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Long-Term Debt
6 Months Ended
Jun. 13, 2017
Debt Disclosure [Abstract]  
Long-Term Debt
LONG-TERM DEBT

On October 15, 2012, we entered into a credit facility that, as last amended on May 24, 2017, provides for an unsecured credit facility with a credit commitment of $10.0 million, subject to increases in increments of $5.0 million, with a maximum amount of $50.0 million. The credit facility expires on October 15, 2019.  Borrowings under the credit facility bear interest, at our option, based on (i) LIBOR plus 1.50% or (ii) the prime rate as defined in the credit facility. We are required to pay a commitment fee equal to 0.25% per annum on the available but unused credit facility. The credit facility is guaranteed by certain of our subsidiaries. The credit facility contains various financial covenants, including a maximum ratio of total indebtedness to EBITDA and minimum fixed charge coverage, both as defined in the credit agreement. The credit facility also contains covenants restricting certain corporate actions, including asset dispositions, acquisitions, the payment of dividends, the incurrence of indebtedness and providing financing or other transactions with affiliates.

As of June 13, 2017, there was $22.8 million of outstanding borrowings on the credit facility, and we had approximately $26 million of borrowings available, with $1.2 million in outstanding letters of credit commitments. As of December 27, 2016, there were no outstanding borrowings on the credit facility and $1.2 million in outstanding letters of credit.  The increase in borrowings under the credit facility during the first two quarters of 2017 related to our share repurchase activities during the period. We were in compliance with all of the financial debt covenants as of June 13, 2017 and December 27, 2016.