Debt, Obligations Under Capital Leases and Deemed Landlord Financing Liabilities

The Company’s debt, obligations under capital leases and deemed landlord financing liabilities at January 1, 2019 and January 2, 2018 consisted of the following (in thousands):



	January 1, 2019		January 2, 2018
2015 Senior Credit Facility, net of debt discount of $459 and $747 and deferred financing costs of $155 and $252 at January 1, 2019 and January 2, 2018, respectively	$	158,386	$	152,001
Total outstanding indebtedness	158,386		152,001
Obligations under capital leases and deemed landlord financing liabilities	21,311		20,053
Total debt, net	179,697		172,054
Less: amounts due within one year	1,033		1,415
Total amounts due after one year, net	$	178,664	$	170,639

At January 1, 2019 and January 2, 2018, 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”).

At the Company’s option, loans under the 2015 Senior Credit Facility may bear interest at a base rate or LIBOR, plus an applicable margin determined in accordance with a consolidated total lease adjusted leverage ratio-based pricing grid. The base rate is calculated as the highest of (a) the Federal Funds Rate plus 1⁄2 of 1%, (b) the prime rate of Bank of America, and (c) LIBOR plus 1.00%. For LIBOR loans, the applicable margin is in the range of 1.50% to 2.50%, and for base rate loans the applicable margin is in the range of 0.50% and 1.50%. The 2015 Senior Credit Facility capacity used to support letters of credit currently incurs fees equal to the applicable margin of 1.75%. The 2015 Senior Credit Facility unused commitment currently incurs a 0.20% fee.

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 January 1, 2019. Substantially all of the assets of the Company are pledged as collateral under the 2015 Senior Credit Facility.

The Company capitalized lender debt discount costs and deferred financing costs of $1.4 million and $0.5 million, respectively, in connection with the refinancing. Lender debt discount costs and deferred financing costs associated with the 2015 Senior Credit Facility are presented net of the 2015 Senior Credit Facility balance on the consolidated balance sheets and will be amortized to interest expense over the term of the 2015 Senior Credit Facility. Amortization of deferred financing costs and debt discount related to the 2015 Senior Credit Facility totaled $0.4 million for each of the fifty-two weeks ended January 1, 2019, the fifty-two weeks ended January 2, 2018 and the fifty-three weeks ended January 3, 2017.

At January 1, 2019, the weighted average interest rate on the outstanding balance of the 2015 Senior Credit Facility was 4.27%. At January 1, 2019, the Company had a total of $73.7 million of availability for additional borrowings under the 2015 Senior Credit Facility as the Company had $159.0 million of outstanding borrowings and $17.3 million of letters of credit outstanding which reduce availability under the 2015 Senior Credit Facility.

Other Debt Information

Based on debt agreements and leases in place as of January 1, 2019, future maturities of debt, obligations under capital leases and deemed landlord financing liabilities were as follows (in thousands):



2019	$	1,033
2020	159,881
2021	832
2022	777
2023	927
Thereafter	16,861
Total maturities	180,311
Less: debt discount and deferred financing costs	(614		)
Total debt, net	$	179,697