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Long-Term Debt
3 Months Ended
Apr. 04, 2017
Debt Disclosure [Abstract]  
Long-Term Debt

2.  LONG-TERM DEBT

Line of Credit

Our Credit Facility, which matures on November 18, 2021, provides us with revolving loan commitments totaling $250 million, of which $50 million may be used for the issuance of letters of credit. Availability under the Credit Facility is reduced by outstanding letters of credit, which are used to support our self-insurance programs. Our obligations under the Credit Facility are unsecured. As of April 4, 2017, there were borrowings of $182.7 million and letters of credit totaling approximately $14.5 million outstanding under the Credit Facility. Available borrowings under the Credit Facility were $52.8 million as of April 4, 2017. The Credit Facility bears interest at our choice of LIBOR plus a percentage not to exceed 1.75%, or at a rate ranging from Bank of America’s prime rate to 0.75% above Bank of America’s prime rate, based on our level of lease and debt obligations as compared to EBITDA plus lease expenses. The weighted average interest rate during the thirteen weeks ended April 4, 2017 was approximately 1.90%.

The Credit Facility contains provisions requiring us to maintain compliance with certain covenants, including a Fixed Charge Coverage Ratio and a Lease Adjusted Leverage Ratio. At April 4, 2017, we were in compliance with these covenants.

Interest expense and commitment fees under the Credit Facility for the thirteen weeks ended April 4, 2017 and March 29, 2016 was approximately $0.9 million and $0.4 million, respectively. We capitalized approximately $0.04 million of interest expense related to new restaurant construction during the thirteen weeks ended March 29, 2016.