Quarterly report pursuant to Section 13 or 15(d)

Debt (Tables)

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Debt (Tables)
 3 Months Ended
Mar. 28, 2024
Debt Disclosure [Abstract]  
Schedule of Long Term Debt
The following table summarizes the Company’s long-term debt as of March 28, 2024 and December 28, 2023:
in thousands Maturity Date
Interest Rate Per Annum at March 28, 2024 (1)
 March 28, 2024 December 28, 2023
Credit Facilities:
Term Loan Facility February 14, 2027 7.33% Variable $ 201,870  $ 202,396 
Asset-based Loan Facility (“ABL Facility”) August 4, 2027 6.58% Variable —  — 
Total secured debt at par value 201,870  202,396 
Less: current maturities 2,103  2,103 
Long-term debt maturities 199,767  200,293 
Less: unamortized discount and debt issuance costs 4,931  5,354 
Total long-term debt $ 194,836  $ 194,939 
(1) The applicable interest rate for the Term Loan Facility as presented herein does not include the effect of interest rate cap agreements, which, for the interest rate cap agreements expiring in April 2024, caps the applicable interest rate for $150.0 million of the Term Loan Facility at less than 1.68%.
Schedule of Maturities of Debt
The following table summarizes scheduled maturities of the Company’s debt as of March 28, 2024:
in thousands Amount
Thirty-nine weeks ending December 26, 2024 $ 1,577 
2025 2,103 
2026 2,629 
2027 195,561 
Total minimum debt payments $ 201,870 
Schedule of Components of Interest Expense
Components of interest expense are as follows for the periods presented:
Thirteen Weeks Ended
in thousands March 28, 2024 March 30, 2023
Total interest expense, net of interest income (1)
 $ 3,802  $ 6,186 
Less: interest capitalized 1,847  1,324 
Interest expense, net $ 1,955  $ 4,862 
(1)Total interest expense, net of interest income includes interest income related to the Company’s interest rate cap agreements totaling $1.4 million and $1.1 million for the thirteen weeks ended March 28, 2024 and March 30, 2023, respectively. Refer to Note 8, “Fair Value Measurements” for additional details related to the Company’s interest rate cap agreements.
Schedule of Fair Value of Debt The estimated fair value and classification within the fair value hierarchy of the Term Loan Facility was as follows as of March 28, 2024 and December 28, 2023:
in thousands Fair Value Hierarchy Classification March 28, 2024 December 28, 2023
Term Loan Facility Level 3 $ 201,366  $ 201,637