v3.26.1
Debt
 3 Months Ended
Mar. 30, 2026
Suja Life Holdings, L.P.  
Debt Instrument [Line Items]  
Debt Debt
On August 23, 2021, the Company entered into a credit agreement with JP Morgan Chase Bank, N.A. (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”) to provide an initial term loan of $120 million (the “Initial Term Loan”). The original Credit Agreement also provided for a revolving credit facility of $25 million (the “Initial Revolving Credit Facility”) with a swingline loan submit of $5 million (the “Swingline Facility”) to provide funding for working capital and general corporate purposes. The Credit Agreement also had an upfront fee of 2.00% on the aggregate principal amount of the commitments under the Initial Term Loan and 2.00% of the aggregate commitment amount of the Initial Revolving Credit Facility as in effect on the initial closing date.
In connection with the acquisition of Vive, on October 11, 2022, the Company entered into a second amendment to the Credit Agreement with JPMorgan Chase Bank, N.A. as administrative agent and the lenders set forth therein, providing for a $42 million second amendment term loan facility (the “Second Amendment Term Loan”). The Second Amendment Term Loan had an upfront fee discount of 2.00% of the aggregate principal amount of the commitments under the Second Amendment Term Loan.
On October 31, 2024, the Company entered into a third amendment to the Credit Agreement (“Third Amendment to Credit Agreement”) with JPMorgan Chase Bank, N.A. as administrative agent and the lenders set forth therein, providing for a $112 million third amendment term loan facility (the “Third Amendment Term Loan”, and together with the Initial Term Loan and Second Amendment Term Loan, the “Term Loan”). The Third Amendment to Credit Agreement also provided for a $15 million increase to the Initial Revolving Credit Facility (the “Revolving Credit Facility”) to provide funding for working capital and general corporate purposes. The Third Amendment to Credit Agreement had an upfront fee of 1.50% of the aggregate principal amount of the commitments under the Third Amendment Term Loan and 0.67% of the aggregate outstanding principal amount of the existing Initial Term Loan and Second Amendment Term Loan. The Third Amendment to Credit Agreement also had an upfront fee discount of 1.50% of the aggregate commitment amount under the Revolving Credit Facility, and 0.90% of the Initial Revolving Credit Facility commitments as of the borrowing date. Issuance costs related to the Revolving Credit Facility are presented in other assets on the Company’s condensed consolidated balance sheets and are amortized over the life of the Revolving Credit Facility. At the execution of the Third Amendment to Credit Agreement, the aggregate principal amount of the commitments under the Term Loan totaled $270 million, and the aggregate commitment amount of the Revolving Credit Facility totaled $40 million, with a Swingline Facility limited to $5 million.
On January 13, 2026, the Company entered into a fourth amendment to the Credit Agreement with JPMorgan Chase Bank, N.A. as administrative agent and the lenders set forth therein, providing for a $15 million delayed draw term loan commitment. There have been no draws on this term loan as of March 30, 2026.
All outstanding principal and accrued and unpaid interest on the Term Loan is due and payable on August 23, 2029 and accrues daily interest at a per annum rate equivalent to, (i) a base rate plus the applicable margin set forth below under the caption “Base Rate Loan” or (ii) an adjusted term SOFR rate plus a term SOFR adjustment equal to 0.10%, 0.15% or 0.25%, depending on the interest period of the applicable borrowing, plus the applicable margin set forth below under the caption “Term Benchmark Loan / RFR Loan”, in each case, based upon the condensed consolidated net leverage ratio as of the most recent date of determination. All interest and applicable fees chargeable shall be computed on the basis of a three hundred and sixty (360) day year (or 365 or 366 days, as the case may be, in the case of base rate loans based on the prime rate), in each case, for the actual number of days elapsed in the period during which the interest or fees accrue. The accrued and unpaid interest on the Term Loans shall be due and payable on the earliest of maturity date, change of control, the sale of all or substantially all assets of Suja or the date of the acceleration. The Company is required to make principal payments on a quarterly basis of 0.25% of the aggregate principal amount of the Term Loans. The Term Loans mature on August 23, 2029.
All outstanding principal and accrued and unpaid interest on the Revolving Credit Facility is due and payable on August 23, 2028 and accrue daily interest at a per annum rate equivalent to, (i) a base rate plus the applicable margin set
forth below under the caption “Base Rate Loan” or (ii) an adjusted term SOFR rate plus a term SOFR adjustment equal to 0.10%, 0.15% or 0.25%, depending on the interest period of the applicable borrowing, plus the applicable margin set forth below under the caption “Term Benchmark Loan / RFR Loan”, in each case, based upon the condensed consolidated net leverage ratio as of the most recent date of determination. All interest and applicable fees chargeable shall be computed on the basis of a three hundred and sixty (360) day year (or 365 or 366 days, as the case may be, in the case of base rate loans based on the prime rate). The accrued and unpaid interest on the revolving loans shall be due and payable on the earliest of maturity date, change of control, the sale of all or substantially all assets of Suja or the date of the acceleration. The Revolving Credit Facility will also have a commitment fee which shall accrue at a per annum rate equal to 0.50% on the average daily unused revolving commitment. All commitment fees shall be computed on the basis of a year of 360 days and shall be payable for the actual number of days elapsed (including the first day but excluding the last day). The commitment fee may be reduced based on certain calculations of the Company’s net leverage ratio. The Revolving Credit Facility will mature on August 23, 2028.
Debt Instrument
($ in thousands)		Interest RateMaturity
Date		As of March 30, 2026As of December 29, 2025
JPM Term Agreement
Term SOFR + 5.50%
8/23/2029$266,855 $267,540 
JPM Credit Agreement
Term SOFR + 5.50%
8/23/202840,000 40,000 
JPM Credit Agreement
Prime + 4.50%
8/23/2028— — 
Current portion of long-term debt(2,740)(2,740)
Total long-term debt, less current portion304,114 304,800 
Less: unamortized discount and debt issuance costs(3,394)(3,643)
Carrying amount of long-term debt$300,720 $301,157 
As of March 30, 2026, aggregate future principal payments required in accordance with the terms of the Term Loans and Revolving Credit Facility, are as follows:
Fiscal Years EndingAmount
($ in thousands)
Remainder of 2026$2,055 
2027$2,740 
202842,740 
20292,740 
2030256,580 
Total$306,855 
The Company has incurred deferred financing costs of $6,924 thousand in total related to the Term Loan, which have been presented net of proceeds on the condensed consolidated balance sheets. The Company amortizes these costs over the life of the Term Loan which amounted to $248 thousand and $248 thousand during the three months ended March 30, 2026 and March 31, 2025, respectively.
The Company recognized interest expense on the Term Loans and Revolving Credit Facility of $7,221 thousand, $7,191 thousand during the three months ended March 30, 2026 and March 31, 2025, respectively. The Company has made $685 thousand and $685 thousand of principal payments on the Term Loan during the three months ended March 30, 2026 and March 31, 2025, respectively. The Company has drawn a net of $40,000 thousand and $15,000 thousand on the Revolving Credit Facility as of March 30, 2026 and March 31, 2025, respectively. The Company has total debt outstanding of $303,460 thousand which approximates its fair value. As of March 30, 2026, the Company has utilized all $40,000 thousand Revolving Credit Facility, with $0 thousand available to borrow.
The Credit Agreement requires the Company to maintain a condensed consolidated net leverage ratio each quarter below 5.50 to 1.00 for each quarter from March 2026 through December 2026, 4.50 to 1.00 for each quarter from March 2027 through December 2027, and 3.50 to 1.00 for each quarter from March 2028 thereafter. The Company is in compliance with its debt covenant. The Company’s Term Loans and Revolving Credit Facility are secured by first-priority liens on substantially all of the assets of the Company, subject to customary exceptions and permitted liens.