Company: MCFT
Filing Date: 2025-02-06
Form Type: 10-Q
Source: 0000950170-25-015130
Chunk: 28

Company: MasterCraft Boat Holdings, Inc.
Filing Date: 2025-02-06
Form: 10-Q
Item: Item 8
Chunk 28
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 52,176

        $
        55,068

       Accrued warranty liability activity was as follows for the six months ended: 

        December 29,

        December 31,

        2024

        2023

        Balance at the beginning of the period
         
        $
        25,486

        $
        28,689

        Provisions

        2,970

        3,684

        Payments made

        (4,681
        )

        (7,203
        )

        Changes for pre-existing warranties

        1,377

        2,714

        Balance at the end of the period
         
        $
        25,152

        $
        27,884

9.LONG-TERM DEBTLong-term debt is as follows: 

        June 30,

        2024

        Term loan
         
        $
        49,500

        Debt issuance costs on term loan

        (239
        )

        Total debt

        49,261

        Less current portion of long-term debt

        4,500

        Less current portion of debt issuance costs on term loan

        (126
        )

        Long-term debt, net of current portion
         
        $
        44,887

      There were no amounts of long-term debt outstanding as of December 29, 2024.In fiscal 2021, the Company entered into a credit agreement with a syndicate of certain financial institutions (the “Credit Agreement”) that provided the Company with a $160.0 million senior secured credit facility, consisting of a $60.0 million term loan (the “Term Loan”) and a $100.0 million revolving credit facility (the “Revolving Credit Facility”). The Credit Agreement is secured by a first priority security interest in substantially all of the Company's assets. Following the Fourth Amendment to the Credit Agreement (“Fourth Amendment”), as described below, all amounts under the Term Loan were repaid and the amended and restated Credit Agreement only provides the Company with the Revolving Credit Facility.

13

On September 27, 2024, the Company entered into the Fourth Amendment to obtain the necessary consents and waivers to the covenant restrictions related to the Aviara Transaction and the Aviara Facility Sale, as discussed in Note 3. In addition, the Fourth Amendment provides a waiver to the fixed charge ratio for certain periods. As a result