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Note 3 - Debt
6 Months Ended
Nov. 01, 2014
Notes to Financial Statements  
Debt Disclosure [Text Block]
3
. DEBT
 
At November 1, 2014, a subsidiary of the Company maintained unsecured revolving credit facilities with banks aggregating $100 million (the “Credit Facilities”). The Credit Facilities expire from April 30, 2016 to October 10, 2017 and current borrowings bear interest at .9% above one-month LIBOR (1.1% at November 1, 2014). Borrowings outstanding under the Credit Facilities were $20 million at November 1, 2014 and $30 million at May 3, 2014. At November 1, 2014, $2.2 million of the Credit Facilities was reserved for standby letters of credit and $77.8 million was available for borrowings.
 
The Credit Facilities require the subsidiary to maintain certain financial ratios, including debt to net worth and debt to EBITDA (as defined in the Credit Facilities), and contain other restrictions, none of which are expected to have a material effect on our operations or financial position. At November 1, 2014, we were in compliance with all loan covenants.