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Revolving Credit Facility | 9 Months Ended
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Oct. 28, 2017
Debt Disclosure [Abstract] |
Revolving Credit Facility | (11) Revolving Credit Facility On February 28, 2017, the Company and it’s wholly owned subsidiaries, ANI ApS and TrojanLabel ApS (together with the Company, ANI ApS and TrojanLabel Aps, the “Parties”), entered into a Credit Agreement with Bank of America, N.A. (the “Lender”). The Credit Agreement provides for a term loan to ANI ApS in the principal amount of $9.2 million. The Credit Agreement also provided for a $10.0 million revolving credit facility available to the Company for general corporate purposes. Revolving credit loans may be borrowed, at the Company’s option, in U.S. Dollars or, subject to certain conditions, Euros, British Pounds, Canadian Dollars or Danish Krone. Upon entry into the Credit Agreement, the Company’s prior credit facility with Wells Fargo Bank was terminated. No loans or other amounts were outstanding or owed under that facility at the time of termination. The Company is required to pay a commitment fee on the undrawn portion of the revolving credit facility at the rate of 0.25% per annum. In connection with the Honeywell Agreement, on September 28, 2017, the Parties entered into a First Amendment to the Credit Agreement with the Lender. The First Amendment amended the existing Credit Agreement to permit the Honeywell Asset Purchase and License Agreement and temporarily increased the amount available for borrowing under the revolving credit facility from $10.0 million to $15.0 million. The initial upfront payment of $14.6 million for the Honeywell Agreement was paid using borrowings under the Company’s revolving credit facility. Interest on this revolving credit facility accrued at a rate of 4.25% per annum on the outstanding borrowings and is due and payable on the last day of each of the Company’s fiscal quarters. As of October 28, 2017, the Company has accrued $51,000 of interest for this revolving credit facility, which is included in Other Liabilities and Accrued Expenses on the accompanying condensed consolidated balance sheet at October 28, 2017. As of October 28, 2017, $400,000 of the revolving credit facility remains available under the amended Credit Agreement. Subsequent to the fiscal quarter end, on November 30, 2017, the Company entered into a Second Amendment to the Credit Agreement with the Lender. The Second Amendment provides for a term loan to the Company in the principal amount of $15.0 million, in addition to the revolving credit facility for the Company and the term loan previously borrowed by ANI ApS at the original closing under the Credit Agreement. The Company borrowed the entire $15.0 million of the term loan upon the closing of the Second Amendment on November 30, 2017 and used the proceeds to repay the entire $14.6 million principal balance of the revolving loan outstanding under the revolving credit facility as of October 28, 2017. In accordance with the scheduled principal payments commencing January 2018 for the $15.0 million term loan, the Company has classified $2.25 million of the revolving credit facility as a current liability on the accompanying condensed consolidated balance sheet at October 28, 2017. The principal amount of the revolving credit facility under the Credit Agreement, which had been temporarily increased to $15.0 million pursuant to the First Amendment, was reduced to $10.0 million effective upon the closing of the Second Amendment, and the revolving credit facility termination and maturity date was extended from January 31, 2022 to November 22, 2022. Refer to Note 19, “Subsequent Event” for further details.

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- Definition The entire disclosure for short-term debt. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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