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Indebtedness | 12 Months Ended
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Sep. 30, 2018
Debt Disclosure [Abstract] |
Indebtedness | INDEBTEDNESS The detail of our long-term debt at the end of each fiscal year is as follows (in thousands):
|  | 2018 |  | 2017
Revolver, variable interest rate based on an applicable margin plus LIBOR, 4.50% at September 30, 2018 |  | $ | 730,422 |  |  | $ | 497,022 |
Term loan, variable interest rate based on an applicable margin plus LIBOR, 4.35% at September 30, 2018 |  | 336,360 |  |  | 639,385 |
Capital lease obligations, 3.60% weighted-average interest rate at September 30, 2018 |  | 4,403 |  |  | 9,940 |
|  | 1,071,185 |  |  | 1,146,347 |
Less current maturities of long-term debt, net of $1,008 and $1,502 of term loan debt issuance costs, respectively |  | (31,828 | ) |  | (64,225 | )
Less term loan debt issuance costs |  | (1,430 | ) |  | (2,140 | )
|  | $ | 1,037,927 |  |  | $ | 1,079,982 |
Amended credit facility — On March 21, 2018, we amended our credit facility. The amendment extends the maturity date of both our term loan and revolving credit facility from March 19, 2019 to March 19, 2020. The interest rate range on our credit facility did not change as a result of the amendment and continues to be based on our leverage ratio. This interest rate can range from the London Interbank Offered Rate (“LIBOR”) plus 1.25% to 2.25% with a 0% floor on the LIBOR. As a result of the amendment, the initial interest rate was reset to LIBOR plus 2.00%. As of September 30, 2018 the interest rate increased to 2.25%. As part of the credit facility we can request the issuance of up to $75.0 million in letters of credit, the outstanding amount of which reduces our net borrowing capacity under the agreement. As of September 30, 2018, we had outstanding letters of credit of $31.4 million and an unused borrowing capacity of $138.2 million. Collateral — Under the amendment, we and certain of our subsidiaries reaffirmed our guarantees and the security interests in substantially all of our tangible and intangible property, with certain exceptions (including deposit accounts), to secure our obligations under the credit facility. Covenants — We are subject to a number of customary covenants under our credit facility, including limitations on additional borrowings, acquisitions, loans to franchisees, lease commitments, stock repurchases, and dividend payments, and requirements to maintain certain financial ratios defined in the credit agreement. The amendment raised the maximum leverage ratio from 4.0 times to 4.5 times, and permits unlimited cash dividends and share repurchases if pro forma leverage is less than 4.0 times, subject also to pro forma fixed charge covenant compliance. Future cash payments — Our credit facility requires us to make certain mandatory prepayments under certain circumstances and we have the option to make certain prepayments without premium or penalty. The credit facility includes events of default (and related remedies, including acceleration and increased interest rates following an event of default) that are customary for facilities and transactions of this type. Pursuant to the credit facility and amendment, we repaid $260.0 million on the term loan facility upon closing of the Qdoba Sale. Refer to Note 2, Discontinued Operations, for additional information regarding the Qdoba Sale and related prepayment. The payment schedule for the term loan facility was amended to reflect this payment and the extended maturity. The amended term loan facility requires amortization in the form of quarterly installments of $10.7 million from June 2018 through December 2019 with the remainder due at the expiration of the term loan agreement in March 2020. Scheduled principal payments on our long-term debt outstanding at September 30, 2018 for each of the next five fiscal years and thereafter are as follows (in thousands):
2019 |  | $ | 32,837 |
2020 |  | 1,035,548 |
2021 |  | 793 |
2022 |  | 819 |
2023 |  | 846 |
Thereafter |  | 342 |
|  | $ | 1,071,185 |

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- Definition The entire disclosure for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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