On January 9, 2013, the Company completed a refinancing transaction (the “Refinancing Loan”) with Commercial Bank & Trust Company of Troup County (“CB&T”) as lender. The Refinancing Loan was for a principal amount of $3,752,000 and has a 20-year term. The Refinancing Loan is secured by substantially all the assets of the Company and its wholly owned subsidiaries. The Refinancing Loan bears interest at the rate of Prime Rate plus 2.50%, resulting in a rate of 5.75% during the first five years of the loan term. Thereafter, the interest rate will be re-priced every five years based on the then-Prime Rate plus 2.50%. During the first four months following the closing of the Refinancing Loan the Company was required to make interest-only payments. The minimum required monthly payment is approximately $26,343 during the first five years of the Refinancing Loan term. The closing costs for the Refinancing Loan totaled $175,369 and are being amortized over the 20-year life of the loan.

		July 2, 2017		October 2, 2016
Refinancing Loan principal outstanding	$	3,286,943	$	3,366,507
Less: unamortized debt closing costs		(140,446)		(148,252)
Gross long-term debt		3,146,497		3,218,255
Less current portion of long-term debt, net of unamortized debt closing costs		(120,113)		(104,652)
Long-term debt	$	3,026,384	$	3,113,603

As of July 2, 2017, the scheduled future principal maturities by fiscal year are as follows:

2017	$	31,932
2018		132,406
2019		140,223
2020		148,502
2021		157,270
thereafter		2,676,610
Total	$	3,286,943

Interest expense of $49,799 and $52,144 for the three month period ended July 2, 2017 and July 3, 2016, respectively, includes $2,602 of amortization of debt closing costs in each period. Interest expense of $150,819 and $163,375 for the nine month period ended July 2, 2017 and July 3, 2016, respectively, includes $7,806 of amortization of debt closing costs in each period.

Effective October 3, 2016, the Company retroactively adopted the requirements of ASU No. 2015-03, Interest – Imputation of Interest (Subtopic 835-50): Simplifying the Presentation of Debt Issuance Costs, to present debt issuance costs as a reduction of the carrying amount of the related debt rather than an asset. Long-term debt and the current portion long-term debt as of October 2, 2016 were previously reported on the balance sheet as $3,251,447 and $115,060, respectively, with the associated $148,252 of unamortized debt closing costs reported in intangible assets. Amortization of debt closing costs of $2,602 and $7,806 for the three month and nine month periods ended July 2, 2017 and July 3, 2016, respectively, is reported as interest expense in the Consolidated Statements of Operations. Such amortization of debt closing costs was previously reported as amortization expense in the Consolidated Statement of Operations for the three month and nine month periods ended July 3, 2016, respectively.