Long-term Debt (Notes)

3 Months Ended

Jul. 01, 2017

Debt Disclosure [Abstract]

Debt Disclosure [Text Block]

10. Long-term Debt

On January 9, 2017, ESI Leasing, LLC (ESI Leasing), a wholly owned subsidiary of the Company, entered into a loan agreement (Loan Agreement) with First Technology Federal Credit Union (Lender). The Loan Agreement provides for a term loan from the Lender to ESI Leasing in the principal amount of $14 million (Loan). The interest rate of the Loan is fixed at 4.75% per annum, except that it may be increased if certain covenants under the Loan Agreement are not satisfied and after and during the continuation of an “Event of Default” as defined in the Loan Agreement. The Loan amortizes over a period of approximately 20 years, but the maturity date of the loan is January 1, 2027, meaning that, if ESI Leasing does not prepay or refinance the Loan, a significant portion of the principal of the Loan will become due on January 1, 2027. ESI Leasing will pay monthly principal and interest payments on the Loan totaling annual amounts of $1.1 million through the maturity of the loan. The principal maturities for the next five years are $0.4 million, $0.5 million, $0.5 million, $0.5 million and $0.5 million, respectively. The Company unconditionally guarantees the loan to ESI Leasing.

Total debt currently outstanding on the Loan Agreement at the end of fiscal 2017 was:

(In thousands)	July 1, 2017			April 1, 2017
Total debt outstanding	$	13,818		$	13,923
Less: Current portion, long-term debt	(439		)	(434		)
Long-term debt	$	13,379		$	13,489

Deferred debt issuance costs related to the above long-term debt as of July 1, 2017 and April 1, 2017 were $328 thousand and $337 thousand, respectively.