LONG TERM DEBT

3 Months Ended

Mar. 28, 2020

Debt Disclosure [Abstract]

LONG TERM DEBT

LONG-TERM DEBT

We have a $450.0 million senior secured credit facility (the “Credit Facility”). The Credit Facility provides for: (a) a $150.0 million Revolving Credit Facility maturing on December 17, 2024; and (b) a $300.0 million Term Loan A maturing on December 17, 2024 (the “Term Loan A”). At March 28, 2020, we had a $296.3 million and a $50.0 million outstanding balance under our Term Loan A and our Revolving Credit Facility, respectively. The weighted average interest rates for borrowings under Term Loan A and the Revolving Credit Facility were 3.79% and 3.35%, respectively, during the three months ended March 28, 2020.

On March 24, 2020, we drew down $50.0 million from our $150.0 million Revolving Credit Facility, leaving our availability under our Revolving Credit Facility at $100.0 million. For further information, refer to Note 2 - Impact of the COVID-19 Pandemic.