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Credit Agreement
12 Months Ended
Dec. 27, 2014
Line of Credit Facility [Abstract]  
Credit Agreement
Senior Credit Facility:

On May 16, 2014, the Company exercised the option to increase the availability under the Senior Credit Facility by $150 million, which increased the aggregate principal amount available thereunder from $250 million to $400 million. The sublimit for swingline loans was also increased from $20 million to $30 million. This agreement is unsecured and matures in October 2016, with proceeds available to be used for working capital, capital expenditures, dividends, share repurchases and other matters.

At December 27, 2014 and December 28, 2013, there were no outstanding borrowings under the Senior Credit Facility.  There were $40.7 million and $38.2 million outstanding letters of credit under the Senior Credit Facility as of December 27, 2014 and December 28, 2013, respectively.  Borrowings bear interest at either the bank’s base rate (3.25% at December 27, 2014) or the London Inter-Bank Offer Rate (“LIBOR”) (0.17% at December 27, 2014) plus an additional amount ranging from 0.40% to 1.00% per annum (0.50% at December 27, 2014), adjusted quarterly based on our leverage ratio.  The Company is also required to pay, quarterly in arrears, a commitment fee for unused capacity ranging from 0.08% to 0.20% per annum (0.10% at December 27, 2014), adjusted quarterly based on the Company’s leverage ratio.  There are no compensating balance requirements associated with the Senior Credit Facility.

The Senior Credit Facility requires quarterly compliance with respect to two material covenants:  a fixed charge coverage ratio and a leverage ratio.  The fixed charge coverage ratio compares earnings before interest, taxes, depreciation, amortization, stock compensation and rent expense (“consolidated EBITDAR”) to the sum of interest paid and rental expense (excluding any straight-line rent adjustments).  The leverage ratio compares total debt plus rental expense (excluding any straight-line rent adjustments) multiplied by a factor of six to consolidated EBITDAR.  The Senior Credit Facility also contains certain other restrictions regarding additional indebtedness, capital expenditures, business operations, guarantees, investments, mergers, consolidations and sales of assets, transactions with subsidiaries or affiliates, and liens.  The Company was in compliance with all covenants at December 27, 2014.