Debt

3 Months Ended

Dec. 31, 2021

Debt consists of:


	December 31, 2021		September 30, 2021
Revolving credit agreement	$	9,301	$	8,930
Foreign subsidiary borrowings	5,866		6,632
Finance lease obligations	13		22
Other, net of unamortized debt issuance costs $(29) and $(32), respectively	5,526		5,581



Total debt	20,706		21,165

Less – current maturities	(17,148)		(18,496)
Total long-term debt	$	3,558	$	2,669

Credit Agreement and Security Agreement

The Credit Agreement (as amended, the "Credit Agreement") contains affirmative and negative covenants and events of default. The total collateral at December 31, 2021 and September 30, 2021 was $23,328 and $25,370, respectively and the revolving commitment was $35,000 for both periods. Total availability at December 31, 2021 and September 30, 2021 was $12,157 and $14,570, respectively, which exceed both the collateral and total commitment threshold. Since the availability was greater than the 10.0% of the revolving commitment as of December 31, 2021 and September 30, 2021, no covenant calculations were required.

The revolver has a rate based on LIBOR plus 2.25% spread, which was 2.3% at December 31, 2021 and a rate based on LIBOR plus 1.75% spread, which was 1.8% at September 30, 2021. The Export Credit Agreement as amended has a rate based on LIBOR plus 1.25% spread, which was 1.3% at December 31, 2021 and a rate based on LIBOR plus 1.25% spread, which was 1.3% at September 30, 2021, respectively. The Company also has a commitment fee of 0.25% under the Credit Agreement as amended to be incurred on the unused balance of the revolver.

Foreign subsidiary borrowings

Foreign debt consists of:


	December 31, 2021		September 30, 2021
Term loan	$	3,890	$	3,127
Short-term borrowings	1,513		1,867
Factor	463		1,638
Total debt	$	5,866	$	6,632

Less – current maturities	(2,837)		(4,551)
Total long-term debt	$	3,029	$	2,081

Receivables pledged as collateral	$	491	$	485

Interest rates on foreign borrowings are based on Euribor rates which range from 1.0% to 4.2%.

The Maniago, Italy ("Maniago") location obtained borrowings from one lender in the first quarter of fiscal 2022. The loan was for $1,141 with repayment terms of six years. Under the terms of the borrowing, repayments are made quarterly in the amount of $56, beginning December 31, 2022.

The Company factors receivables from one of its customers. The Company accounts for the pledge of receivables under this agreement as short-term debt and continues to carry the receivables on its consolidated condensed balance sheets.

Debt issuance costs

The Company had debt issuance costs of $86, which is included in the consolidated condensed balance sheets as a deferred charge in other current assets, net of amortization of $24 and $17 at December 31, 2021 and September 30, 2021, respectively.

Other

As of December 31, 2021 and September 30, 2021, the Paycheck Protection Program loan (the "PPP Loan") balance was $4,764. The Company has submitted the application for forgiveness of the full amount of the PPP Loan to the Small Business Administration ("SBA"). The Company was notified in January 2022 of the approval for the forgiveness of the PPP Loan (including the amounts previously paid and all accrued interest). See Note 10, Subsequent Events, for further discussion related to the status of loan forgiveness.