | 14,128 |  |  | $ | 14,058 |  |  | $ | 87,342 |  |  | $ | 171 |  |  | $ | 638 |
(1) | Total excludes $11,768 for the construction financing described above.

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for long-term debt. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
Name: | us-gaap_LongTermDebtTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration