Debt

3 Months Ended

Jan. 31, 2024

Debt

Debt

Note 15. Debt

Debt as of January 31, 2024 and October 31, 2023 consisted of the following (in thousands):

	January 31,		October 31,
	2024		2023
Connecticut Green Bank Loan (Subordinated Back Leverage Loan Facility)	$	8,000	$	8,000
Liberty Bank Term Loan Agreement (Senior Back Leverage Loan Facility)		5,769		5,876
Amalgamated Bank Loan (Senior Back Leverage Loan Facility)		5,763		5,873
Finance obligation for sale-leaseback transactions		18,818		18,814
State of Connecticut Loan		6,689		6,908
Finance lease obligations		—		12
OpCo Financing Facility		75,731		77,510
Deferred finance costs		(3,351)		(3,526)
Total debt and finance obligations		117,419		119,467
Current portion of long-term debt and finance obligations		(10,198)		(10,067)
Long-term debt and finance obligations	$	107,221	$	109,400

OpCo Financing Facility Interest Rate Swap – Fair Value Adjustment

The Company’s interest rate swap related to the OpCo Financing Facility (as defined elsewhere herein) is recorded at its fair value each reporting period, with the resulting gains/losses recorded to other income/expense. The interest rate swap is a Level 2 asset/liability since the value can be determined based on the observed values for underlying interest rates. The fair value adjustment for the three months ended January 31, 2024 resulted in a loss of $3.5 million as a result of a decrease of approximately 100 basis points in the Secured Overnight Financing Rate (“SOFR”). The Company has recorded a derivative liability within long-term debt and other liabilities on the Consolidated Balance Sheets, which had an estimated fair value of $0.2 million as of January 31, 2024 and the Company recorded a derivative asset within other assets on the Consolidated Balance Sheets, which had an estimated fair value of $3.3 million as of October 31, 2023.