Long-term Debt and Line of Credit

6 Months Ended

Mar. 31, 2026

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. 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 3.50% based on certain consolidated leverage ratio measures. On November 17, 2025, the Company entered into Amendment No. 7 to Amended and Restated Credit Agreement and Amendment to Pledge and Security Agreement with Truist Bank to, among other things, (i) modify certain definitions, terms and conditions, (ii) modify the maturity date to be July 31, 2027, and in connection therewith, the repayment schedule, including certain adjustments to applicable interest rates, (iii) adjust the minimum fixed charge coverage ratio, (iv) adjust the maximum leverage ratio measures, and (v) adjust the minimum liquidity measure. The A&R Revolving Facility matures on July 31, 2027. The A&R Term Loan is repayable in installments beginning December 31, 2022, with the remainder due on July 31, 2027.

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 March 31, 2026.

Long-term debt consisted of the following at:


($ in thousands except monthly payment amounts)	March 31, 2026		September 30, 2025
Term note payable to Truist Bank, secured and bearing interest at 7.20% at March 31, 2026 and 7.25% at September 30, 2025. The note requires quarterly principal payments commencing on December 31, 2022 and maturing with a full repayment on July 31, 2027	$	299,429	$	367,125
Revolving note payable for an amount up to $65.0 million to Truist Bank, secured and bearing interest at 7.17% at March 31, 2026 and 7.56% at September 30, 2025. The note requires full repayment on July 31, 2027	57,029		47,229
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 $1,700 through May 2032	1,433		1,549
Total debt outstanding	357,891		415,903
Less current portion (net of current debt issuance costs)	(23,606)		(77,895)
Less unamortized portion of debt issuance costs	(4,307)		(3,811)
Long-term debt, net of current portion and unamortized debt issuance costs	$	329,978	$	334,197

As of March 31, 2026 and September 30, 2025, the Company had $3.5 million and $2.8 million, respectively, in letters of credit outstanding under the A&R Revolving Facility.