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Long-Term Debt | 3 Months Ended
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Sep. 26, 2021
Debt Disclosure [Abstract] |
Long-Term Debt | 11. Long-Term Debt Debt Obligations The following table presents the total balances outstanding for UNIFI’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 |  | September 26, 2021 |  | September 26, 2021 |  |  | June 27, 2021 |
ABL Revolver |  | December 2023 |  |  | 0.0 | % |  |  | $ | — |  |  | $ | — |
ABL Term Loan |  | December 2023 |  |  | 3.2 | % | (1) |  |  | 75,000 |  |  |  | 77,500 |
Finance lease obligations |  | (2) |  |  | 3.6 | % |  |  |  | 7,548 |  |  |  | 8,475 |
Construction financing |  | (3) |  |  | 2.3 | % |  |  |  | 1,764 |  |  |  | 882 |
Total debt |  |  |  |  |  |  |  |  |  | 84,312 |  |  |  | 86,857 |
Current ABL Term Loan |  |  |  |  |  |  |  |  |  | (12,500 | ) |  |  | (12,500 | )
Current portion of finance lease obligations |  |  |  |  |  |  |  |  |  | (2,928 | ) |  |  | (3,545 | )
Unamortized debt issuance costs |  |  |  |  |  |  |  |  |  | (419 | ) |  |  | (476 | )
Total long-term debt |  |  |  |  |  |  |  |  | $ | 68,465 |  |  | $ | 70,336 |
(1) | Includes the effects of interest rate swaps.
(2) | Scheduled maturity dates for finance lease obligations range from May 2022 to November 2027.
(3) | Refer to the discussion below under the subheading “─Construction Financing” for further information.
ABL Facility On December 18, 2018, Unifi, Inc. and certain of its subsidiaries entered into a Third Amendment to Amended and Restated Credit Agreement and Second Amendment to Amended and Restated Guaranty and Security Agreement (the “2018 Amendment”). The 2018 Amendment amended the Amended and Restated Credit Agreement, dated as of March 26, 2015, by and among Unifi, Inc. and a syndicate of lenders, as previously amended (together with all previous and subsequent amendments, the “Credit Agreement”). The Credit Agreement provides for a $200,000 senior secured credit facility (the “ABL Facility”), including 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 December 18, 2023. ABL Facility borrowings bear interest at LIBOR plus an applicable margin of 1.25% to 1.75%, or the Base Rate (as defined in the Credit Agreement) plus an applicable margin of 0.25% to 0.75%, with interest currently being paid on a monthly basis. As of September 26, 2021 and June 27, 2021, ABL Facility borrowings carried interest at LIBOR plus 1.25%. UNIFI currently maintains three interest rate swaps that fix LIBOR at approximately 1.9% on $75,000 of variable-rate debt. Such swaps are scheduled to terminate in May 2022. Construction Financing In May 2021, UNIFI entered into an agreement with a third party lender that provides for construction-period financing for certain texturing machinery anticipated in our capital allocation plans. UNIFI 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 LIBOR plus 2.2%, and contains terms customary for a financing of this type. The agreement provides for 60 monthly payments, which will commence upon the completion of the construction period with an interest rate of approximately 2.8%. In connection with this construction financing arrangement, UNIFI recorded long-term debt of $1,764 as of September 26, 2021. Scheduled Debt Maturities The following table presents the scheduled maturities of UNIFI’s outstanding debt obligations for the remainder of fiscal 2022, the following four fiscal years and thereafter:
|  | Fiscal 2022 |  |  | Fiscal 2023 |  |  | Fiscal 2024 |  |  | Fiscal 2025 |  |  | Fiscal 2026 |  |  | Thereafter |
ABL Revolver |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
ABL Term Loan |  |  | 10,000 |  |  |  | 10,000 |  |  |  | 55,000 |  |  |  | — |  |  |  | — |  |  |  | — |
Finance lease obligations |  |  | 2,618 |  |  |  | 1,257 |  |  |  | 1,301 |  |  |  | 1,195 |  |  |  | 733 |  |  |  | 444 |
Total (1) |  | $ | 12,618 |  |  | $ | 11,257 |  |  | $ | 56,301 |  |  | $ | 1,195 |  |  | $ | 733 |  |  | $ | 444 |
| (1) | Total reported excludes $1,764 for construction financing, described above.

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- Definition The entire disclosure for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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