Debt

9 Months Ended

May 31, 2022

Debt Disclosure [Abstract]

Debt

Debt

The following table summarizes our debt balances (in thousands).

	May 31, 2022		August 25, 2021
Long-Term Debt
2018 Credit Agreement - Revolver	$	—	$	5,000
2018 Credit Agreement - Term Loans	—		12,024
Total credit facility debt	$	—	$	17,024

2018 Credit Agreement

All amounts outstanding under this Credit Facility were repaid and the Credit Agreement was terminated on September 30, 2021.

On December 13, 2018, we entered into a credit agreement, (the “Credit Agreement”) among the Company, the lenders from time to time party thereto, and a subsidiary of MSD Capital, MSD PCOF Partners VI, LLC (“MSD”), as Administrative Agent, pursuant to which the lenders party thereto agreed to make loans to the Company from time to time up to an aggregate principal amount of $80.0 million consisting of a $10.0 million revolving credit facility (the “Revolver”), a $10.0 million delayed draw term loan (“Delayed Draw Term Loan”), and a $60.0 million term loan (the “Term Loan”, and together with the Revolver and the Delayed Draw Term Loan, the “Credit Facility”).

Borrowings under the Credit Facility bore interest at the three month London InterBank Offered Rate ("LIBOR") plus 7.75% per annum. Interest was payable quarterly and accrued daily.

As of May 31, 2022, we had approximately $3.3 million committed under letters of credit, which are used as security for the payment of insurance and other obligations and are fully cash collateralized