| Summary of Debt Obligations |
The table below presents our debt obligations as of the periods presented (in thousands):
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|
|
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|
|
|
Term Loan—due on August 16, 2023 |
|
|
3.65 |
|
|
$ |
809,093 |
|
|
$ |
811,178 |
|
|
$ |
819,520 |
|
Senior Unsecured Notes—due on August 16, 2024 |
|
|
|
|
|
|
— |
|
|
|
390,000 |
|
|
|
390,000 |
|
|
|
|
2.50 |
|
|
|
— |
|
|
|
— |
|
|
|
6,300 |
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| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
809,093 |
|
|
|
1,201,178 |
|
|
|
1,215,820 |
|
Less: current portion of long-term debt |
|
|
|
|
|
|
(8,341 |
) |
|
|
(8,341 |
) |
|
|
(8,341 |
) |
Less: non current ABL Credit Facility |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: unamortized discount |
|
|
|
|
|
|
(2,317 |
) |
|
|
(9,348 |
) |
|
|
(11,049 |
) |
Less: deferred financing charges |
|
|
|
|
|
|
(3,041 |
) |
|
|
(3,939 |
) |
|
|
(4,874 |
) |
| |
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|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
795,394 |
|
|
$ |
1,179,550 |
|
|
$ |
1,185,256 |
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| |
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|
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|
(1) |
Effective interest rates as of January 2, 2021. |
(2) |
Carries interest at a specified margin over LIBOR of 3.50% with a minimum LIBOR of 0.00%. |
(3) |
Carries interest at a specific margin of 0.75% and 1.00% with respect to Base Rate loans and between 1.75% and 2.00% with respect to Eurodollar Rate loans with a minimum LIBOR of 0.75%. |
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The table below presents our debt obligations as of the periods presented (in thousands):
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|
|
|
|
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| |
|
|
|
|
|
|
|
|
|
Term Loan—due on August 16, 2023 |
|
|
3.65 |
%(2) |
|
$ |
811,178 |
|
|
$ |
821,605 |
|
Senior Unsecured Notes—due on August 16, 2024 |
|
|
9.50 |
%(3) |
|
|
390,000 |
|
|
|
390,000 |
|
| |
|
|
1.89 |
%(4) |
|
|
— |
|
|
|
— |
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| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
1,201,178 |
|
|
|
1,211,605 |
|
Less: current portion of long-term debt |
|
|
|
|
|
|
(8,341 |
) |
|
|
(8,341 |
) |
Less: unamortized discount |
|
|
|
|
|
|
(9,348 |
) |
|
|
(11,589 |
) |
Less: deferred financing charges |
|
|
|
|
|
|
(3,939 |
) |
|
|
(5,182 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
$ |
1,179,550 |
|
|
$ |
1,186,493 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| (1) |
Effective interest rates as of October 3, 2020. |
| (2) |
Carries interest at a specified margin over LIBOR of 3.50% with a minimum rate of 0.00%. Prior to February 27, 2018, the Term Loan carried interest with a specified margin over LIBOR of 3.75% with a minimum rate of 1.00%. |
| (3) |
Carries interest at a specified margin over LIBOR of 8.50% with a minimum rate of 1.00%. |
| (4) |
Carries interest at a specific margin of 0.75% and 1.00% with respect to Base Rate loans and between 1.75% and 2.00% with respect to Eurodollar Rate loans. Prior to August 13, 2020, the ABL Credit Facility carried interest at a specific margin of 0.25% and 0.75% with respect to Base Rate loans and between 1.25% and 1.75% with respect to Eurodollar Rate loans. |
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| Debt Issuance Costs Reconcilation |
|
The table below summarizes changes in deferred financing costs associated with our Term Loan and Senior Unsecured Notes for the periods presented (in thousands):
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| |
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| |
|
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|
Balance, beginning of year |
|
$ |
5,182 |
|
|
$ |
6,356 |
|
| |
|
|
5 |
|
|
|
10 |
|
Less: amortization expense |
|
|
(1,248 |
) |
|
|
(1,184 |
) |
| |
|
|
|
|
|
|
|
|
Deferred financing costs, net of accumulated amortization |
|
$ |
3,939 |
|
|
$ |
5,182 |
|
| |
|
|
|
|
|
|
|
|
|
| Schedule of Principal Maturities for Term Loan |
Principal maturities for the Term Loan are as follows as of January 2, 2021 (in thousands):
|
|
|
|
|
|
|
$ |
6,256 |
|
|
|
|
8,341 |
|
|
|
|
794,496 |
|
| |
|
|
|
|
|
|
$ |
809,093 |
|
| |
|
|
|
|
|
Principal maturities for the Term Loan are as follows as of October 3, 2020 (in thousands):
|
|
|
|
|
| |
|
$ |
8,341 |
|
| |
|
|
8,341 |
|
| |
|
|
794,496 |
|
| |
|
|
|
|
| |
|
$ |
811,178 |
|
| |
|
|
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|