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Debt Obligations

9 Months Ended

Sep. 27, 2019

Debt Disclosure [Abstract]

Debt Obligations

Debt Obligations

Debt obligations as of September 27, 2019 and December 28, 2018 consisted of the following:

		September 27, 2019				December 28, 2018
Senior secured term loan		$	238,129			$	239,745
Asset based loan facility		43,225				44,185
Convertible unsecured note		4,000				—
Finance lease and other financing obligations		1,645				193
Deferred finance fees and original issue discount		(4,630		)		(5,893		)
Total debt obligations		282,369				278,230
Less: current installments		(328		)		(61		)
Total debt obligations excluding current installments		$	282,041			$	278,169

Convertible Unsecured Note

On February 25, 2019, the Company issued a $4,000 convertible unsecured note (the “Note”), maturing on June 29, 2023, to Bassian Farms, Inc. (the “Holder”) as partial consideration in the Bassian acquisition. The interest rate charged on the Note is 4.5% per annum and increases to 5.0% after the two-year anniversary of the closing date. The Company may, in certain instances beginning eighteen months after issuance of the Note, redeem the Note in whole or in part for cash or convert the Note into shares of the Company’s common stock at the conversion price of $43.93 per share. After the two-year anniversary of the closing date, the Holder may convert the Note into shares of the Company’s common stock at the conversion price. Upon a change of control event, the Holder may convert the Note into shares of the Company’s common stock at the conversion price or redeem the Note for cash.

As of September 27, 2019, the Company was in compliance with all debt covenants and the Company had reserved $16,641 of the asset based loan facility (“ABL Facility”) for the issuance of letters of credit. As of September 27, 2019, funds totaling $90,135 were available for borrowing under the ABL Facility. The interest rates on the Company’s senior secured term loan and ABL Facility were 5.5% and 3.3%, respectively, at September 27, 2019.

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- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI http://asc.fasb.org/topic&trid=2208564

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