Credit Facilities and Long-Term Debt

Long-term debt consisted of the following (in thousands except interest rate and installment data):



	June 2, 2018		June 3, 2017
Note payable at 6.20%, due in monthly principal installments of $250,000, plus interest, maturing in fiscal 2020	$	4,500	$	7,500
Note payable at 5.40%, due in monthly principal installments of $125,000, plus interest, maturing in fiscal 2019	250		1,750
Capital lease obligations	1,340		1,689
Total debt	6,090		10,939
Less: current maturities	3,536		4,826
Long-term debt, less current maturities	$	2,554	$	6,113

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The aggregate annual fiscal year maturities of long-term debt at June 2, 2018 are as follows (in thousands):



2019	$	3,536
2020	1,696
2021	205
2022	215
2023	224
Thereafter	214
	$	6,090

Certain property, plant, and equipment is pledged as collateral on our notes payable. Unless otherwise approved by our lenders, we are required by provisions of our loan agreements to (1) maintain minimum levels of working capital (ratio of not less than 1.25 to 1) and net worth (minimum of $90.0 million tangible net worth, plus 45% of cumulative net income); (2) limit dividends paid in any given quarter to not exceed an amount equal to one third of the previous quarter’s consolidated net income (allowed if no events of default), (3) maintain minimum total funded debt to total capitalization (debt to total tangible capitalization not to exceed 55%); and (4) maintain various current and cash-flow coverage ratios (1.25 to 1), among other restrictions. At June 2, 2018, we were in compliance with the financial covenant requirements of all loan agreements. Under certain of the loan agreements, the lenders have the option to require the prepayment of any outstanding borrowings in the event we undergo a change in control, as defined in the applicable loan agreement. Our debt agreements require Fred R. Adams, Jr., the Company’s Founder and Chairman Emeritus, or his family, to maintain ownership of Company shares representing not less than 50% of the outstanding voting power of the Company. We are in compliance with those covenants at June 2, 2018.

Interest, net of amount capitalized, of $265,000, $318,000, and $1.1 million was paid during fiscal 2018, 2017 and 2016, respectively. Interest of $217,000, $1.1 million and $1.1 million was capitalized for construction of certain facilities during fiscal 2018, 2017 and 2016, respectively.

On July 10, 2018, subsequent to the end of our fiscal year, we entered into a $100.0 million Senior Secured Revolving Credit Facility with BMO Harris Bank and Greenstone Farm Credit Services. See Note 17, "Subsequent Events" for details.