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Long-Term Debt | 12 Months Ended
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Dec. 27, 2024
Debt Disclosure [Abstract] |
Long-Term Debt |
Note 8 – Long-Term Debt
Long-term debt consists of the following:
| December 27, 2024 |  | December 29, 2023
Term loan | $ | 129,375 |  |  | $ | 135,000 |
Revolving credit facility | — |  |  | 115,000 |
Total principal amount of long-term debt | 129,375 |  |  | 250,000 |
Less unamortized debt issuance costs | (852) |  |  | (1,317) |
Total long-term debt, net | 128,523 |  |  | 248,683 |
Less current portion | (7,500) |  |  | (7,500) |
Total long-term debt, less current portion, net | $ | 121,023 |  |  | $ | 241,183 |
Maturities of long-term debt consist of the following:
2025 | $ | 7,500 |
2026 | 121,875 |
Total | $ | 129,375 |
The weighted average interest rate across our credit facilities was 7.31%, 6.80%, and 3.37% during 2024, 2023, and 2022, respectively. 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 that was subsequently amended on September 30, 2024 (the "credit 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 payments of $1.9 million are due on a quarterly basis. The credit agreement matures on October 29, 2026. Our credit agreement is secured by our tangible and intangible assets and includes customary representations, warranties, and covenants. We are required to maintain a minimum fixed charge coverage ratio of 1.25 : 1 and a maximum leverage ratio of 3.50 : 1. Interest is charged at either the Base Rate or SOFR (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) SOFR plus 1.00%. The applicable margin on Base Rate and SOFR 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. SOFR rate interest payments are due on the last day of the applicable interest period, or quarterly for applicable interest periods longer than three months. At December 27, 2024, our credit facilities bore interest under the SOFR option of 6.56%. Prior to September 30, 2024, the variable, or floating, portion of our borrowing rate was based on BSBY instead of SOFR.

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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 Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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