Subsequent events |
6 Months Ended |
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Jun. 27, 2021 | |
| Subsequent Events [Abstract] | |
| Subsequent events | Subsequent events On July 30, 2021, the Company entered into a secured $35.0 million revolving credit facility with JPMorgan Chase Bank, N.A. (the “Credit Facility”). The Credit Facility may be increased up to an additional $25.0 million subject to certain conditions and at the Company’s option. The Credit Facility will mature on July 30, 2024. The agreement requires the Company to be in compliance with a minimum fixed charge coverage ratio and a maximum consolidated total lease adjusted leverage ratio. The interest rate is either LIBOR plus a margin of 1.5% to 2.0%, depending on the Company’s consolidated total lease adjusted leverage ratio or a base rate determined according to the highest of (a) the prime rate, (b) the federal funds rate plus 0.5% or (c) LIBOR plus 1.0%, plus a margin of 0.5% to 1.0%, depending on the Company’s consolidated total lease adjusted leverage ratio. The Revolving Credit Facility also requires payment for commitment fees that accrue on the daily unused commitment of the lender at 0.125%.
In connection with entering the Credit Facility, the Company terminated its $25.0 million revolving credit facility with Wells Fargo Bank, N.A.
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