Quarterly report pursuant to Section 13 or 15(d)

Debt (Tables)

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Debt (Tables)
 6 Months Ended
Jun. 27, 2024
Debt Disclosure [Abstract]  
Schedule of Long Term Debt
The following table summarizes the Company’s long-term debt as of June 27, 2024 and December 28, 2023:
in thousands Maturity Date
Interest Rate Per Annum at June 27, 2024 (1)
 June 27, 2024 December 28, 2023
Credit Facilities:
Term Loan Facility February 14, 2027 7.33% Variable $ 201,345  $ 202,396 
Asset-based Loan Facility (“ABL Facility”) August 4, 2027 6.60% Variable —  — 
Total secured debt at par value 201,345  202,396 
Less: current maturities 2,103  2,103 
Long-term debt maturities 199,242  200,293 
Less: unamortized discount and debt issuance costs 4,509  5,354 
Total long-term debt $ 194,733  $ 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. Refer to Note 8, “Fair Value Measurements” for additional details related to the Company’s interest rate cap agreements.
Schedule of Maturities of Debt
The following table summarizes scheduled maturities of the Company’s debt as of June 27, 2024:
in thousands Amount
Twenty-six weeks ending December 26, 2024 $ 1,052 
2025 2,103 
2026 2,629 
2027 195,561 
Total minimum debt payments $ 201,345 
Schedule of Components of Interest Expense
Components of interest expense are as follows for the periods presented:
Thirteen Weeks Ended Twenty-six Weeks Ended
in thousands June 27, 2024 June 29, 2023 June 27, 2024 June 29, 2023
Total interest expense, net of interest income (1)
 $ 3,002  $ 4,581  $ 6,804  $ 10,767 
Less: interest capitalized 2,339  1,683  4,186  3,007 
Interest expense, net $ 663  $ 2,898  $ 2,618  $ 7,760 
(1)Total interest expense, net of interest income includes interest income related to the Company’s interest rate cap agreements totaling $0.5 million and $1.2 million for the thirteen weeks ended June 27, 2024 and June 29, 2023, respectively, and $1.9 million and $2.3 million for the twenty-six weeks ended June 27, 2024 and June 29, 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 June 27, 2024 and December 28, 2023:
in thousands Fair Value Hierarchy Classification June 27, 2024 December 28, 2023
Term Loan Facility Level 3 $ 200,841  $ 201,637