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Credit Agreement
6 Months Ended
Jun. 29, 2019
Credit Agreement  
Credit Agreement

6. Credit Agreement

CRA is party to a credit agreement that provides CRA with a $125.0 million revolving credit facility and a $15.0 million sublimit for the issuance of letters of credit. CRA may use the proceeds of the revolving credit facility to provide working capital and for other general corporate purposes. CRA may repay any borrowings under the revolving credit facility at any time, but no later than October 24, 2022. There were $41.0 million in borrowings outstanding under this revolving credit facility as of June 29, 2019. There were no outstanding borrowings on this facility as of December 29, 2018.

As of June 29, 2019, the amount available under this revolving credit facility was reduced by certain letters of credit outstanding, which amounted to $4.1 million. Under the credit agreement, CRA must comply with various financial and non-financial covenants. Compliance with these financial covenants is tested on a fiscal quarterly basis. As of June 29, 2019 and December 29, 2018, CRA was in compliance with the covenants of its credit agreement.