Note 11 - Debt |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 27, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Debt Disclosure [Text Block] |
11. Debt
Debt outstanding was as follows:
The weighted-average interest rate on the revolving credit facility was 5.50% for the first nine months of 2026 and 6.40% for the full-year 2025.
Loan notes and Private Shelf Facility
The $25.0 million Loan Notes and the Private Shelf Facility are governed by the Note Purchase and Private Shelf Agreement. This agreement requires us to maintain compliance with a minimum interest coverage ratio and a maximum leverage ratio. We were in compliance with the applicable covenants at all quarterly measurement dates from September 30, 2014 through September 27, 2026.
The $25.0 million Loan Notes matured on June 29, 2026 and were repaid using drawings under the Company’s separate Revolving Credit Facility. The Note Purchase and Private Shelf Agreement is governed by the laws of the State of New York.
Revolving Credit Facility
The Revolving Credit Facility is governed by a separate Multicurrency Revolving Facility Agreement. In July 2025, the Company refinanced the Revolving Credit Facility, maintaining committed capacity of $125.0 million and an additional $25.0 million of uncommitted capacity under an accordion feature, and extending its maturity from October 2026 to July 2030.
During the first nine months of 2026, we drew down net $43.8 million on the Revolving Credit Facility and the balance outstanding at September 27, 2026, was $58.7 million, and at December 31, 2025, was $15.3 million, with $66.3 million undrawn at September 27, 2026 and $109.7 million undrawn at December 31, 2025.
Bank Overdraft
The Company has access to a bank overdraft which is an uncommitted facility with no expiration date, this is reviewed annually and can be cancelled by either the bank or the Company on demand.
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