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Long-Term Debt
9 Months Ended
Sep. 29, 2018
Long-Term Debt [Abstract]  
Long-Term Debt

(5) Long-Term Debt

On September 1, 2016, Weis Markets entered into a revolving credit agreement with Wells Fargo Bank, National Association (the Credit Agreement).  The Credit Agreement provides for an unsecured revolving credit facility with an aggregate principal amount not to exceed $100.0 million with an additional discretionary amount available of $50.0 million.  On October 24, 2018, the Credit Agreement was amended to reduce the available revolving credit amount from $100.0 million to $50.0 million. As of September 29, 2018, the Company did not have an outstanding amount borrowed from the available $100.0 million from the credit facility.  The loan will bear interest on the outstanding principal amount at the one-month LIBOR rate plus the applicable margin rate of 0.65% until its maturity on September 1, 2019.  The loan was used to fund the 2016 acquisitions and the Company’s working capital requirements.  The only financial covenant in the credit facility requires the Company’s trailing twelve-month EBITDA to be at least $75.0 million.  The Credit Agreement is also being utilized by the Company for $14.2 million of outstanding letters of credit as of September 29, 2018.  The letters of credit are maintained primarily to support performance, payment, deposit or surety obligations of the Company.  The Company does not anticipate drawing on any of them. 



Interest expense related to long-term debt was $29 thousand and $174 thousand in the thirteen weeks ended September 29, 2018 and September 30, 2017, respectively.  In the first thirty-nine weeks of 2018 and 2017 interest expense related to long-term debt totaled $269 thousand and $707 thousand, respectively.