Long-Term Debt

Long-term debt consisted of the following:



	December 27, 2017		December 28, 2016
	(In thousands)
Revolving loans due October 26, 2022	$	259,000	$	—
Revolving loans due March 30, 2020	—		$	218,500
Capital lease obligations	30,222		27,091
Total long-term debt	289,222		245,591
Less current maturities	3,168		3,285
Noncurrent portion of long-term debt	$	286,054	$	242,306

There are no future maturities of long-term debt due in 2018 through 2021. The $259.0 million of revolving loans are due in 2022.

Refinancing of Credit Facility

On October 26, 2017, Denny's Corporation and certain of its subsidiaries refinanced our credit facility (the “Old Credit Facility”) and entered into a new five-year $400 million senior secured revolver (with a $30 million letter of credit sublimit) (the “New Credit Facility”). The New Credit Facility includes an accordion feature that would allow us to increase the size of the revolver to $450 million. A commitment fee, initially set at 0.30%, is paid on the unused portion of the revolving credit facility. Borrowings under the credit facility bear a tiered interest rate, which is based on the Company’s consolidated leverage ratio and was initially set at LIBOR plus 200 basis points. The maturity date for the credit facility is October 26, 2022.

The New Credit Facility was used to refinance the Old Credit Facility and will also be available for working capital, capital expenditures and other general corporate purposes. The New Credit Facility is guaranteed by the Company and its material subsidiaries and is secured by assets of the Company and its subsidiaries, including the stock of the Company's subsidiaries. It includes negative covenants that are usual for facilities and transactions of this type. The New Credit Facility also includes certain financial covenants with respect to a maximum consolidated leverage ratio and a minimum consolidated fixed charge coverage ratio.

As of December 27, 2017, we had outstanding revolver loans of $259.0 million and outstanding letters of credit under the senior secured revolver of $21.5 million. These balances resulted in availability of $119.5 million under the New Credit Facility. Prior to considering the impact of our interest rate swaps, described below, the weighted-average interest rate on outstanding revolver loans was 3.42% and 2.45% as of December 27, 2017 and December 28, 2016, respectively. Taking into consideration the interest rate swaps, the weighted-average interest rate of outstanding revolver loans was 3.32% and 2.74% as of December 27, 2017 and December 28, 2016, respectively.

Interest Rate Hedges

We have interest rate swaps to hedge a portion of the forecasted cash flows of our floating rate debt. We designated these interest rate swaps as cash flow hedges of our exposure to variability in future cash flows attributable to payments of LIBOR due on specific notional amounts.

Based on the interest rate as determined by our consolidated leverage ratio in effect as of December 27, 2017, under the terms of the swaps, we will pay the following fixed rates on the notional amounts noted:



Period Covered	Notional Amount		Fixed Rate
	(In thousands)
March 31, 2015 - March 29, 2018	$	120,000	3.13	%
March 29, 2018 - March 31, 2025	170,000		4.44	%
April 1, 2025 - March 31, 2026	50,000		4.46	%

As of December 27, 2017, the fair value of the interest rate swaps was a net liability of $2.2 million, which is comprised of assets of $0.1 million recorded as a component of other noncurrent assets and liabilities of $2.3 million recorded as a component of other noncurrent liabilities in our Consolidated Balance Sheets. See Note 15 for the amounts recorded in accumulated other comprehensive loss related to the interest rate swaps.

Subsequent to the year ended December 27, 2017, we entered into additional interest rate swaps. See Note 19 to our Consolidated Financial Statements.