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Debt: | 12 Months Ended
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Dec. 30, 2017
Debt: |
Debt: | 7. Debt: Line of Credit As of December 30, 2017 there was $35.4 million in borrowings outstanding under the Company’s revolving credit facility with CIBC Bank USA (as successor by merger to The PrivateBank and Trust Company) and BMO Harris Bank N.A. (the “Line of Credit”) bearing interest ranging from 3.42% to 4.50%. In April 2015, the Line of Credit was amended to, among other things:
| · |  | Provide the consent of the lenders for the 2015 Tender Offer;
| · |  | Increase the aggregate commitments to partially fund the 2015 Tender Offer;
| · |  | Extend the termination date from February 28, 2018 to May 14, 2019;
| · |  | Amend certain financial covenant calculations to remove the effect of the 2015 Tender Offer; and
| · |  | Permit the Company to sell up to $30 million in term notes to Prudential Investment Management, Inc., its affiliates and managed accounts (“Prudential”) to partially fund the 2015 Tender Offer.
In July 2017, the Line of Credit was amended to, among other things:
| · |  | Provide the consent of the lenders for the 2017 Tender Offer;
| · |  | Extend the termination date from May 14, 2019 to July 19, 2021;
| · |  | Amend the tangible net worth covenant calculation to remove the effect of the 2017 Tender Offer;
| · |  | Reduce the applicable margin on interest rate options in connection with LIBOR loans under the Line of Credit; and
| · |  | Permit the Company to sell up to $15.0 million in term notes to one or more affiliates or managed accounts of Prudential to partially fund the 2017 Tender Offer.
The Line of Credit has been and will continue to be used for general corporate purposes. During 2017 and 2015, the Line of Credit was used to finance in part the 2017 and 2015 Tender Offers (as indicated above). Borrowings under the Line of Credit are subject to certain borrowing base limitations, and the Line of Credit is secured by a lien against substantially all of the Company’s assets, contains customary financial conditions and covenants, and requires maintenance of minimum levels of debt service coverage and tangible net worth and maximum levels of leverage (all as defined within the Line of Credit). In July 2019 and each subsequent July thereafter through the term of the facility, the aggregate commitments under the Line of Credit automatically reduce by $5.0 million. As of December 30, 2017, the Company was in compliance with all of its financial covenants and the Company’s additional borrowing availability under the Line of Credit was $14.6 million. The Line of Credit allows the Company to choose between two interest rate options in connection with its borrowings. The interest rate options are the Base Rate (as defined) and the LIBOR Rate (as defined) plus an applicable margin of 0% and 2.0%, respectively. Interest periods for LIBOR borrowings can be one, two, three, six or twelve months, as selected by the Company. The Line of Credit also provides for non-utilization fees of 0.25% per annum on the daily average of the unused commitment. Notes Payable In May 2015, the Company entered into a $25.0 million Note Agreement (the “Note Agreement”) with Prudential. Proceeds from the Note Agreement of $25.0 million were used to finance in part the 2015 Tender Offer (as indicated above). In July 2017, the Note Agreement was amended to, among other things:
| · |  | Provide the consent of Prudential for the 2017 Tender Offer:
| · |  | Amend the tangible net worth covenant calculation to remove the effect of the 2017 Tender Offer:
| · |  | Provide for a new $12.5 million term loan to partially fund the 2017 Tender offer.
In August 2017, the Company issued $12.5 million of Series B notes to finance in part the 2017 Tender Offer. As of December 30, 2017, with the $20.0 million in principal outstanding from the $25.0 million of Series A notes issued in May 2015, the aggregate principal outstanding under the Note Agreement was $32.2 million. The final maturity of the Series A and Series B notes is 10 years from the issuance date. For the Series A notes, interest at a rate of 5.50% per annum on the outstanding principal balance is payable quarterly, along with required prepayments of the principal of $500,000 quarterly for the first five years, and $750,000 quarterly thereafter until the principal is paid in full. For the Series B notes, interest at a rate of 5.10% per annum on the outstanding principal balance is payable quarterly, along with required prepayments of the principal of $312,500 quarterly until the principal is paid in full. The Series A and Series B notes may be prepaid, at the option of the Company, in whole or in part (in a minimum amount of $1.0 million), but prepayments require payment of a Yield Maintenance Amount, as defined in the Note Agreement. The Company’s obligations under the Note Agreement are secured by a lien against substantially all of the Company’s assets (as the notes rank pari passu with the Line of Credit), and the Note Agreement contains customary financial conditions and covenants, and requires maintenance of minimum levels of fixed charge coverage and tangible net worth and maximum levels of leverage (all as defined within the Note Agreement). As of December 30, 2017, the Company was in compliance with all of its financial covenants. In connection with the Note Agreement, the Company incurred debt issuance costs, of which unamortized amounts are presented as a direct deduction from the carrying amount of the related liability.

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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://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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