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Debt Obligations
 3 Months Ended
Apr. 01, 2023
Debt Disclosure [Abstract]  
Debt Obligations Debt Obligations
Long-term debt consisted of the following components (in thousands):
April 1, 2023December 31, 2022
2020-1 Class A-2 Senior Secured Notes$474,000 $475,200 
2022-1 Class A-2 Senior Secured Notes248,750 249,375 
Debt issuance costs, net of amortization(9,967)(10,429)
Total debt712,783 714,146 
Less: current portion of debt(7,300)(7,300)
Long-term debt, net$705,483 $706,846 
The Company’s outstanding debt was issued by Wingstop Funding LLC, a limited-purpose, bankruptcy-remote, wholly-owned indirect subsidiary of Wingstop Inc. and consists of (i) Series 2020-1 2.84% Fixed Rate Senior Secured Notes, Class A-2 (the “2020 Class A-2 Notes”), (ii) Series 2022-1 3.734% Fixed Rate Senior Secured Notes, Class A-2 (the “2022 Class A-2 Notes”), and (iii) a revolving financing facility of Series 2022-1 Variable Funding Senior Notes, Class A-1 (the “2022 Variable Funding Notes,” and together with the 2022 Class A-2 Notes, the “2022 Notes”), which permits borrowings of up to a maximum principal amount of $200 million, subject to certain borrowing conditions, a portion of which may be used to issue letters of credit.
No borrowings were outstanding under the 2022 Variable Funding Notes as of April 1, 2023 and December 31, 2022.
The 2020 Class A-2 Notes and 2022 Notes were issued in securitization transactions, and are guaranteed by certain limited-purpose, bankruptcy-remote, wholly-owned indirect subsidiaries of the Company and secured by a security interest in substantially all of their assets, including certain domestic and foreign revenue-generating assets, consisting principally of franchise-related agreements, intellectual property, and vendor rebate contracts.