XML 45 R30.htm IDEA: XBRL DOCUMENT v3.22.4
Long-Term Debt (Tables)
 12 Months Ended
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