Debt

The Company’s debt consisted of the following (in thousands):



	April 1, 2014		December 31, 2013
Term Loan	$	367,500	$	368,125
Senior Notes	190,000		190,000
Revolving Facility ($110 million) ⁽¹⁾	—		7,000
	557,500		565,125
Less current portion	3,750		3,438
	$	553,750	$	561,687


⁽¹⁾	The Company had $91.7 million of borrowing capacity available under its Revolving Facility, net of $18.3 million of outstanding letters of credit at April 1, 2014. At December 31, 2013, the Company had $84.7 million of borrowing capacity available under its Revolving Facility, net of $18.3 million of outstanding letters of credit and borrowings of $7.0 million.

The Company’s debt facilities contain restrictions on additional borrowings, certain asset sales, capital expenditures, dividend payments, certain investments and related-party transactions, as well as requirements to maintain various financial ratios. At April 1, 2014, the Company was in compliance with all of its debt covenants.

Based upon the amount of excess cash flow generated during the fiscal year and the Company’s leverage at fiscal year end, each of which is defined in the credit agreement governing the Term Loan, the Company may be required to make an excess cash flow mandatory prepayment. The excess cash flow mandatory prepayment is an annual requirement under the credit agreement and is due 95 days after the end of each fiscal year. The Company’s excess cash flow for fiscal 2013 was significantly reduced for the investments made to acquire 91 Wendy’s units which resulted in no excess cash flow payment due in 2014 for fiscal 2013. The Company currently anticipates that it may be required to make a mandatory prepayment in 2015, but such amount cannot be reasonably estimated at this time.