Long-term Debt, Net (Tables)

3 Months Ended

Mar. 29, 2020

Debt Disclosure [Abstract]

Schedule of long-term debt, net

Following is a summary of outstanding long-term debt, as of the periods indicated:

	MARCH 29, 2020					DECEMBER 29, 2019
(dollars in thousands)	OUTSTANDING BALANCE			INTEREST RATE		OUTSTANDING BALANCE			INTEREST RATE
Senior Secured Credit Facility:
Term loan A (1)	$	443,750		3.02	%	$	450,000		3.40	%
Revolving credit facility (1)	975,000			3.29	%	599,000			3.44	%
Total Senior Secured Credit Facility	$	1,418,750				$	1,049,000
Finance lease liabilities	2,328					2,308
Other	—			—	%	50			2.18	%
Less: unamortized debt discount and issuance costs	(2,438		)			(2,654		)
Total debt, net	$	1,418,640				$	1,048,704
Less: current portion of long-term debt	(29,367		)			(26,411		)
Long-term debt, net	$	1,389,273				$	1,022,293

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(1)

Interest rate represents the weighted-average interest rate for the respective periods.

Schedule of maximum total net leverage ratio

The Amended Credit Agreement waives the TNLR requirement for the remainder of fiscal year 2020 and requires a TNLR based on a seasonally annualized calculation of Consolidated EBITDA not to exceed the following thresholds for the periods indicated:

QUARTERLY PERIOD ENDED	MAXIMUM RATIO
March 28, 2021 (1)	5.50	to	1.00
June 27, 2021 (2)	5.00	to	1.00
September 26, 2021 and thereafter (3)	4.50	to	1.00

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(1) Seasonally annualized Consolidated EBITDA calculated as Consolidated EBITDA for the fiscal quarter ending March 28, 2021 divided by 34.1%.

(2) Seasonally annualized Consolidated EBITDA calculated as Consolidated EBITDA for the two consecutive quarters ending June 27, 2021 divided by 58.5%.

(3)

Seasonally annualized Consolidated EBITDA calculated as Consolidated EBITDA for the three consecutive quarters ending September 26, 2021 divided by 77.0%.