Revolving Line of Credit

6 Months Ended

Jun. 29, 2019

Revolving Line of Credit

K. Revolving Line of Credit

In March 2018, the Company amended its credit facility in place that provides for a $150.0 million revolving line of credit to extend the scheduled expiration date to March 31, 2023. On May 6, 2019, the Company withdrew $75.0 million of the available balance to fund the merger with Dogfish Head Brewery. The interest rate for the borrowings withdrawn is 2.95% (applicable LIBOR rate of 2.5% plus 0.45%). As of June 29, 2019, the unpaid balance on the borrowing was $37.5 million. As of June 29, 2019, the Company was not in violation of any of its financial covenants to the lender under the credit facility and the unused balance of $112.5 million remaining on the line of credit was available to the Company for future borrowing.