Debt (Tables)
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9 Months Ended |
Sep. 28, 2023 |
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| Debt Disclosure [Abstract] |
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| Schedule of Long Term Debt |
The following table summarizes the Company’s long-term debt as of September 28, 2023 and December 29, 2022:
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| in thousands |
Maturity Date |
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Interest Rate Per Annum at September 28, 2023 (1) |
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September 28, 2023 |
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December 29, 2022 |
| Credit Facilities: |
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| Term Loan Facility |
February 14, 2027 |
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7.33% |
Variable |
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$ |
202,922 |
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$ |
204,499 |
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| Asset-based Loan Facility (“ABL Facility”) |
August 4, 2027 |
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6.57% |
Variable |
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— |
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210,200 |
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| Total secured debt at par value |
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202,922 |
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414,699 |
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| Less: current maturities |
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2,103 |
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2,103 |
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| Long-term debt maturities |
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200,819 |
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412,596 |
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| Less: unamortized discount and debt issuance costs |
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5,777 |
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7,045 |
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| Total long-term debt |
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$ |
195,042 |
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$ |
405,551 |
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(1) The applicable interest rate for the Term Loan Facility as presented herein does not include the effect of interest rate cap agreements.
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| Schedule of Maturities of Debt |
The following table summarizes scheduled maturities of the Company’s debt as of September 28, 2023:
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| in thousands |
Amount |
| Thirteen weeks ending December 28, 2023 |
$ |
526 |
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| 2024 |
2,103 |
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| 2025 |
2,103 |
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| 2026 |
2,629 |
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| 2027 |
195,561 |
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| Total minimum debt payments |
$ |
202,922 |
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| Schedule of Components of Interest Expense |
Components of interest expense are as follows for the periods presented:
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Thirteen Weeks Ended |
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Thirty-nine Weeks Ended |
| in thousands |
September 28, 2023 |
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September 29, 2022 |
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September 28, 2023 |
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September 29, 2022 |
| Total interest costs, net of interest income |
$ |
3,255 |
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$ |
4,092 |
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$ |
14,022 |
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$ |
8,617 |
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| Less: interest capitalized |
2,009 |
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1,060 |
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5,016 |
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2,751 |
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| Interest expense, net |
$ |
1,246 |
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$ |
3,032 |
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$ |
9,006 |
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$ |
5,866 |
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| Schedule of Fair Value of Debt |
The estimated fair values and classifications within the fair value hierarchy of the Term Loan Facility and the ABL Facility were as follows as of September 28, 2023 and December 29, 2022:
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| in thousands |
Fair Value Hierarchy Classification |
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September 28, 2023 |
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December 29, 2022 |
| Term Loan Facility |
Level 3 |
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$ |
201,524 |
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$ |
196,575 |
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| ABL Facility |
Level 2 |
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— |
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210,200 |
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| Total |
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$ |
201,524 |
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$ |
406,775 |
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