Note 5 - Long-term Debt

9 Months Ended

Sep. 28, 2024

Notes to Financial Statements

Long-Term Debt [Text Block]

Note 5 - Long-Term Debt

On September 1, 2022, we entered into an Amended and Restated Credit Agreement (the “2022 Credit Agreement”), which provides for a five-year secured revolving loan facility with an aggregate principal amount of up to $350 million.

The revolving loans under the 2022 Credit Agreement may be repaid and reborrowed at our discretion, with any remaining outstanding principal amount due and payable on the maturity date of the revolving loan on September 1, 2027. At September 28, 2024 and December 30, 2023, we had no borrowings outstanding under the 2022 Credit Agreement, as we paid off the outstanding balance of our revolving loans during the third quarter of fiscal 2023.

We pay a quarterly commitment fee of 0.20% on the unused portion of the revolving facility. Interest expense related to our long-term debt was included in Interest expense on our Consolidated Statements of Operations as follows:

	Three Months Ended				Nine Months Ended
	September 28,		September 30,		September 28,		September 30,
(In thousands)	2024		2023		2024		2023
Contractual interest	$	-	$	83	$	-	$	2,701
Amortization of original issuance discount and debt costs		67		67		200		200
Total interest expense related to long-term debt	$	67	$	150	$	200	$	2,901