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Long-Term Debt (Tables)
 12 Months Ended
Dec. 31, 2016
Debt Disclosure [Abstract]  
Summary of Debt Instruments

Long-term debt consists of the following:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31,

 

 

January 2,

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2016

 

 

2016

 

  Senior secured revolving credit facility, due December 2021

$

 

359,127

 

 

$

 

394,982

 

  Senior secured term loan, due December 2021

 

 

26,954

 

 

 

 

34,842

 

  Capital lease obligations (Note 10)

 

 

48,255

 

 

 

 

58,599

 

  Other, 2.61% - 8.75%, due 2019 - 2020

 

 

5,028

 

 

 

 

6,558

 

    Total debt - principal

 

 

439,364

 

 

 

 

494,981

 

  Unamortized debt issuance costs

 

 

(8,265

)

 

 

 

(8,185

)

    Total debt

 

 

431,099

 

 

 

 

486,796

 

  Less current portion

 

 

17,424

 

 

 

 

19,003

 

    Total long-term debt

$

 

413,675

 

 

$

 

467,793

 

 
Schedule of Interest Rate Terms

Borrowings under the three tranches of the credit facility bear interest at the Company’s option as either Eurodollar loans or Base Rate loans, subject to a grid based upon Excess Availability. As of December 31, 2016, the interest rate terms are as follows:

 

Credit

 

Outstanding

 

 

 

 

 

 

Facility

 

as of

 

 

 

 

 

 

Tranche

 

December 31, 2016

 

 

Eurodollar Rate

 

Base Rate

Tranche A

 

$

 

325,000

 

 

LIBOR plus 1.50% to 1.75%

 

Greater of:

(i) the Federal Funds Rate plus 1.00% to 1.25%

 

 

 

 

 

 

 

 

 

 

(ii) the Eurodollar Rate plus 1.25% to 1.50%

 

 

 

 

 

 

 

 

 

 

(iii) the prime rate plus 0.25% to 0.50%

Tranche A-1

 

$

 

34,127

 

 

LIBOR plus 2.75% to 3.00%

 

Greater of:

(i) the Federal Funds Rate plus 2.25% to 2.50%

 

 

 

 

 

 

 

 

 

 

(ii) the Eurodollar Rate plus 2.50% to 2.75%

 

 

 

 

 

 

 

 

 

 

(iii) the prime rate plus 1.50% to 1.75%

Tranche A-2

 

$

 

26,954

 

 

LIBOR plus 5.25%

 

Greater of:

(i) the Federal Funds Rate plus 4.75%

 

 

 

 

 

 

 

 

 

 

(ii) the Eurodollar Rate plus 5.25%

 

 

 

 

 

 

 

 

 

 

(iii) the prime rate plus 4.25%

 
Schedule of Aggregate Annual Maturities and Scheduled Payments of Long-term Debt

At December 31, 2016, aggregate annual maturities and scheduled payments of long-term debt are as follows:

 

 

Fiscal Year

 

 

 

 

 

 

 

 

 

 

 

(In thousands)

2017

 

 

2018

 

 

2019

 

 

2020

 

 

2021

 

 

Thereafter

 

 

Total

 

 

$

 

17,424

 

 

$

 

18,655

 

 

$

 

13,422

 

 

$

 

4,654

 

 

$

 

361,640

 

 

$

 

23,569

 

 

$

 

439,364