Debt, Obligations Under Capital Leases and Deemed Landlord Financing Liabilities

3 Months Ended

Mar. 26, 2019

Debt Disclosure [Abstract]

Debt, Obligations Under Capital Leases and Deemed Landlord Financing Liabilities

Debt, Obligations Under Finance Leases and Deemed Landlord Financing Liabilities

The Company’s long-term debt, finance lease obligations, other debt and deemed landlord financing liabilities at March 26, 2019 and January 1, 2019 consisted of the following (in thousands):

	March 26, 2019		January 1, 2019
2015 Senior Credit Facility, net of debt discount of $393 and $459 and deferred financing costs of $132 and $155 at March 26, 2019 and January 1, 2019, respectively	$	153,475	$	158,386
Total outstanding indebtedness	153,475		158,386
Obligations under finance lease, other debt and deemed landlord financing         liabilities	1,579		21,311
Total debt	155,054		179,697
Less: amounts due within one year	481		1,033
Total amounts due after one year, net	$	154,573	$	178,664

At March 26, 2019 and January 1, 2019, 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 March 26, 2019. Substantially all of the assets of the Company are pledged as collateral under the 2015 Senior Credit Facility.

At March 26, 2019, the weighted-average interest rate on the outstanding balance of the 2015 Senior Credit Facility was 4.2%. At March 26, 2019, the Company had a total of $79.7 million of availability for additional borrowings under the 2015 Senior Credit Facility as the Company had $154.0 million of outstanding borrowings and letters of credit outstanding of $16.3 million which reduce availability under the 2015 Senior Credit Facility.