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Long-Term Debt | 3 Months Ended
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Mar. 29, 2026
Long-Term Debt |
Long-Term Debt | Note 5 – Long-Term Debt Long-term debt consists of the following (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 29, | ​ | December 28,
​ | ​ | 2026 | ​ | 2025
Term loan agreements | ​ | $ | 342,125 | ​ | $ | 344,313
Revolving credit facility | ​ | ​ | — | ​ | ​ | 7,000
Equipment security notes | ​ |  | 2,753 | ​ |  | 2,856
Promissory notes | ​ |  | 186 | ​ |  | —
Total long-term debt | ​ |  | 345,064 | ​ |  | 354,169
Less: current portion of long-term debt | ​ |  | (9,432) | ​ |  | (9,302)
Less: debt issuance costs | ​ |  | (384) | ​ |  | (414)
Less: debt original issuance discount | ​ |  | (9,673) | ​ |  | (10,440)
Total long-term debt, net of current portion | ​ | $ | 325,575 | ​ | $ | 334,013
​ Interest expense for the Company’s debt arrangements, excluding the amortization of debt issuance costs and other discounts and fees, was $8.8 million and $8.9 million for the three periods ended March 29, 2026 and March 30, 2025, respectively. Capitalized interest was $0.3 million and $0.6 million for the three periods ended March 29, 2026 and March 30, 2025, respectively. As of March 29, 2026, the Company had $6.3 million in standby letters of credit outstanding for certain restaurants and $33.7 million available in its revolving credit facility, subject to certain conditions. Credit and Guaranty Agreement On May 1, 2024, the Company entered into a credit agreement (the “Credit Agreement”) with Deutsche Bank AG New York Branch, Deutsche Bank Securities Inc., HPS Investment Partners, LLC and HG Vora Capital Management, LLC (collectively, the “Lenders”). The Credit Agreement provides a $350.0 million senior secured term loan facility (the “Term Loan Facility”) and a $40.0 million senior secured revolving credit facility (the “Revolving Facility”, and together with the Term Loan Facility, the “Facilities”), which allows for up to $10.0 million of which to be available in the form of letters of credit. As of March 29, 2026, the Company had no borrowings on the Revolving Facility. The Term Loan Facility is not subject to a financial covenant, and the Revolving Facility’s financial covenant will apply only after 35% of the Revolving Facility’s capacity has been drawn. As of March 29, 2026, the Company was not subject to a financial covenant. The Term Loan Facility bears interest at a margin over a reference rate selected at the option of the borrower. The margin for the Term Loan Facility is 6.5% per annum for SOFR borrowings and 5.5% per annum for base rate borrowings. The Term Loan Facility matures on the fifth anniversary of the date of the related loan agreement. The Term Loan Facility is payable in quarterly installments commencing with the fiscal quarter ending September 30, 2024, and are 1% per annum for the first year (through June 30, 2025), then 2.5% per annum for the next two years (through June 2027), then 5% per annum thereafter through maturity on April 30, 2029. The Revolving Facility bears interest at a margin over a reference rate selected at the option of the borrower. The margin for the Revolving Facility is set quarterly based on the Company’s Consolidated Net Leverage Ratio for the preceding four fiscal quarters and ranges from 5.5% to 6.0% per annum for SOFR borrowings and 4.5% to 5.0% for base rate borrowings. The Revolving Facility matures on November 1, 2028. The Company’s weighted average interest rate on the borrowings under the Credit Agreement as of March 29, 2026 was 10.2%. As of March 29, 2026, the Company had $0.4 million of debt issuance costs and $9.7 million of debt original issuance discount related to the Credit Agreement, which were capitalized and are recorded as a direct deduction to long-term debt and less than $0.1 million in debt issuance costs and $1.0 million of debt original issuance discount recorded in Other Assets on the condensed consolidated balance sheets. ​ ​ Equipment Security Notes Between July 10, 2025 and September 23, 2025, the Company entered into three Equipment Security Notes with Banc of America Leasing & Capital, LLC in an aggregate amount of $3.0 million to purchase restaurant equipment (the “Equipment Security Notes”). The Equipment Security Notes bear interest at rates ranging from 7.09% to 7.19% per annum, and are each payable in 60 equal monthly installments, inclusive of interest. Each of the Equipment Security Notes is secured by the equipment purchased with the proceeds of such note. As of March 29, 2026, the amount outstanding under the Equipment Security Notes was approximately $2.8 million. Promissory Note On February 23, 2026, the Company entered into a Promissory Note with Nankai-ya Inc. in the amount of $0.2 million to finance the purchase of a franchised Benihana restaurant (“the Promissory Note”). The Promissory Note bears interest at a rate of 8.0% per annum, and is payable in 24 equal monthly installments, inclusive of interest. As of March 29, 2026, the amount outstanding under the Promissory Note was approximately $0.2 million.

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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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