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DEBT OBLIGATIONS

3 Months Ended

Mar. 29, 2024

DEBT OBLIGATIONS

DEBT OBLIGATIONS

6. DEBT OBLIGATIONS

Debt obligations, excluding obligations under finance leases (see Note 7, Leases, below), consisted of the following:

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​	​	​	​	​	​	​
​		March 29,			December 29,
​	​	2024		​	2023
​	​	(in thousands)
Outstanding borrowings on Term Loan	​	$	96,250	​	$	98,125
Outstanding borrowings on Revolving Credit Facility	​	​	—	​	​	—
Other debt agreements	​	​	174	​	​	327
Total debt	​	​	96,424	​	​	98,452
Issuance costs and debt discounts	​	​	(929)	​	​	(1,021)
Subtotal	​	​	95,495	​	​	97,431
Less current portion of long-term debt	​		8,924	​		8,452
Long-term debt portion	​	$	86,571	​	$	88,979

​

The credit agreement governing the Company’s Term Loan and Revolving Credit Facility require the Company to comply with certain financial obligations, including a maximum Net Leverage Ratio and a minimum Fixed Charge Coverage Ratio (as defined in the credit agreement governing the Term Loan and Revolving Credit Facility). The credit agreement also contains customary restrictive covenants. As of March 29, 2024, the Company was in compliance with all these covenants.

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In addition, as of March 29, 2024, the Company’s composite interest rate, exclusive of the effects of upfront fees, undrawn fees and issuance cost amortization, was 7.7%.

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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

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