XML 24 R14.htm IDEA: XBRL DOCUMENT v3.23.1
Long-Term Debt
 3 Months Ended
Mar. 31, 2023
Debt Disclosure [Abstract]  
Long-Term Debt
Note 8 – Long-Term Debt
Long‑term debt consists of the following:
March 31,
2023		December 30,
2022
Term loan$140,625 $142,500 
Revolving credit facility160,000 160,000 
Total principal amount of long-term debt300,625 302,500 
Less unamortized debt issuance costs(1,666)(1,782)
Total long-term debt, net298,959 300,718 
Less current portion(7,500)(7,500)
Total long-term debt, less current portion, net$291,459 $293,218 
On October 29, 2021, we entered into an amended and restated credit agreement, which includes a group of financial institutions as direct lenders underlying the agreement. The credit agreement includes a $150.0 million term loan facility and a $250.0 million revolving credit facility (together, “credit facilities”). Term loan principal payments of $1.9 million are due on a quarterly basis. The credit facilities mature on October 29, 2026.
Interest is charged at either the Base Rate or the Bloomberg Short-Term Bank Yield (“BSBY”) Rate (as such terms are defined in the credit agreement) at our option, plus an applicable margin. The Base Rate is equal to the higher of i) the Prime Rate, ii) the Federal Funds Rate plus 0.5%, or iii) the BSBY Rate plus 1.00%. The applicable margin on Base Rate and BSBY Rate loans is 0.375-1.375% and 1.375-2.375% per annum, respectively, depending on our leverage ratio, which is based on trailing 12-month EBITDA, as defined in our credit agreement. We are also charged a commitment fee of 0.175%-0.350%, depending on our leverage ratio, on the unused portion of our revolving credit facility. Base Rate interest payments and commitment fees are due quarterly. BSBY Rate interest payments are due on the last day of the applicable interest period, or quarterly for applicable interest periods longer than 3 months. At March 31, 2023, our credit facilities bore interest under the BSBY rate option of 6.51%.