Debt, Obligations Under Capital Leases and Deemed Landlord Financing Liabilities

8 Months Ended

Sep. 12, 2017

Debt, Obligations Under Capital Leases and Deemed Landlord Financing Liabilities

The Company’s long-term debt, capital lease obligations and deemed landlord financing liabilities at September 12, 2017 and January 3, 2017 consisted of the following (in thousands):



	September 12, 2017		January 3, 2017
2015 Senior Credit Facility, net of debt discount of $835 and $1,035 and deferred financing costs of $282 and $349 at September 12, 2017 and January 3, 2017, respectively	$	146,883	$	157,616
Total outstanding indebtedness	146,883		157,616
Obligations under capital leases and deemed landlord financing liabilities	16,582		17,715
Total debt	163,465		175,331
Less: amounts due within one year	1,497		1,588
Total amounts due after one year, net	$	161,968	$	173,743

At September 12, 2017 and January 3, 2017, the Company assessed the amounts recorded under the 2015 Senior Credit Facility and determined that such amounts approximated fair value.

2015 Revolving Credit Facility

On August 4, 2015, the Company refinanced its existing senior credit facility and entered into a new credit agreement (the “Credit Agreement”). The Credit Agreement, which matures on August 4, 2020, provides for a $250 million revolving credit facility (the “2015 Senior Credit Facility”).

The Credit Agreement contains certain financial covenants, including the maintenance of a consolidated total lease adjusted leverage ratio and a consolidated fixed charge coverage ratio. The Company was in compliance with the financial covenants as of September 12, 2017. Substantially all of the assets of the Company are pledged as collateral under the 2015 Senior Credit Facility.

At September 12, 2017, the weighted-average interest rate on the outstanding balance of the 2015 Senior Credit Facility was 3.0%. At September 12, 2017, the Company had a total of $83.8 million of availability for additional borrowings under the 2015 Senior Credit Facility as the Company had $148.0 million of outstanding borrowings and letters of credit outstanding of $18.2 million which reduce availability under the 2015 Senior Credit Facility.