Note 3 - Debt

3 Months Ended

Jul. 29, 2017

Notes to Financial Statements

Debt Disclosure [Text Block]

3

.

DEBT

At

July 29, 2017,

a subsidiary of the Company maintained unsecured revolving credit facilities with banks aggregating

$100

million (the “Credit Facilities”). The Credit Facilities expire from

October 10, 2017

to

April 30, 2021

and any borrowings would currently bear interest at

.9%

above

one

-month LIBOR. There were

no

borrowings outstanding under the Credit Facilities at

July 29, 2017

or

April 29, 2017.

At

July 29, 2017,

$2.2

million of the Credit Facilities was reserved for standby letters of credit and

$97.8

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

July 29, 2017,

we were in compliance with all loan covenants.