Quarterly report pursuant to Section 13 or 15(d)

Long-Term Debt (Tables)

v3.20.2
Long-Term Debt (Tables)
6 Months Ended
Mar. 31, 2020
Schedule of Fixed Coverage Ratio

The BofA Revolver Loan bears interest at a variable rate based on a base rate plus a margin. The current base rate is the greater of (i) Bank of America prime rate, (ii) the current federal funds rate plus 0.50%, or (iii) 30-day LIBOR plus 1.00% plus the margin, which varies, depending on the fixed coverage ratio table below. Levels I – V determine the interest rate to be charged Marquis which is based on the fixed charge coverage ratio achieved. The Level V interest rate is adjusted up or down on a quarterly basis going forward based upon the above fixed coverage ratio achieved by Marquis.

 

Level

 

Fixed Charge Coverage Ratio

 

Base Rate

Revolver

 

 

LIBOR

Revolver

 

I

 

<1.20 to 1.00

 

 

1.25

%

 

 

2.25

%

II

 

>1.20 to 1.00 but <1.50 to 1.00

 

 

1.00

%

 

 

2.00

%

III

 

>1.50 to 1.00 but <1.75 to 1.00

 

 

0.75

%

 

 

1.75

%

IV

 

>1.75 to 1.00 but >2.00 to 1.00

 

 

0.50

%

 

 

1.50

%

V

 

>2.00 to 1.00

 

 

0.25

%

 

 

1.25

%

Summary of Maximum Senior Leverage Ratio Required to Maintain for Vintage Stock

Vintage Stock is required to maintain a declining maximum senior leverage ratio on a trailing twelve-month basis as follows:

 

March 31, 2020

 

2.20 : 1.00

June 30, 2020

 

2.10 : 1.00

September 30, 2020

 

2.05 : 1.00

December 31, 2020

 

1.85 : 1.00

March 31, 2021

 

1.60 : 1.00

June 30, 2021 and thereafter

 

1.55 : 1.00

Schedule of Long-term Debt

Long-term debt as of March 31, 2020 and September 30, 2019 consisted of the following:

 

 

 

March 31,  2020

 

 

September 30, 2019

 

Bank of America Revolver Loan

 

$

5,457

 

 

$

13

 

Texas Capital Bank Revolver Loan

 

 

8,567

 

 

 

10,590

 

Note Payable Comvest Term Loan

 

 

11,504

 

 

 

15,412

 

Note Payable to the Sellers of Vintage Stock

 

 

10,000

 

 

 

10,000

 

Crossroads Financial Revolver Loan

 

 

 

 

 

1,981

 

Note #1 Payable to Banc of America Leasing & Capital LLC

 

 

1,647

 

 

 

2,057

 

Note #3 Payable to Banc of America Leasing & Capital LLC

 

 

2,123

 

 

 

2,379

 

Note #4 Payable to Banc of America Leasing & Capital LLC

 

 

653

 

 

 

731

 

Note #5 Payable to Banc of America Leasing & Capital LLC

 

 

2,804

 

 

 

3,065

 

Note #6 Payable to Banc of America Leasing & Capital LLC

 

 

825

 

 

 

891

 

Note #7 Payable to Banc of America Leasing & Capital LLC

 

 

4,403

 

 

 

 

Lonesome Oak equipment loans

 

 

3,500

 

 

 

 

Note payable to the Sellers of Lonesome Oak

 

 

2,366

 

 

 

 

Note Payable to Store Capital Acquisitions, LLC

 

 

9,259

 

 

 

9,274

 

Note payable to individual, noninterest bearing, monthly payments of $19 through March 2023

 

 

657

 

 

 

 

Note payable to individual, interest at 11% per annum, payable on a 90 day written notice,

   unsecured

 

 

207

 

 

 

207

 

Note payable to individual, interest at 10% per annum, payable on a 90 day written notice,

   unsecured

 

 

500

 

 

 

500

 

Total notes payable

 

 

64,472

 

 

 

57,100

 

Less unamortized debt issuance costs

 

 

(1,139

)

 

 

(1,384

)

Net amount

 

 

63,333

 

 

 

55,716

 

Less current portion

 

 

(20,940

)

 

 

(7,897

)

Long-term portion

 

$

42,393

 

 

$

47,819

 

Schedule of Future Maturities of Long-term Debt

Future maturities of long-term debt at March 31, 2020, are as follows which does not include related party debt separately stated:

 

Twelve months ending March 31,

 

 

 

 

2021

 

$

20,940

 

2022

 

 

7,732

 

2023

 

 

8,037

 

2024

 

 

13,844

 

2025

 

 

1,396

 

Thereafter

 

 

12,522

 

Total

 

$

64,472

 

Bank of America Revolver Loan  
Summary of Bank Revolver

The following tables summarize the BofA Revolver for the six months ended March 31, 2020 and 2019 and as of March 31, 2020 and September 30, 2019:

 

 

 

During the six months ended March 31,

 

 

 

2020

 

 

2019

 

Cumulative borrowing during the period

 

$

60,479

 

 

$

44,740

 

Cumulative repayment during the period

 

 

55,035

 

 

 

48,120

 

Maximum borrowed during the period

 

 

11,347

 

 

 

8,071

 

Weighted average interest for the period

 

 

3.52

%

 

 

4.19

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31,  2020

 

 

September 30, 2019

 

Total availability

 

$

17,725

 

 

$

14,914

 

Total outstanding

 

 

5,457

 

 

 

13

 

Texas Capital Bank Revolver Loan  
Summary of Bank Revolver

The following tables summarize the TCB Revolver for the six months ended March 31, 2020 and 2019 and as of March 31, 2020 and September 30, 2019:

 

 

 

During the six months ended March 31,

 

 

 

2020

 

 

2019

 

Cumulative borrowing during the period

 

$

35,808

 

 

$

39,644

 

Cumulative repayment during the period

 

 

37,831

 

 

 

40,895

 

Maximum borrowed during the period

 

 

11,798

 

 

 

11,932

 

Weighted average interest for the period

 

 

4.02

%

 

 

4.70

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31,  2020

 

 

September 30, 2019

 

Total availability

 

$

3,433

 

 

$

1,410

 

Total outstanding

 

 

8,567

 

 

 

10,590