Quarterly report pursuant to Section 13 or 15(d)

Debt (Tables)

v3.23.1
Debt (Tables)
 3 Months Ended
Mar. 30, 2023
Debt Disclosure [Abstract]  
Schedule of Long Term Debt
The following table summarizes the Company’s long-term debt as of March 30, 2023 and December 29, 2022:
in thousands Maturity Date Interest Rate Per Annum at 3/30/2023 (1) March 30, 2023 December 29, 2022
Credit Facilities:
Term Loan Facility February 14, 2027 6.62% Variable $ 203,973  $ 204,499 
Asset-based Loan Facility (“ABL Facility”) August 4, 2027 6.03% Variable 106,500  210,200 
Total secured debt at par value 310,473  414,699 
Less: current maturities 2,103  2,103 
Long-term debt maturities 308,370  412,596 
Less: unamortized discount and debt issuance costs 6,622  7,045 
Total long-term debt $ 301,748  $ 405,551 
(1) The applicable interest rate for the Term Loan Facility as presented herein does not include the effect of interest rate cap agreements.
Schedule of Maturities of Debt
The following table summarizes scheduled maturities of the Company’s debt as of March 30, 2023:
in thousands Amount
Thirty-nine weeks ending December 28, 2023 $ 1,577 
2024 2,103 
2025 2,103 
2026 2,629 
2027 302,061 
Total minimum debt payments $ 310,473 
Schedule of Components of Interest Expense
Components of interest expense are as follows for the periods presented:
Thirteen Weeks Ended
in thousands March 30, 2023 March 31, 2022
Total interest costs, net of interest income $ 6,186  $ 1,875 
Interest capitalized 1,324  713 
Interest expense, net $ 4,862  $ 1,162 
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 March 30, 2023 and December 29, 2022:
in thousands Fair Value Hierarchy Classification March 30, 2023 December 29, 2022
Term Loan Facility Level 3 $ 199,894  $ 196,575 
ABL Facility Level 2 106,500  210,200 
Total $ 306,394  $ 406,775