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Subsequent Events | 12 Months Ended
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Dec. 27, 2015
Subsequent Events [Abstract] |
Subsequent events | Subsequent Events On February 11, 2016, PRP, as borrower, and Wells Fargo Bank, National Association, as lender (the “Lender”), entered into a loan agreement (the “PRP Mortgage Loan”), pursuant to which PRP borrowed $300.0 million. The PRP Mortgage Loan has an initial maturity date of February 11, 2018 (the “Initial Maturity”) with an option to extend the Initial Maturity for one twelve month extension period (the “Extension”) provided that certain conditions are satisfied. The PRP Mortgage Loan is collateralized by 148 properties owned by PRP (“Collateral Properties”). PRP has made negative pledges with respect to an additional 98 properties (“Unencumbered Properties”). The proceeds of the PRP Mortgage Loan were used, together with borrowings under the Company’s revolving credit facility, to prepay a portion, and fully defease the remainder, of the 2012 CMBS loan. In connection with the extinguishment, the Company anticipates recognizing a loss of $26.0 million to $29.0 million during the first quarter of 2016. Following the extinguishment of the 2012 CMBS loan, the Company expects the release of $19.3 million of restricted cash. The PRP Mortgage Loan bears interest, payable monthly, at a variable rate equal to 250 basis points above the seven-day LIBOR, subject to adjustment in certain circumstances. The PRP Mortgage Loan permits the Company to refinance or sell the Collateral Properties and the Unencumbered Properties, subject to certain terms and conditions, including that specified release proceeds are applied against the outstanding loan balance. If the PRP Mortgage Loan balance exceeds $210.0 million on March 1, 2017 or $160.0 million on September 1, 2017, PRP’s rental income will be applied against the outstanding loan balance. The PRP Mortgage Loan repayment schedule, including the Extension, is as follows (dollars in thousands):
PAYMENT DATE |  | INITIAL MATURITY |  | EXTENSION
February 28, 2017 |  | $ | 90,000 |  |  | $ | 90,000 |
August 31, 2017 |  | 50,000 |  |  | 50,000 |
February 11, 2018 (1) |  | 160,000 |  |  | 50,000 |
August 31, 2018 |  | — |  |  | 50,000 |
February 11, 2019 |  | — |  |  | 60,000 |
|  | $ | 300,000 |  |  | $ | 300,000 |
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(1) | If the Extension is exercised, the payment date is February 28, 2018.
The Company intends to fund payment of the PRP Mortgage Loan with proceeds from sale-leaseback transactions of our real estate portfolio.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References No definition available. + Details
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