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Credit Facility
9 Months Ended
Sep. 26, 2015
Credit Facility [Abstract]  
Credit Facility

NOTE 8. Credit Facility

 

As of September 26, 2015, the Company had an available revolving line of credit with a group of banks under which the Company may borrow up to $100 million, of which $30 million was drawn (December 27, 2014 - nil). The Company may request, from time to time, and subject to customary conditions, including receipt of commitments, that the revolving credit facility be increased by an aggregate amount not to exceed $150 million.  Interest payments are based on LIBOR plus margins, where margins range from 1.75% to 2.25% per annum based on the Company’s leverage ratio.  The revolving credit facility is available for general corporate purposes. The credit facility is collateralized by substantially all of the Company’s personal property. The Company’s obligations under the credit facility are jointly and severally guaranteed by material wholly-owned domestic subsidiaries of the Company.

 

On October 14, 2015, subsequent to the third quarter of 2015 balance sheet date, the Company repaid $5 million of the outstanding balance as of September 26, 2015.