Financing Arrangements

12 Months Ended

Jan. 31, 2018



NOTE 11	FINANCING ARRANGEMENTS

The Company entered into a credit facility on April 15, 2015 with JPMorgan Chase Bank, N.A., Toronto Branch as Canadian Administrative Agent, JPMorgan Chase Bank, National Association, as administrative agent, and each lender from time to time party thereto (the Credit Agreement). The Credit Agreement provides for a syndicated senior revolving credit facility up to $125,000 with a maturity date of April 15, 2020. Loan proceeds may be utilized by Raven for strategic business purposes, such as business acquisitions, and for net working capital needs.

Simultaneous with execution of the Credit Agreement, Raven, Aerostar, Vista, and Integra entered into a guaranty agreement in favor of JPMorgan Chase Bank National Association in its capacity as administrator under the Credit Agreement for the benefit of JPMorgan Chase Bank N.A., Toronto Branch and the lenders and their affiliates under the Credit Agreement.

The unamortized debt issuance costs associated with this Credit Agreement were as follows:



	As of January 31,
	2018		2017
Unamortized debt issuance costs^(a)	$	242	$	352

^(a)Unamortized debt issuance costs are reported as "Other assets" in the Consolidated Balance Sheets.

Loans or borrowings defined under the Credit Agreement bear interest and fees at varying rates and terms defined in the Credit Agreement based on the type of borrowing as defined. The Credit Agreement includes annual administrative and unborrowed capacity fees. Such fees were $211, $215, and $213 for the years ended January 31, 2018, 2017, and 2016, respectively.

The Credit Agreement also contains customary affirmative and negative covenants, including those relating to financial reporting and notification, limits on levels of indebtedness and liens, investments, mergers and acquisitions, affiliate transactions, sales of assets, restrictive agreements, and change in control as defined in the Credit Agreement. The Company requested and received the necessary covenant waivers relating to its late filing of financial information in fiscal 2017. Financial covenants include an interest coverage ratio and funded indebtedness to earnings before interest, taxes, depreciation, and amortization as defined in the Credit Agreement.

Letters of credit (LOC) issued and outstanding were as follows:



	As of January 31,
	2018		2017
Letters of credit outstanding ^(a)	$	1,097	$	514

^(a)Any draws required under the LOC' would be settled with available cash or borrowings under the Credit Agreement.

There have been no borrowings under any of the credit agreements and there were no borrowings outstanding for any of the fiscal periods covered by this Annual Report on Form 10-K. Availability under the Credit Agreement for borrowings as of January 31, 2018 was approximately $124,000.

Capital leases

The Company's recent asset acquisition of CLI further described in Note 6 Acquisition of and Investments in Businesses and Technologies included a fleet of vehicles under capital leases to support Engineered Film's new design-build and installation service capabilities. The Company had no leased assets under capital leases in fiscal 2017.

Future minimum lease payments under capital leases and the present value of the net minimum lease payments as of January 31, 2018 were as follows:



	2019		2020		2021		2022		Thereafter		Total
Minimum lease payments	$	237	$	169	$	90	$	32	$	—	$	528

Less amount representing estimated executory costs such as taxes, license and insurance including profit thereon.											(17		)
Net minimum lease payments											511
Less amounts representing interest											(63		)
Present value of net minimum lease payments											$	448

At January 31, 2018, the present value of net minimum lease payments due within one year is $196. Amortization and interest expense for the year ended January 31, 2018 was $65 and $13, respectively.

Operating leases

The Company leases certain vehicles, equipment, and facilities under operating leases. Total rent and lease expense was $2,104, $2,028, and $2,095 in fiscal 2018, 2017, and 2016, respectively.

Future minimum lease payments under non-cancelable operating leases are as follows:



	2019		2020		2021		2022		2023		Thereafter
Minimum lease payments	$	2,012	$	1,925	$	1,780	$	501	$	437	$	—