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Debt: | 12 Months Ended
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Dec. 26, 2020
Debt: |
Debt: | 6. Debt: ​ Line of Credit ​ During 2019, the Company’s Line of Credit with CIBC Bank USA (formerly known as the PrivateBank and Trust Company) and BMO Harris Bank N.A. (the “Line of Credit”) was amended to, among other things: ​
| ● | Provide the consent of the lenders for the 2020 Tender Offer;
| ● | Amend the tangible net worth covenant calculation to remove the effect of the 2020 Tender Offer; and
| ● | Allow the replacement of LIBOR.
​ During 2020, the Line of Credit was amended to, among other things: ​
| ● | Decrease the aggregate commitments from $40.0 million to $25.0 million;
| ● | Remove BMO Harris Bank N.A. as a lender under the Credit Agreement;
| ● | Extend the termination date from July 19, 2021 to August 31, 2024;
| ● | Amend the tangible net worth covenant requirement to be reset as of September 26, 2020;
| ● | Permit the Company to issue up to $25.0 million in additional term notes to one or more affiliates or managed accounts of Prudential Investment Management, Inc.;
| ● | Provide the consent of CIBC Bank USA for the 2020 Special Dividend;
| ● | Amend the fixed charge coverage ratio definition to remove the effect of the 2020 Special Dividend.
​ The Line of Credit has been and will continue to be used for general corporate purposes. During 2020 and 2019, the Line of Credit was used to finance in part the 2020 Tender Offer and 2019 Tender Offer (as indicated above in Note 5). 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). As of December 26, 2020, the Company was in compliance with all of its financial covenants, there were no borrowings outstanding under the Line of Credit and the Company’s additional borrowing availability under the Line of Credit was $25.0 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 ​ The Company has a Note Agreement (the “Note Agreement”) with Prudential Investment Management, Inc., its affiliates and managed accounts (“Prudential”). ​ During 2019, the Note Agreement was amended to, among other things, provide the consent of Prudential for the 2020 Tender Offer, and amend the tangible net worth covenant calculation to remove the effects of the 2020 Tender Offer. ​ During 2020, the Note Agreement was amended to, among other things, amend the tangible net worth covenant requirement to be reset as of September 26, 2020, provide the consent of Prudential for the declaration and payment of the 2020 Special Dividend and to approve the fixed charge coverage ratio definition to remove the effect of the 2020 Special Dividend. ​ As of December 26, 2020, the Company had $13.5 million in principal outstanding from the $25.0 million Series A notes issued in May 2015 and $8.4 million in principal outstanding from the $12.5 million Series B notes issued in August 2017 under the Note Agreement. ​ 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 26, 2020, 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. ​ As of December 26, 2020, required prepayments of the notes payable for each of the next five years and thereafter are as follows: ​
​ | ​ | ​
2021 |  | $ 4,250,000
2022 |  | 4,250,000
2023 |  | 4,250,000
2024 |  | 4,250,000
2025 |  | 2,750,000
Thereafter |  | 2,187,500
Total |  | $ 21,937,500
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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 + Details
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