Long-term obligations and notes payable consisted of the following as of April 3, 2021 and January 2, 2021, respectively (dollar amounts in thousands):

Instrument	Stated Maturity Date	Contractual Interest Rate (1)	Interest Rate as of April 3, 2021	April 3, 2021			January 2, 2021
Term loan - First Lien Term Loan	03/2024	L + 4.25%	5.25%	$	561,600		$	563,061
Term loan - First Lien Term Loan Amendment	03/2024	L + 5.5%	6.50%		216,580			217,133
Term loan - First Lien Term Loan Fourth Amendment	03/2024	L + 6.25%	7.25%		184,075			184,538
Subordinated term loan - Second Lien Term Loan	03/2025	L + 8.0%	9.00%		240,000			240,000
Revolving Credit Facility	03/2023	L + 4.25%	5.25%		-			-
Notes payable - finance agreements	09/2021	2.07%	2.07%		1,814			2,872
Total principal amount of long-term obligations and notes payable					1,204,069			1,207,604
Less: unamortized debt issuance costs					(29,286	)		(31,332	)
Total amount of long-term obligations and notes payable, net of unamortized debt issuance costs					1,174,783			1,176,272
Less: current portion of long-term obligations and notes payable					(11,724	)		(12,782	)
Total amount of long-term obligations and notes payable, net of unamortized debt issuance costs, less current portion				$	1,163,059		$	1,163,490
⁽¹⁾ L = Greater of 1.00% or one-month LIBOR

On March 11, 2021, the Company amended its revolving credit facility to increase the maximum availability to $200.0 million, subject to the occurrence of an initial public offering. The amendment also extended the maturity date to March 2023; provided that upon the occurrence of an initial public offering, the maturity date will become the date that is five years after the completion of such initial public offering, or May 2026; provided further that if the Company does not refinance its term loans by December 2023, the maturity date will become December 2023. See Note 15 – Subsequent Events for additional information regarding the completion of the Company’s initial public offering and its effects on the Company’s long-term obligations.

In conjunction with entering into a settlement agreement related to an acquisition, the Company amended its first lien credit agreement on March 19, 2020, and April 1, 2020. These amendments allowed the Company to retain certain legal settlement payments it received during the three-month period ended March 28, 2020 and also increased the letter of credit commitment limit under the revolving credit facility to $30.0 million.

The Company has a LIBOR floor of 1.0% under its credit facilities. Beginning on March 18, 2020 and continuing for the remainder of the first fiscal quarter of 2020, as well as continuing through the three-month period ended April 3, 2021, the LIBOR benchmark rates decreased below 1.0%. Accordingly, the LIBOR floor rate of 1.0% became operative under the Company’s credit facility agreements and remained in effect at April 3, 2021.

Debt issuance costs related to the term loans are recorded as a direct deduction from the carrying amount of the debt. The balance for debt issuance costs related to the term loans as of April 3, 2021 and January 2, 2021 was $29.3 million and $31.3 million, respectively. Debt issuance costs related to the revolving credit facility are recorded within other long-term assets. The balance for debt issuance costs related to the revolving credit facility as of April 3, 2021 and January 2, 2021 was $0.4 million and $0.5 million, respectively. The Company recognized $2.1 million and $1.7 million of interest expense related to the amortization of debt issuance costs during the three-month periods ended April 3, 2021 and March 28, 2020, respectively.

Issued letters of credit as of April 3, 2021 and January 2, 2021 were $19.8 million, respectively. There were no swingline loans outstanding as of April 3, 2021 and January 2, 2021, respectively. Borrowing capacity under the revolving credit facility was $55.2 million as of April 3, 2021 and January 2, 2021, respectively.

The Company was in compliance with all financial covenants and restrictions at April 3, 2021 and January 2, 2021.