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Subsequent Event
12 Months Ended
Jan. 28, 2023
Subsequent Events [Abstract]  
Subsequent Event

Note 12 — Subsequent Event

Subsequent to January 28, 2023, the Company borrowed a net additional $13.0 million under the Credit Agreement.

On March 31, 2023, the Company entered into a Third Amended and Restated Credit Agreement (the “2023 Credit Agreement”) with Bank of America, N.A., as administrative agent and collateral agent, and lender. The 2023 Credit Agreement amends the previous Credit Agreement from a $75.0 million to a $90.0 million senior secured revolving credit facility. The 2023 Credit Agreement contains substantially similar terms and conditions as the previous Credit Agreement and extends its maturity date to March 2028. Advances under the 2023 Credit Agreement will bear interest at an annual rate equal to SOFR plus a margin ranging from 200 to 250 basis points with no SOFR floor. Upon the demonstration that the Company’s fixed charge coverage ratio is greater than 1.0 to 1.0 on a trailing twelve-month basis, the interest rate permanently decreases to SOFR plus a margin of 150 to 200 basis points. The fee paid to the lenders on the unused portion of the credit facility is 25 basis points when usage is greater than 50% of the facility amount; otherwise, the fee on the unused portion is 37.5 basis points. There is still a swingline availability of $10.0 million and a $25.0 million incremental accordion feature.