Company: SENEA
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001437749-25-025429
Chunk: 59

Company: Seneca Foods Corp
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 1
Chunk 59
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, plant and equipment of $21.3 million and a corresponding reduction of the vendor deposits which were recorded within other assets on the condensed consolidated balance sheet. After taking title to the equipment, the Company and the lender entered into a financing agreement for the can manufacturing line which commenced in September 2024 and is recorded as a finance obligation in the accompanying condensed consolidated balance sheets. In connection with this transaction, the note payable was cancelled. The finance obligation has a maturity date of September 14, 2031 and a monthly payment of $0.3 million which is comprised of principal and interest at a fixed rate of 5.56%. As of June 28, 2025, the principal balance of the finance obligation was $19.4 million, of which $2.7 million is included within the current portion of long-term debt, finance and lease obligations on the condensed consolidated balance sheet.

8

SENECA FOODS CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Long-term debt is comprised of the following (in thousands):

			As of:

			June 28,

			June 29,

			March 31,

			2025

			2024

			2025

			Revolving credit facility

			$
			10,363

			$
			209,189

			$
			1,000

			Term loans

			Term Loan A-1

			Outstanding principal

			-

			84,000

			81,000

			Unamortized debt issuance costs

			-

			(29
			)

			(5
			)

			Term Loan A-1, net

			-

			83,971

			80,995

			Term Loan A-2

			Outstanding principal

			264,750

			279,750

			268,500

			Unamortized debt issuance costs

			(616
			)

			(845
			)

			(673
			)

			Term Loan A-2, net

			264,134

			278,905

			267,827

			Total long-term debt

			274,497

			572,065

			349,822

			Less current portion

			15