Debt

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



	July 1, 2014		December 31, 2013
Term Loan	$	406,460	$	368,125
Senior Notes	190,000		190,000
Revolving Facility ($110 million) ⁽¹⁾	—		7,000
	596,460		565,125
Less current portion	4,158		3,438
	$	592,302	$	561,687


⁽¹⁾	The Company had $91.8 million of borrowing capacity available under its revolving credit facility (“Revolving Facility”), net of $18.2 million of outstanding letters of credit at July 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 Senior Secured Credit Facilities are comprised of the Revolving Facility and the term loan. On June 19, 2014, the Company incurred $40.0 million of term loan debt under the existing credit facility’s $125.0 million term loan accordion feature, on the same terms as the Company’s existing term loan. This borrowing reduced the Company’s remaining available term loan accordion capacity to $85.0 million. The Company paid $0.7 million for transaction costs which were capitalized to debt issuance costs and will be amortized over the term of the related debt. The proceeds were used to fund the July 2014 acquisition of 56 Wendy’s units. (See Note 11 to the consolidated financial statements for a discussion regarding the Company’s subsequent events.)

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 July 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 currently expects that it will not be required to make a payment in 2015. Because this is a preliminary estimate, it is possible that an excess cash flow mandatory prepayment could ultimately be required.