Long-term Debt (Notes)

6 Months Ended

Sep. 29, 2018

Debt Disclosure [Abstract]

Debt Disclosure [Text Block]

9. Long-term Debt

ESI Leasing, LLC (ESI Leasing), a wholly owned subsidiary of the Company, has a loan agreement (Loan Agreement) with First Technology Federal Credit Union (Lender) which provides for a term loan from the Lender to ESI Leasing in the principal amount of $14 million (Loan). The interest rate of the Loan is fixed at 4.75% per annum, except that it may be increased if certain covenants under the Loan Agreement are not satisfied and after and during the continuation of an “Event of Default” as defined in the Loan Agreement. The Loan amortizes over a period of approximately 20 years, with the outstanding principal maturing and becoming due on January 1, 2027. ESI Leasing pays monthly principal and interest payments on the Loan totaling $1.1 million annually through the maturity of the Loan. The Company unconditionally guarantees the Loan. The Company is required to maintain certain deposits with the Lender through March 31, 2019, at which point the restriction will be removed as long as it is in compliance with certain minimum covenants.

The principal maturities for each of the next five twelve-month periods ending on September 29 are as follows:

(In thousands)	2019		2020		2021		2022		2023
Principal maturities	$	466	$	487	$	512	$	537	$	563

Total debt outstanding on the Loan Agreement were as follows:

(In thousands)	Sep 29, 2018			Mar 31, 2018
Total debt outstanding	$	12,982		$	13,187
Less: Current portion, long-term debt	(432		)	(421		)
Long-term debt	$	12,550		$	12,766

Deferred debt issuance costs related to the above long-term debt as of September 29, 2018 and March 31, 2018 were $285 thousand and $302 thousand, respectively.