XML 48 R38.htm IDEA: XBRL DOCUMENT v3.22.2
Long-term Debt - Additional Information (Details)
$ in Thousands
1 Months Ended 6 Months Ended
Apr. 06, 2022
USD ($)
OperatingSegment
Mar. 31, 2025
Jun. 25, 2022
USD ($)
Jun. 26, 2021
USD ($)
Dec. 25, 2021
USD ($)
Debt Instrument [Line Items]          
Debt Instrument, Interest Rate, Increase (Decrease)     3.87%    
Debt Instrument, Covenant Description     The Notes are subject to a series of financial and non-financial covenants and restrictions customary for transactions of this type, including (i) that the Master Issuer maintains specified reserve accounts to be used to make required payments in respect of the Notes, (ii) provisions relating to optional and mandatory prepayments and the related payment of specified amounts, including specified make-whole payments in the case of the Class A-2 Notes under certain circumstances, (iii) certain indemnification payments in the event, among other things, the transfers of the assets pledged as collateral for the Notes are in stated ways defective or ineffective and (iv) covenants relating to recordkeeping, access to information and similar matters. The Notes are also subject to customary rapid amortization events provided for in the Indenture, including events tied to failure to maintain a stated debt service coverage ratio, the sum of system-wide sales being below certain levels on certain measurement dates, certain manager termination events (including in certain cases a change of control of EWC Ventures), an event of default and the failure to repay or refinance the Notes on the applicable anticipated repayment date. The Notes are also subject to certain customary events of default, including events relating to non-payment of required interest, principal or other amounts due on or with respect to the Notes, failure to comply with covenants within certain time frames, certain bankruptcy events, breaches of specified representations and warranties, failure of security interests to be effective and certain judgments.    
Debt Instrument, Description     If the Master Issuer has not repaid or refinanced the Class A-2 Notes prior to their Anticipated Repayment Date, additional interest will accrue on the Class A-2 Notes equal to the greater of (A) 5.00% per annum and (B) a per annum interest rate equal to the excess, if any, by which the sum of (i) the yield to maturity (adjusted to a quarterly bond equivalent basis) on such anticipated repayment date of the United States Treasury Security having a term closest to ten (10) years plus (ii) 5.00%, plus (iii) 3.87%, exceeds the original interest rate. The Class A-2 Notes rank pari passu with the Variable Funding Notes.    
Payments of debt extinguishment costs     $ 77    
Loss on debt extinguishment     $ (1,957) $ 0  
Class A-2 Notes [Member]          
Debt Instrument [Line Items]          
Debt Instrument, Interest Rate, Increase (Decrease)     5.00%    
Debt instrument, Term 10 years        
Term loan $ 400,000        
Leverage ratio     5.00    
Unamortized deferred financing costs     $ 10,858    
Debt Discount 15,672        
Proceeds from Issuance of Debt $ 384,328        
Fixed Rate Senior Secured Notes 5.50%        
Variable Funding Notes [Member]          
Debt Instrument [Line Items]          
Maximum Debt Service and Collateral Protection Advances $ 40,000        
Number of additional extensions | OperatingSegment 2        
Unamortized deferred financing costs     1,561    
Variable Funding Notes [Member] | Other Noncurrent Assets [Member]          
Debt Instrument [Line Items]          
Unamortized deferred financing costs     148    
Class A-2 Notes and Variable Funding Notes [Member]          
Debt Instrument [Line Items]          
Unamortized deferred financing costs     12,419    
Scenario Forecast | Variable Funding Notes [Member]          
Debt Instrument [Line Items]          
Debt Instrument, Interest Rate, Increase (Decrease)   5.00%      
2026 Term Loan [Member]          
Debt Instrument [Line Items]          
Payments of debt extinguishment costs     77    
Loss on debt extinguishment     1,957    
Write off of deferred loan costs     $ 1,880    
Anticipated Repayment [Member] | Class A-2 Notes [Member]          
Debt Instrument [Line Items]          
Debt Instrument, Maturity Date     Mar. 31, 2027    
Legal Maturity [Member] | Class A-2 Notes [Member]          
Debt Instrument [Line Items]          
Debt Instrument, Maturity Date     Mar. 31, 2052    
Indenture [Member] | Class A-2 Notes [Member]          
Debt Instrument [Line Items]          
Debt Instrument, Issuance Date     Apr. 06, 2022    
Commercial Paper [Member] | SOFR          
Debt Instrument [Line Items]          
Debt instrument basis point 212.50%        
Advance Funding Facility          
Debt Instrument [Line Items]          
Maximum Debt Service and Collateral Protection Advances     $ 5,000    
European Wax Center, Inc. and Subsidiaries | Class A-2 Notes [Member]          
Debt Instrument [Line Items]          
Term loan     400,000   $ 0
European Wax Center, Inc. and Subsidiaries | 2026 Term Loan [Member]          
Debt Instrument [Line Items]          
Term loan     $ 0   $ 180,000