v3.25.1
Debt Obligations
 3 Months Ended
Mar. 28, 2025
Debt Disclosure [Abstract]  
Debt Obligations Debt Obligations
Debt obligations as of March 28, 2025 and December 27, 2024 consisted of the following:
Weighted Average Effective Interest Rate at March 28, 2025
MaturityMarch 28, 2025December 27, 2024
Senior secured term loans8.57 %August 2029$259,250 $260,000 
2028 Convertible senior notes2.77 %December 2028287,500 287,500 
Asset-based loan facility6.47 %March 2027100,000 120,000 
Finance leases and other financing obligations6.79 %Various67,583 52,673 
Unamortized deferred costs(12,986)(13,389)
Total debt obligations701,347 706,784 
Less: current installments(20,269)(18,040)
Total long-term debt$681,078 $688,744 

Senior Secured Term Loan Credit Facility

In March 2024, the Company entered into an amendment (“Eleventh Amendment”) to its senior secured term loan agreement, which reduced the interest rate spread on its senior secured term loan facility. As a result of this amendment, the Company incurred a loss on debt extinguishment of $50 during the thirteen weeks ended March 29, 2024, which represents the portion of unamortized deferred financing fees attributable to the lender that exited the loan syndicate. Arrangement fees of $775 and third-party transaction costs of $91 were expensed as incurred during the thirteen weeks ended March 29, 2024 and included in interest expense and other operating expenses, respectively, within the Company’s condensed consolidated statements of operations.

Additionally, during the thirteen weeks ended March 29, 2024, the Company made voluntary principal prepayments totaling $6,000 towards the senior secured term loan. In connection with the prepayments, the Company wrote-off unamortized deferred financing fees of $239 during the thirteen weeks ended March 29, 2024, which were included in interest expense within the Company’s condensed consolidated statements of operations.

Convertible Notes

The net carrying value of the Company’s 2028 convertible senior notes as of March 28, 2025 and December 27, 2024 was:
March 28, 2025December 27, 2024
Principal AmountUnamortized Deferred CostsNet AmountPrincipal AmountUnamortized Deferred CostsNet Amount
2028 Convertible Notes$287,500 $(4,297)$283,203 $287,500 $(4,584)$282,916 

The components of interest expense on the Company’s convertible notes were as follows:

 Thirteen Weeks Ended
 March 28, 2025March 29, 2024
Coupon interest$1,707 $1,893 
Amortization of deferred costs and premium286 333 
Total interest$1,993 $2,226 

As of March 28, 2025, the Company had reserved $37,575 of its asset-based loan facility for the issuance of letters of credit and funds totaling $162,425 were available for borrowing.