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CREDIT FACILITIES (Tables)
 9 Months Ended
Jun. 30, 2017
Debt Disclosure [Abstract]  
Schedule of Debt
A summary of borrowings at period end follows:   
 
 
 
 
 
 
June 30, 2017
 
September 30, 2016
Debt
 
Fixed/ Variable
Rate
 
Maturity
 Date
 
Balance
 
Interest Rate
 
Balance
 
Interest Rate
($ in thousands)
 
 
 
 
 
 
 
 
 
 
 
 
M&T credit facilities:
 
 
 
 
 
 
 
 
 
 
 
 
Revolving Credit Facility
 
v
 
5/5/2022
 
$
9,590

 
3.72
%
 
$
3,961

 
3.28
%
Term Loan A(1)
 
f
 
2/1/2020
 
—

 
—

 
3,693

 
3.98

Term Loan B
 
v
 
5/5/2022
 
5,928

 
3.80

 
8,983

 
3.03

Albuquerque Mortgage Loan(1)
 
v
 
2/1/2018
 
—

 
—

 
2,200

 
3.55

Celmet Building Term Loan
 
f
 
11/7/2018
 
834

 
4.72

 
932

 
4.72

 
 
 
 
 
 
 
 
 
 
 
 
 
Other credit facilities:
 
 
 
 
 
 
 
 
 
 
 
 
Albuquerque Industrial Revenue Bond(1)
 
f
 
3/1/2019
 
—

 
—

 
100

 
5.63

Total debt, gross
 
 
 
 
 
16,352

 
 
 
19,869

 
 
Unamortized debt issuance costs
 
 
 
 
 
(288
)
 
 
 
(229
)
 
 
Total debt, net
 
 
 
 
 
16,064

 
 
 
19,640

 
 
Less: current portion
 
 
 
 
 
(987
)
 
 
 
(2,908
)
 
 
Long-term debt
 
 
 
 
 
$
15,077

 
 
 
$
16,732

 
 

(1) The Albuquerque Mortgage Loan and the Albuquerque Industrial Revenue Bond were repaid in connection with the sale-leaseback transaction described in Note 12—Capital Lease. The proceeds from the transaction were also used to pay down Term Loan A, which was subsequently paid off in due course.
Schedule of Debt Covenant
Covenant ratios in effect at June 30, 2017, pursuant to the Fifth Amended Credit Agreement, as amended by the Third Amendment, are as follows:
Minimum Quarterly EBITDAS:
 
 
Fiscal Quarter ended 6/30/2017, using trailing twelve months
 
$
2,323,300

Maximum Capital Expenditures:
 

Measured annually
 
Maximum $3.5m
Schedule of Maturities of Long-term Debt
A summary of contractual principal payments under IEC’s borrowings for the next five years taking into consideration the Fifth Amended Credit Agreement, as amended, follows:
Debt Repayment Schedule
 
Contractual
Principal
Payments
(in thousands)
 
 

Twelve months ended June
 
 

2018

 
$
987

2019
(1) 
 
1,561

2020
 
 
857

2021
 
 
857

2022 and thereafter (2)
 
12,090

 
 
 
$
16,352

(1) Includes final payment of the Celmet Building Term Loan on November 7, 2018.
(2) Includes Revolver balance of $9.6 million at June 30, 2017