Long Term and Other Debt

9 Months Ended

Jun. 30, 2017

Debt Disclosure [Abstract]

Long Term and Other Debt

11. Long Term and Other Debt

Outstanding Debt and Capital Leases

The following reflects outstanding debt and capital leases as of the dates indicated below:

	Principal			Unamortized deferred financing charge			Book value, June 30, 2017
Senior bank debt	$	125,986		$	(301	)	$	125,685
Capital leases and hire purchase contract		1,224			-			1,224
Total long-term debt outstanding		127,210			(301	)	$	126,909
Less: current portion of long-term debt		(16,628	)		-			(16,628	)
Long-term debt, excluding current portion	$	110,582		$	(301	)	$	110,281

	Principal			Unamortized deferred financing charge			Book value, September 24, 2016
Senior bank debt	$	115,379		$	(1,218	)	$	114,161
PIK shareholder loan notes		298,248			-			298,248
Capital leases and hire purchase contract		375			-			375
Total long-term debt outstanding		414,002			(1,218	)		412,784
Less: current portion of long-term debt		(10,292	)		-			(10,292	)
Long-term debt, excluding current portion	$	403,710		$	(1,218	)	$	402,492

In connection with the Merger, the value of PIK shareholder loan notes was reduced from $291,780 to $116,790. Accordingly, the Company recorded $174,990 as a capital contribution in the accompanying condensed consolidated statement of stockholders’ equity representing the reduction in the value of the PIK shareholder loan notes. The shareholders transferred their rights to the remaining loan balance of $116,790 to Hydra in connection with the Merger, and therefore the $116,790 was eliminated in consolidation. The $116,790 was also accounted for as a capital contribution by the shareholders. These amounts are recorded in the Condensed Consolidated Statements of Stockholders Equity in shares issued in Merger. On May 31, 2017, the PIK shareholder loan notes were cancelled and are therefore no longer outstanding.

The Company is in compliance with all relevant covenants and the long term debt portion is correctly classified as such in line with the underlying agreements.

Long term debt for the years ending September 30 matures as follows:

Fiscal period	Senior bank debt			Capital leases and hire purchase contract		Total
2017 (three months)	$	16,010	*	$	178	$	16,188
2018		-			519		519
2019		109,976			458		110,434
2020		-			69		69
Total	$	125,986		$	1,224	$	127,210

* This amount can be rolled over and is not due to be paid until 2019.