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Long-Term Debt (Tables) | 12 Months Ended
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Dec. 31, 2022
Debt Disclosure [Abstract] |
Summary of Debt Instruments | Long-term debt consists of the following:
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | December 31, |  |  | January 1, |
(In thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2022 |  |  | 2022 |
Senior secured revolving credit facility, due November 2027 | $ |  | 445,880 |  |  | $ |  | 359,640 |
Finance lease liabilities (Note 9) |  |  | 57,515 |  |  |  |  | 43,142 |
Other, 4.35% - 4.36%, due 2023 - 2026 |  |  | 4,813 |  |  |  |  | 5,617 |
Total debt - Principal |  |  | 508,208 |  |  |  |  | 408,399 |
Unamortized debt issuance costs |  |  | (4,627 | ) |  |  |  | (2,675 | )
Total debt |  |  | 503,581 |  |  |  |  | 405,724 |
Less current portion |  |  | 6,789 |  |  |  |  | 6,334 |
Total long-term debt and finance lease liabilities | $ |  | 496,792 |  |  | $ |  | 399,390 |
On November 17, 2022, SpartanNash and certain of its subsidiaries entered into an amendment (the "Amendment") to the Company's Amended and Restated Loan and Security Agreement (the "Credit Agreement"). The principal terms of the Amendment included an extension of the maturity date of the loans from December 18, 2023 to November 17, 2027, an amendment to the interest rate grid such that rates for the Tranche A revolving loans, with a $975 million capacity, are now SOFR plus 1.25% to SOFR plus 1.50% and Tranche A-1 revolving loans, with a $40 million capacity, are now SOFR plus 2.25% to SOFR plus 2.50%, and a reset of certain advance rates for the borrowing base.
Schedule of Interest Rate Terms for Each of Aforementioned Tranches | Borrowings under the credit facility bear interest at the Company’s option as either SOFR loans or Base Rate loans, subject to a grid based upon Excess Availability. The interest rate terms for each of the aforementioned tranches are as follows:
Credit |  | Outstanding as of |  |  |  |  |  |
Facility |  | December 31, 2022 |  |  |  |  |  |
Tranche |  | (In thousands) |  |  | SOFR Rate |  | Base Rate
Tranche A |  | $ |  | 409,719 |  |  | SOFR plus 1.25% to 1.50% |  | Greater of: | (i) the Federal Funds Rate plus 0.75% to 1.00%
|  |  |  |  |  |  |  |  | (ii) the SOFR Rate plus 1.25% to 1.50%
|  |  |  |  |  |  |  |  | (iii) the prime rate plus 0.25% to 0.50%
Tranche A-1 |  | $ |  | 36,161 |  |  | SOFR plus 2.25% to 2.50% |  | Greater of: | (i) the Federal Funds Rate plus 1.75% to 2.00%
|  |  |  |  |  |  |  |  | (ii) the SOFR Rate plus 2.25% to 2.50%
|  |  |  |  |  |  |  |  | (iii) the prime rate plus 1.25% to 1.50%
Schedule of Aggregate Annual Maturities and Scheduled Payments of Long-term Debt | At December 31, 2022, aggregate annual maturities and scheduled payments of long-term debt are as follows:
(In thousands) | 2023 |  |  | 2024 |  |  | 2025 |  |  | 2026 |  |  | 2027 |  |  | Thereafter |  |  | Total |
Total borrowings | $ |  | 6,789 |  |  | $ |  | 6,905 |  |  | $ |  | 6,507 |  |  | $ |  | 7,717 |  |  | $ |  | 451,052 |  |  | $ |  | 29,238 |  |  | $ |  | 508,208 |

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