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 December 31, 2019 and January 1, 2019 consisted of the following (in thousands):



	December 31, 2019		January 1, 2019
2015 Senior Credit Facility, as amended, net of unamortized debt discount of $231 and $459 and deferred financing costs of $1,038 and $155 at December 31, 2019 and January 1, 2019, respectively	$	143,731	$	158,386
Total outstanding indebtedness	143,731		158,386
Obligations under finance leases, other debt and deemed landlord financing liabilities	1,070		21,311
Total debt, net	144,801		179,697
Less: amounts due within one year	220		1,033
Total amounts due after one year, net	$	144,581	$	178,664

At December 31, 2019 and January 1, 2019, the Company assessed the amounts recorded under the 2015 Senior Credit Facility, as amended, and determined that such amounts approximated fair value.

2015 Senior Credit Facility

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

Prior to September 2019, at the Company’s option, loans under the Senior Credit Facility bore 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 was calculated as the highest of (a) the Federal Funds Rate plus 0.50%, (b) the published Bank of America prime rate, and (c) LIBOR plus 1.00%. For LIBOR loans, the applicable margin was in the range of 1.50% to 2.50%, and for base rate loans the applicable margin was in the range of 0.50% to 1.50%. The Senior Credit Facility capacity used to support letters of credit incurred fees equal to the applicable margin of 1.75%. The Senior Credit Facility unused commitment was 0.20% fee prior to the amendment.

In September 2019, the Company refinanced the Senior Credit Facility, pursuant to Amendment No. 4 to the Credit Agreement among Del Taco, as borrower, the Company and its subsidiaries, as guarantors, Bank of America, N.A. as administrative agent and letter of credit issuer, the lenders party thereto, and other parties thereto, which provides for a $250 million five-year senior secured revolving facility. The Senior Credit Facility, as amended, includes a sub limit of $35 million for letters of credit. The Senior Credit Facility, as amended, will mature on September 19, 2024. Substantially all of the assets of the Company are pledged as collateral under the Senior Credit Facility.

Borrowings under the Senior Credit Facility, as amended, bear interest, at the borrower's option, at rates based upon either LIBOR or a base rate, plus, for each rate, a margin determined in accordance with a lease-adjusted consolidated leverage ratio-based pricing grid. The base rate is calculated as the highest of (a) the Federal Funds Rate plus 0.50%, (b) the published Bank of America prime rate, or (c) Eurodollar Rate plus 1.00%. For Eurodollar loans, the margin is in the range of 1.25% to 2.00%. For base rate loans, the margin is in the range of 0.25% to 1.00%. Borrowings under the Senior Credit Facility, as amended, may be repaid and reborrowed.

The Senior Credit Facility, as amended, 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 December 31, 2019. Substantially all of the assets of the Company are pledged as collateral under the Senior Credit Facility.

Upon the original refinancing in August 2015, the Company capitalized lender debt discount costs and deferred financing costs of $1.4 million and $0.5 million, respectively, related to the Senior Credit Facility. In September 2019, the Company capitalized deferred financing costs of $1.0 million in connection with the amendment of the Senior Credit Facility. Debt discount costs and deferred financing costs are presented net of the outstanding balance on the consolidated balance sheets and will be amortized to interest expense over the term of the facility. Amortization of deferred financing costs and debt discount totaled $0.4 million for each of the fifty-two weeks ended December 31, 2019, the fifty-two weeks ended January 1, 2019 and the fifty-two weeks ended January 2, 2018.

At December 31, 2019, the weighted average interest rate on the outstanding balance of the Senior Credit Facility, as amended, was 3.55%. At December 31, 2019, the Company had a total of $87.7 million of availability for additional borrowings under the Senior Credit Facility, as amended, as the Company had $145.0 million of outstanding borrowings and $17.3 million of letters of credit outstanding which reduce availability under the Senior Credit Facility, as amended.

Other Debt Information

Based on debt agreements and leases in place as of December 31, 2019, future maturities of debt were as follows (in thousands):



2020	$	220
2021	225
2022	115
2023	121
2024	145,129
Thereafter	260
Total maturities	146,070
Less: debt discount and deferred financing costs	(1,269		)
Total debt, net	$	144,801