Long-term Debt and Line of Credit

12 Months Ended

Sep. 30, 2025

Long-Term Debt, Unclassified [Abstract]

On August 9, 2022, the Company and certain of its subsidiaries entered into the Amended and Restated Credit Agreement (the “A&R Credit Facility”) with Truist Bank. The A&R Credit Facility provides for a $65.0 million revolving credit facility (the “A&R Revolving Facility”) that may be used for revolving credit loans (including up to $5.0 million in swingline loans and up to $5.0 million in letters of credit) and a $445.0 million term loan (the “A&R Term Loan”). Subject to certain conditions, the available amount under the revolving credit facility and term loans may be increased by $125.0 million in the aggregate. As of September 30, 2025, The A&R Credit Facility bears interest at a rate that is equal to Term SOFR plus an applicable margin ranging from 1.75% to 3.25% based on certain consolidated leverage ratio measures.

On November 13, 2024, the Company and certain of its subsidiaries entered into Amendment No. 6 to the Amended and Restated Credit Agreement and Waiver and Amendment No. 1 to Pledge and Security Agreement with Truist Bank to, among other things, (i) modify certain definitions, terms and conditions, (ii) adjust the minimum fixed charge coverage ratio, (iii) adjust the maximum leverage ratio measures, (iv) adjust the minimum liquidity measure, and (v) modify the maturity date to be July 31, 2026, and in connection therewith, the repayment schedule. As of September 30, 2025, the A&R Term Loan was repayable in installments beginning December 31, 2022, with the remainder due on July 31, 2026. On November 17, 2025, the Company entered into Amendment No. 7 to Amended and Restated Credit Agreement and Amendment to Pledge and Security Agreement as discussed in Note 22.

The A&R Credit Facility is collateralized by certain real and personal property (including certain capital stock) of the Company and its subsidiaries. The collateral does not include inventory and certain other assets of the Company’s subsidiaries financed under the Inventory Financing Facility. The A&R Credit Facility is subject to certain financial covenants related to the maintenance of a minimum fixed charge coverage ratio, a maximum consolidated leverage ratio and a minimum liquidity measure. The A&R Credit Facility also contains non-financial covenants and restrictive provisions that, among other things, limit the ability of the Company to incur additional debt, transfer or dispose of all of its assets, make certain investments, loans or payments and engage in certain transactions with affiliates. The Company was in compliance with all covenants for the reporting period ended September 30, 2025.

Long-term debt consisted of the following at:


($ in thousands except monthly payment amounts)	September 30, 2025		September 30, 2024
Term note payable to Truist Bank, secured and bearing interest at 7.25% at September 30, 2025 and 7.85% at September 30, 2024. The note requires quarterly principal payments commencing on December 31, 2022 and maturing with a full repayment on July 31, 2026	$	367,125	$	375,469
Revolving note payable for an amount up to $65.0 million to Truist Bank, secured and bearing interest at 7.56% at September 30, 2025 and 7.75% at September 30, 2024. The note requires full repayment on July 31, 2026	47,229		51,150
Notes payable to commercial vehicle lenders secured by the value of the vehicles bearing interest at rates ranging from 0.0% to 10.8% per annum. The notes require monthly installment payments of principal and interest ranging from $200 to $3,100 through May 2032	1,549		2,561
Note payable to Norfolk Marine Company, unsecured and bearing interest at 4.0% per annum. The note was paid in full on December 1, 2024.	—		1,126
Total debt outstanding	415,903		430,306
Less current portion (net of current debt issuance costs)	(77,895)		(7,874)
Less unamortized portion of debt issuance costs	(3,811)		(7,498)
Long-term debt, net of current portion and unamortized debt issuance costs	$	334,197	$	414,934

Principal repayment requirements of long-term debt at September 30, 2025 are as follows (in thousands):


Year ending September 30,
2026	$	81,706
2027	334,052
2028	78
2029	42
2030	19
Thereafter	$	6
Total principal payments	$	415,903

Debt issuance costs are amortized on a straight-line basis over the life of the loan, which approximates the effective interest method. During the fiscal years ended September 30, 2025 and 2024, the Company capitalized loan costs of $0.9 million and $2.2 million, respectively. Amortization for the years ended September 30, 2025, 2024 and 2023 amounted to $4.6 million, $2.1 million and $2.2 million, respectively, and is included in interest expense - other in the consolidated statements of operations.

As of September 30, 2025 and 2024, the Company had $2.8 million and $1.6 million, respectively, in letters of credit outstanding under the A&R Revolving Facility.