Related Party Transactions

9 Months Ended

Sep. 26, 2020

Related Party Transactions [Abstract]

Related Party Transactions

RELATED PARTY TRANSACTIONS

    As described in Note 18, Convertible Preferred Stock, on May 6, 2020, the Company issued and sold 500,000 shares of the Company’s Series A Preferred Stock to KKR for an aggregate purchase price of $500 million, or $1,000 per share. Assuming conversion of all Series A Preferred Stock, KKR would have held approximately 9.6% of the Company’s outstanding common stock as of September 26, 2020.

    KKR Capital Markets LLC (“KKR Capital Markets”), an affiliate of KKR, received aggregate fees of $6 million for services rendered in connection with the 2020 Incremental Term Loan Facility, the Secured Notes and the ABL Facility amendment financings during the 39 weeks ended September 26, 2020. KKR Capital Markets also received $5 million for services rendered in connection with the May 2019 refinancing of the ABL Facility and the 2019 Incremental Term Loan Facility during the 39 weeks ended September 28, 2019. As reported by the Company’s administrative agent, investment funds managed by an affiliate of KKR held approximately $64 million in principal amount of the Company's term loan facilities as of September 26, 2020.

Based solely on information provided in its most recent public filings, FMR LLC and its affiliates held approximately 11% of the Company’s outstanding common stock as of September 26, 2020. As reported by the Company’s administrative agent, investment funds managed by an affiliate of FMR LLC held approximately $60 million in principal amount of the Company's term loan facilities as of September 26, 2020. Certain FMR LLC affiliates provide recordkeeping services for the Company’s 401(k) plan and provide administrative services for other Company sponsored employee benefit plans. Fees earned by FMR LLC affiliates are not material to the Company’s consolidated financial statements.