Credit Agreement (Notes)

12 Months Ended

Dec. 30, 2017

Debt Disclosure [Abstract]

Credit Agreement

Credit Agreement

Our revolving credit facility as of December 30, 2017 had a net aggregate availability of $153 million. The credit facility is for general corporate purposes and is also utilized to meet our seasonal working capital requirements. The credit agreement provides the Lenders with a collateral security interest in substantially all of our assets and those of our subsidiaries and requires us to comply with, among other things, a maximum leverage ratio and a minimum interest coverage ratio. Under the terms of the credit agreement we pay a variable rate of interest and a commitment fee based on our leverage ratio.

As of December 30, 2017, we had $25 million in outstanding borrowings and $3 million in outstanding letters of credit. We had additional borrowing capacity of $125 million. As of December 30, 2017, the weighted-average interest rate on borrowings outstanding under the credit facility was 3.1% and we were in compliance with all financial covenants.

In February 2018, we amended our revolving credit facility (Credit Agreement, as amended) to increase our net aggregate availability

from $153 million to $300 million. We maintained the accordion feature which allows us to increase the amount of the credit facility

from $300 million to $450 million, subject to Lenders' approval. The Credit Agreement, as amended, matures in February 2023. There were no other significant changes to the Credit Agreement's terms and conditions.