Note 3 - Debt

9 Months Ended

Jan. 26, 2019

Notes to Financial Statements

Debt Disclosure [Text Block]

3

.

DEBT

At

January 26, 2019,

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

$100

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

October 3, 2020

to

June 18, 2021

and any borrowings would currently bear interest at

.9%

above

one

-month LIBOR. There were

no

borrowings outstanding under the Credit Facilities at

January 26, 2019

or

April 28, 2018.

At

January 26, 2019,

$2.1

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

$97.9

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

January 26, 2019,

we were in compliance with all loan covenants.