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Debt
 12 Months Ended
Dec. 28, 2024
Debt Disclosure [Abstract]  
Debt Debt
Our debt consisted of the following (in thousands):
December 28, 2024December 30, 2023
Term loan$13,368 $14,448 
Less unamortized issuance costs(54)(59)
Term loan less issuance costs$13,314 $14,389 

On June 22, 2020, we entered into an $18.0 million 15-year credit facility loan agreement (the “Building Term Loan”) with MUFG Union Bank, National Association (“Union Bank”). The proceeds of the Building Term Loan were used to purchase a building adjacent to our leased facilities in Livermore, California. On May 19, 2023, we amended the Building Term Loan, replacing the benchmark reference rate LIBOR with SOFR, with no change to the amount or timing of contractual cash flows.

The Building Term Loan bears interest at a rate equal to the applicable SOFR rate, plus 0.1145%, plus 1.75% per annum. Interest payments are payable in monthly installments over a fifteen-year period. The interest rate at December 28, 2024 was 6.42% before consideration of the interest rate swap.

On March 17, 2020, we entered into an interest rate swap agreement with Union Bank to hedge the interest payments on the Building Term Loan for the notional amount of $18.0 million. As future levels of LIBOR over the life of the loan were uncertain, we entered into this interest-rate swap agreement to hedge the exposure in interest rate risks associated with movement in LIBOR rates. This agreement was amended on May 19, 2023 to replace the benchmark reference rate LIBOR with SOFR to match the Building Term Loan agreement (as amended). After the amendment, the interest rate swap continues to convert our floating-rate interest into a fixed-rate of 2.75%. As of December 28, 2024, the notional amount of the loan that is subject to this interest rate swap was $13.4 million. See Note 9, Fair Value, for additional information.

The obligations under the Building Term Loan are guaranteed by a deed of trust covering certain real property and improvements and certain personal property used in connection therewith. The deed of trust creates a first priority lien or encumbrance on the property with only such exceptions as may be approved by Union Bank in writing.

The Building Term Loan contains covenants customary for financing of this type. As of December 28, 2024, the balance outstanding pursuant to the Building Term Loan was $13.4 million.
Future principal and interest payments on our term loans as of December 28, 2024, based on the interest rate in effect at that date were as follows (in thousands):
Payments Due In Fiscal Year
202520262027202820292030 and thereafterTotal
Term loan - principal payments$1,111 $1,142 $1,175 $1,208 $1,242 $7,490 $13,368 
Term loans - interest payments(1)
835 764 688 613 534 1,393 4,827 
$1,946 $1,906 $1,863 $1,821 $1,776 $8,883 $18,195 
(1) Represents our minimum interest payment commitment at 6.42% per annum, excluding the interest rate swap described above.