Long-Term Debt and Capital Lease Obligations

12 Months Ended

Dec. 25, 2016

Long-Term Debt and Capital Lease Obligations

The detail of our long-term debt and capital lease obligations as of December 25, 2016 is as follows:



	Average interest rate for the 12 months ended December 25, 2016	Maturity	December 25, 2016		December 27, 2015
Revolving credit facility	1.5%	October 2021	170,000		34,530
Capital lease and deemed landlord financing obligations	7.6%	Various through November 2030	39,057		38,571
Total debt and capital lease obligations			209,057		73,101
Less: current maturities			(3,745	)	(2,147	)
Total long-term debt and capital lease obligations			205,312		70,954

On October 6, 2016, we terminated our existing revolving credit facility and entered into a new credit agreement (the “Credit Agreement”) with Wells Fargo Bank, National Association and other lenders. The Credit Agreement provides the Company with a committed $500,000 unsecured revolving credit facility, which expires on October 6, 2021. The revolving credit facility includes a letter of credit subfacility of $40,000 and a swingline loan subfacility of $20,000. Amounts borrowed on the revolving credit facility bear interest at either a base rate as set forth in the Credit Agreement plus an applicable margin ranging between 0.00% and 0.75%, or a LIBOR rate plus an applicable margin ranging between 1.00% and 1.75%, at the Company's option. The applicable margins are based on our consolidated total leverage ratio. We also pay a commitment fee ranging from 0.125% to 0.250% on the average unused portion of the facility at a rate per annum based on our consolidated total leverage ratio. As of December 25, 2016, our consolidated total leverage ratio was 0.67 to 1.00.

The Credit Agreement also contains covenants that require us to maintain certain financial ratios, including consolidated coverage and consolidated total leverage. The Credit agreement also contains other customary affirmative and negative covenants.

Maturities of long-term debt and capital lease obligations as of December 25, 2016 are as follows:



Fiscal year ending:
2017	$	3,745
2018	2,639
2019	2,917
2020	3,246
2021	173,450
Thereafter	23,060
Total future maturities of long-term debt and capital lease obligations	$	209,057