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Borrowings
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Dec. 29, 2013
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| Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Borrowings |
Borrowings
Borrowings as of December 29, 2013, and December 30, 2012, are summarized below (in thousands):
Maturities of long-term debt and capital lease obligations as of December 29, 2013 are as follows (in thousands):
On December 14, 2012, the Company terminated its previous credit facility ("Previous Facility") and entered into a new credit facility ("New Credit Facility") with a consortium of banks. The New Credit Facility provides for a $225 million revolving line of credit with a sublimit for the issuance of up to $25 million in letters of credits and swingline loans up to $15 million, and includes an option to increase the amount available under the credit facility up to an additional $100 million in the aggregate, subject to lenders' participation. Borrowings under the New Credit Facility are subject to rates based on LIBOR plus a spread based on leverage or a base rate plus a spread based on leverage (base rate is the highest of (a) the Prime Rate, (b) the Federal Funds Rate plus 0.50% and (c) LIBOR for an Interest Period of one month plus 1%). This $225 million revolving line of credit matures on December 14, 2017. Borrowings under the New Credit Facility are secured by first priority liens and security interests in substantially all of the Company's assets, including the capital stock of certain Company subsidiaries, and are available for financing activities including restaurant construction costs, working capital and general corporate purposes, including, among other uses, to refinance certain indebtedness, permitted acquisitions and redemption of capital stock. As of December 29, 2013 and December 30, 2012, the amounts outstanding under the New Credit Facility were $78.5 million and $125.0 million, in addition to amounts issued under letters of credit of $8.1 million and $6.8 million, which reduce the amount available under the credit facility but are not recorded as debt.
Loan origination costs associated with the New Credit Facility are included as deferred costs in Other assets, net in the accompanying consolidated balance sheets. Unamortized debt issuance costs were $1.4 million and $1.8 million as of December 29, 2013 and December 30, 2012. In fiscal year 2012, the Company recorded a non-cash, pre-tax charge of approximately $2.9 million, comprised of a write-off of unamortized fees from the Previous Facility of $1.7 million and a charge related to the de-designation of an interest rate swap of $1.2 million.
The Company has a pay fixed/receive variable interest rate swap agreement with Rabobank International, Utrecht ("Rabobank") to hedge the floating interest rate on its credit facilities. The notional amount hedged pursuant to the agreement as of December 29, 2013 and December 30, 2012 was $61.9 million and $68.4 million. On December 14, 2012, at the time of entering into the New Credit Facility, the Company re-designated the swap to the New Credit Facility's $225 million revolver. Refer to Note 8, Derivative and Other Comprehensive Income.
The Company is subject to a number of customary covenants under its New Credit Facility, including limitations on additional borrowings, acquisitions, capital expenditures, share repurchases, lease commitments and dividend payments, and requirements to maintain certain financial ratios. The Company was in compliance with such covenants as of December 29, 2013.
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