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Long-Term Debt | 12 Months Ended
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Dec. 28, 2024
Debt Disclosure [Abstract] |
Long-Term Debt | Note 7 – Long-Term Debt Long-term debt consists of the following:
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | December 28, |  |  | December 30, |
(In thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2024 |  |  | 2023 |
Senior secured revolving credit facility, due November 2027 | $ |  | 627,247 |  |  | $ |  | 522,492 |
Finance lease liabilities (Note 11) |  |  | 125,778 |  |  |  |  | 74,639 |
Other, 3.71% - 4.36%, due 2026 - 2033 |  |  | 4,120 |  |  |  |  | 4,743 |
Total debt - Principal |  |  | 757,145 |  |  |  |  | 601,874 |
Unamortized debt issuance costs |  |  | (3,338 | ) |  |  |  | (4,394 | )
Total debt |  |  | 753,807 |  |  |  |  | 597,480 |
Less current portion |  |  | 12,838 |  |  |  |  | 8,813 |
Total long-term debt and finance lease liabilities | $ |  | 740,969 |  |  | $ |  | 588,667 |
The Company's Amended and Restated Loan and Security Agreement (the "Credit Agreement") provides for a Tranche A revolving loan of up to $1.17 billion and a Tranche A-1 revolving loan with $40 million of capacity. The Company has the ability to increase the amount borrowed under the Credit Agreement by an additional $195 million, subject to certain conditions. The Company’s obligations under the Credit Agreement are secured by substantially all of the Company’s personal and real property. The Company may repay all loans in whole or in part at any time without penalty. Availability under the Credit Agreement is based upon advance rates on certain asset categories owned by the Company, including, but not limited to the following: inventory, accounts receivable, real estate, prescription lists, cigarette tax stamps, and rolling stock. The Credit Agreement imposes certain restrictions on the Company, including limitations on dividends and investments, limitations on the Company’s ability to incur debt, make loans, acquire other companies, change the nature of the Company’s business, enter a merger or consolidation, or sell assets. These requirements can be more restrictive depending upon the Company’s Excess Availability, as defined under the Credit Agreement. 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 28, 2024 |  |  |  |  |  |
Tranche |  | (In thousands) |  |  | SOFR Rate |  | Base Rate
Tranche A |  | $ |  | 591,400 |  |  | 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 |  | $ |  | 35,847 |  |  | 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%
The Company also incurs an unused line of credit fee on the unused portion of the loan commitments at a rate of 0.25%. The Credit Agreement requires that the Company maintain Excess Availability of 10% of the borrowing base, as defined in the Credit Agreement. The Company is in compliance with all financial covenants as of December 28, 2024 and had Excess Availability after the 10% requirement of $339.3 million and $483.2 million at December 28, 2024 and December 30, 2023, respectively. The Credit Agreement provides for the issuance of letters of credit, of which $17.9 million and $17.7 million were outstanding as of December 28, 2024 and December 30, 2023, respectively. The weighted average interest rate for all borrowings, including loan fee amortization, was 7.03% for 2024. Refer to Note 9 for further information on the interest rate swap. At December 28, 2024, aggregate annual maturities and scheduled payments of long-term debt are as follows:
(In thousands) | 2025 |  |  | 2026 |  |  | 2027 |  |  | 2028 |  |  | 2029 |  |  | Thereafter |  |  | Total |
Total borrowings | $ |  | 12,838 |  |  | $ |  | 14,730 |  |  | $ |  | 639,451 |  |  | $ |  | 12,273 |  |  | $ |  | 12,142 |  |  | $ |  | 65,711 |  |  | $ |  | 757,145 |

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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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