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Debt
 3 Months Ended
Aug. 25, 2024
Debt Disclosure [Abstract]  
Debt Debt
Long-term debt, net consists of the following:
August 25, 2024May 26, 2024
Term loan credit facility, related party$161,245 $157,313 
Equipment financing, related party6,957 7,150 
Total principal amount of long-term debt168,202 164,463 
Less: unamortized debt discount(479)(504)
Less: debt discount, related party
(61,405)(62,367)
Total long-term debt, net of discounts106,318 101,592 
Less: current portion of long-term debt, net, related party
(773)(773)
Long-term debt, net$105,545 $100,819 
Revolving credit facility$21,605 $19,691 
The future minimum principal payments under the Company’s term loan credit facility and equipment financing liability for each year presented are as follows:

Remainder of Fiscal year 2025$580 
Fiscal year 2026773 
Fiscal year 2027773 
Fiscal year 2028773 
Fiscal year 2029162,018 
Fiscal year 2030773 
Thereafter
2,512 
Total$168,202 

Term Loan Credit Facility
On May 22, 2023, the Company and Alcon (the “Borrowers”) entered into a Credit and Guaranty Agreement (the “Term Loan Credit Facility”). The Term Loan Credit Facility refinanced in full all obligations of the Company and their subsidiaries under its prior term loan credit facility. Upon entry into the Term Loan Credit Facility, the prior term loan credit facility was terminated and all noncompliance with debt covenants were thereby cured.
The Term Loan Credit Facility provided for up to $142,270 in term loans, excluding PIK interest added to the outstanding balance. The obligations under the Term Loan Credit Facility mature on May 22, 2029, and is secured by the same collateral that secures the Revolving Credit Facility (as defined below).
As of August 25, 2024 and May 26, 2024, the Company’s effective annual interest rate under the Term Loan Credit Facility was 22.5% for both periods. The annual stated rate is 10.0%.
Equipment Financing
On May 22, 2023, the Company entered into an equipment financing agreement with Alcon, totaling $7,730. The agreement calls for 40 quarterly principal payments of $193, plus 6% interest.
Revolving Credit Facility
On May 22, 2023, the Borrowers and certain of the Company’s other subsidiaries, as guarantors, entered into a Limited Waiver, Consent and Fifth Amendment to the credit agreement with BMO, as lender (the “Revolving Credit Facility”).
As of August 25, 2024 and May 26, 2024, the Company’s effective annual interest rate under the Revolving Credit Facility was linked to the Secured Overnight Financing Rate (SOFR), and was 8.35% for both periods.
Financial Covenants Compliance Status and Borrowing Capacity
As of August 25, 2024, the Company was in compliance with all financial covenants under the Term Loan Credit Facility and Revolving Credit Facility.
As of August 25, 2024, the Company had approximately $4,500 available for borrowing under our Revolving Credit Facility and the Term Loan Credit Facility was fully drawn.