Quarterly report pursuant to Section 13 or 15(d)

Borrowings

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Borrowings
9 Months Ended
Oct. 07, 2018
Debt Disclosure [Abstract]  
Borrowings
Borrowings
Borrowings as of October 7, 2018 and December 31, 2017 are summarized below (in thousands):
 
 
October 7, 2018
 
December 31, 2017
Revolving credit facility and other long-term debt
 
$
220,875

 
$
266,375

Capital lease obligations
 
10,385

 
10,938

Total debt
 
231,260

 
277,313

Less: Current portion
 
(774
)
 
(741
)
Long-term debt
 
$
230,486

 
$
276,572


On June 30, 2016, the Company entered into a credit facility (the “Credit Facility”), which provides for a $400 million revolving line of credit with a sublimit for the issuance of up to $25 million in letters of credit and swingline loans up to $15 million. On April 13, 2017, the Company entered into the first amendment (the “Amendment”) to the Credit Facility. The Amendment increased the lease adjusted leverage ratio to 5.25x through October 1, 2017 before stepping down to 5.0x through July 15, 2018 and returning to 4.75x thereafter. The Amendment also provides for additional pricing tiers that increase LIBOR spread rates and commitment fees to the extent the Company’s lease adjusted leverage ratio exceeds 4.75x, in addition to revising terms for permitted acquisitions and investments. The Amendment was effective through October 7, 2018 and was cancelable at the Company’s discretion. Upon termination of the Amendment, the terms of the Credit Facility executed on June 30, 2016 remain effective.
The Credit Facility matures on June 30, 2021. As of October 7, 2018, the Company had outstanding borrowings under the Credit Facility of $220.0 million, in addition to amounts issued under letters of credit of $7.6 million, which reduced the amount available under the facility but were not recorded as debt. As of December 31, 2017, the Company had outstanding borrowings under the Credit Facility of $265.5 million, in addition to amounts issued under letters of credit of $7.6 million.
Loan origination costs associated with the Credit Facility are included as deferred costs in Other assets, net in the accompanying condensed consolidated balance sheets. Unamortized debt issuance costs were $1.8 million and $2.4 million as of October 7, 2018 and December 31, 2017.