Note 3 - Debt

6 Months Ended

Oct. 28, 2017

Notes to Financial Statements

Debt Disclosure [Text Block]

3

.

DEBT

At

October 28, 2017,

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

$100

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

June 18, 2018

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

October 28, 2017

or

April 29, 2017.

At

October 28, 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

October 28, 2017,

we were in compliance with all loan covenants.