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CREDIT FACILITIES (Tables)
 3 Months Ended
Dec. 30, 2016
Debt Disclosure [Abstract]  
Schedule of Debt
A summary of borrowings at period end follows:   
 
 
 
 
 
 
December 30, 2016
 
September 30, 2016
Debt
 
Fixed/ Variable
Rate
 
Maturity
 Date
 
Balance
 
Interest Rate
 
Balance
 
Interest Rate
($ in thousands)
 
 
 
 
 
 
 
 
 
 
 
 
M&T credit facilities:
 
 
 
 
 
 
 
 
 
 
 
 
Revolving Credit Facility
 
v
 
1/18/2018
 
$
2,643

 
5.02
%
 
$
3,961

 
3.28
%
Term Loan A(1)
 
f
 
2/1/2020
 
48

 
3.98

 
3,693

 
3.98

Term Loan B
 
v
 
2/1/2023
 
8,633

 
3.87

 
8,983

 
3.03

Albuquerque Mortgage Loan(1)
 
v
 
2/1/2018
 
—

 
—

 
2,200

 
3.55

Celmet Building Term Loan
 
f
 
11/7/2018
 
899

 
4.72

 
932

 
4.72

 
 
 
 
 
 
 
 
 
 
 
 
 
Other credit facilities:
 
 
 
 
 
 
 
 
 
 
 
 
Albuquerque Industrial Revenue Bond(1)
 
f
 
3/1/2019
 
—

 
—

 
100

 
5.63

Total debt, gross
 
 
 
 
 
12,223

 
 
 
19,869

 
 
Unamortized debt issuance costs
 
 
 
 
 
(220
)
 
 
 
(229
)
 
 
Total debt, net
 
 
 
 
 
12,003

 
 
 
19,640

 
 
Less: current portion
 
 
 
 
 
(1,578
)
 
 
 
(2,908
)
 
 
Long-term debt
 
 
 
 
 
$
10,425

 
 
 
$
16,732

 
 

(1) The Albuquerque Mortgage Loan and the Albuquerque Industrial Revenue Bond were repaid in connection with the sale-leaseback transaction described in Note 14—Capital Lease. The proceeds from the transaction were also used to pay down Term Loan A.
Schedule of Debt Covenant
Covenant ratios in effect at December 30, 2016, pursuant to the Fifth Amended Credit Agreement, as amended by the Second Amendment, are as follows:
Debt to EBITDAS Ratio:
 
 
9/30/2016 through and including 12/30/16
 
< 3.00 to 1.00

 
 
 
Minimum Quarterly EBITDAS:
 
 
Fiscal Quarter ending December 30, 2016
 
$
(500,000
)
 
 
 
Fixed Charge Coverage Ratio:
 
 
9/30/16 through and including 12/30/16
 
> 0.72 to 1.00

 
 
 
Maximum Inventory:
 
 
As of December 30, 2016
 
$
26.0
m
 
 
 
Maximum Capital Expenditures:
 
Measured annually; maximum $4.5m
Schedule of Maturities of Long-term Debt
A summary of contractual principal payments under IEC's borrowings for the next five years taking into consideration the Fifth Amended Credit Agreement, as amended, follows:
Debt Repayment Schedule
 
Contractual
Principal
Payments
(in thousands)
 
 

Twelve months ended December
 
 

2017
 
$
1,578

2018 (1)
 
4,812

2019
 
1,400

2020
 
1,400

2021 and thereafter
 
3,033

 
 
$
12,223

(1) Includes Revolver balance of $2.6 million at December 30, 2016 and final payment of Celmet Building Term Loan on November 7, 2018.