4. Debt

Term debt consisted of the following at the dates indicated:



(in thousands of dollars)	January 4, 2020		September 28, 2019
2023 term loan, net of deferred financing costs of $2,902 and $3,124, respectively	$	180,873	$	183,126
Less: current portion of long-term debt	9,900		9,900
Long-term debt, net of current portion	$	170,973	$	173,226

Term loans are recognized on the Condensed Consolidated Balance Sheets at the unpaid principal balance, and are not subject to fair value measurement; however, given the variable rates on the loans, the Company estimates that the unpaid principal balance approximates fair value. If measured at fair value in the financial statements, the term loans would be classified as Level 2 in the fair value hierarchy. At January 4, 2020 and September 28, 2019, $183.8 million and $186.3 million, respectively, were outstanding on the term loans.

At January 4, 2020 and September 28, 2019, the stated interest rates on the term loans were 4.0% and 4.4%, respectively. At January 4, 2020 and September 28, 2019, the weighted-average annual effective interest rates for the term loans were 4.5% and 5.0%, respectively, which includes amortization of the deferred financing costs.

At January 4, 2020, $35.0 million in borrowings were outstanding on the Revolving Credit Facility and $6.9 million of Letters of Credit were outstanding; therefore, the Company would have been able to borrow $58.1 million on the revolving line of credit.

Interest expense on all indebtedness was $1.9 million and $2.9 million for the three months ended January 4, 2020 and December 29, 2018, respectively.

The schedule of remaining principal payments through maturity for total debt is as follows:



(in thousands of dollars)
Year	Principal Payments
2020	$	7,425
2021	9,900
2022	14,850
2023	186,600
Total remaining principal payments	$	218,775