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DEBT OBLIGATIONS
 3 Months Ended
Mar. 31, 2023
DEBT OBLIGATIONS  
DEBT OBLIGATIONS

5. DEBT OBLIGATIONS

Debt obligations, excluding obligations under finance leases (see Note 6, Leases, below), consisted of the following:

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March 31,

    

December 30,

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2023

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2022

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(in thousands)

Outstanding borrowings on Term A Loan

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$

62,500

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$

65,000

Outstanding borrowings on Revolving Credit Facility

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—

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—

Outstanding borrowings on Delayed Draw Term Loan

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38,250

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41,000

Other debt agreements

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1,473

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1,958

Total debt

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102,223

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107,958

Issuance costs and debt discounts

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(426)

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(511)

Subtotal

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101,797

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107,447

Less current portion of long-term debt

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16,436

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16,903

Long-term debt portion

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$

85,361

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$

90,544

 

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Credit Facilities

On June 26, 2019, the Company and certain of its subsidiaries entered into an Amended and Restated Credit Agreement (as amended by the First Amendment, dated as of August 15, 2019, the Second Amendment, dated as of November 6, 2019, the Third Amendment, dated as of May 6, 2020, the Fourth Amendment, dated April 30, 2021, the Fifth Amendment, dated March 8, 2022, the Sixth Amendment, dated August 2, 2022, and the Seventh Amendment, dated November 1, 2022, the “Credit Agreement”) with a syndicate of financial institutions as lenders and BMO Harris Bank, N.A., as administrative agent (the “Administrative Agent”). The Credit Agreement provides for (i) a $100.0 million secured term loan (the “Term A Loan”), (ii) up to $50.0 million in delayed draw secured term loans (the “Delayed Draw Term Loan”), and (iii) a $50.0 million secured revolving credit facility (the “Revolving Credit Facility” and, collectively with the Term A Loan and the Delayed Draw Term Loan, the “Credit Facilities”), each maturing on June 26, 2024. The Company’s obligations under the Credit Agreement are guaranteed by its present and future domestic subsidiaries, with limited exceptions.

Pursuant to the terms of the Seventh Amendment to the Credit Agreement (the “Seventh Amendment”), among other things, (A) aggregate borrowings under the Revolving Credit Facility were restricted to no more than $10.0 million at any time during the period from November 1, 2022 through the date on which financial statements and compliance documents were received by the Administrative Agent for the fiscal quarter ending March 31, 2023, and (B) access to the accordion feature of the Credit Agreement was limited to periods when the Company’s Total Leverage Ratio (as defined in the Credit Agreement) was less than 3.0.

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The Credit Agreement requires the Company to comply with certain financial covenants, including a Total Leverage Ratio and a Fixed Charge Coverage Ratio (as defined in the Credit Agreement). The Credit Agreement also contains customary events of default and contains other customary restrictive covenants.

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As of March 31, 2023, the Company was in compliance with all covenants contained in the Credit Agreement.

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Other Debt Agreements

The Company’s other debt agreements are related to financed insurance premiums, a financed software agreement, and a utility customer agreement and are immaterial to the Company’s Condensed Consolidated Financial Statements.