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Long-term Debt and Line of Credit
 6 Months Ended
Mar. 31, 2022
Long-term Debt and Line of Credit [Abstract]  
Long-term Debt and Line of Credit
8.
Long-term Debt and Line of Credit


On November 30, 2021, the Company and certain of its subsidiaries entered into an Incremental Amendment No. 2 (the “Second Amendment”) to the Credit Facility (as defined below) with Truist Bank. The Second Amendment amends the Credit Facility to, among other things, provide for an incremental term loan (the “Incremental Term Loan) in an aggregate principal amount equal to $200.0 million, which will be added to, and constitute part of, the existing $110.0 million term loan and will be on the same terms applicable to the existing term loan under the Credit Facility. Additionally, the Second Amendment further provides a $20.0 million increase in the revolving commitment, which will be added to, and constitute part of, the existing $30.0 revolving commitment.



The Credit Facility is collateralized by certain real and personal property (including certain capital stock) of the Company and its subsidiaries. The collateral does not include inventory or certain other assets of the Company’s subsidiaries financed under the Inventory Financing Facility. The Credit Facility is subject to certain financial covenants related to the maintenance of a minimum fixed charge coverage ratio and a maximum consolidated leverage ratio. The Credit Facility also contains non-financial covenants and restrictive provisions that, among other things, limit the ability of the Company to incur additional debt, transfer or dispose of all of its assets, make certain investments, loans or payments and engage in certain transactions with affiliates. The Company was in compliance with all covenants as of March 31, 2022.



Long-term debt consisted of the following at:
($ in thousands)
  
March 31,
2022
    
September 30,
2021
  
Term note payable to Truist Bank, secured and bearing interest at 3.0% at March 31, 2022 and 2.75% at September 30, 2021. The note requires quarterly principal payments, maturing with a full repayment on July 22, 2025
  
$
297,930
    
$
105,875
  
Revolving note payable for an amount up to $50.0 million to Truist Bank, secured and bearing interest at 3.0% at March 31, 2022. The note requires full repayment on July 22, 2025
    
40,000
      
-
  
Note payable to commercial vehicle lenders secured by the value of the vehicles bearing interest at rates ranging from 0.0% to 8.9% per annum. The notes require monthly installment payments of principal and interest ranging from $100 to $5,600 through July 2028
    
3,234
      
3,248
  
Note payable to Tom George Yacht Sales, Inc., unsecured and bearing interest at 5.5% per annum. The note requires quarterly interest payments, with a balloon payment of principal due on December 1, 2023
    
2,056
      
2,056
  
Note payable to Norfolk Marine Company, unsecured and bearing interest at 4.0% per annum. The note requires quarterly interest payments, with a balloon payment of principal due on December 1, 2024
    
1,126
      
-
  
Note payable to Central Marine Services, Inc., unsecured and bearing interest at 5.5% per annum. The note was repaid in full
    
-
      
2,164
  
Note payable to Ocean Blue Yacht Sales, unsecured and bearing interest at 5.0% per annum. The note was repaid in full
    
-
      
1,920
  
Note payable to Slalom Shop, LLC, unsecured and bearing interest at 5.0% per annum. The note was repaid in full
    
-
      
1,271
  
Total debt outstanding
    
344,346
      
116,534
  
Less current portion (net of debt issuance costs)
    
(17,294
)
    
(11,366
)
Less unamortized portion of debt issuance costs
    
(5,604
)
    
(2,094
)
Long-term debt, net of current portion of unamortized debt issuance costs
  
$
321,448
    
$
103,074