| Long-term Debt |
Long-term Debt Long-term debt consisted of the following (amounts in thousands): | | | | | | | | | | | | | October 1,
2022 | | January 1,
2022 | | First Lien Credit Agreement: | | | | | Senior term loan | $ | 385,000 | | | $ | 460,000 | | | | | | | | | | | Long-term debt, gross | 385,000 | | | 460,000 | | Less: Unamortized debt issuance costs and debt discounts | (5,739) | | | (8,532) | | | | | | | | | | | Long-term debt, net | $ | 379,261 | | | $ | 451,468 | |
First Lien Credit Agreement GOBP Holdings, Inc. ("GOBP Holdings"), our wholly owned subsidiary, together with another of our wholly owned subsidiaries, has a first lien credit agreement (the "First Lien Credit Agreement") with a syndicate of lenders that consists of a $385.0 million senior term loan and a revolving credit facility for an amount up to $100.0 million, with sub-commitments for a $35.0 million letter of credit and $20.0 million of swingline loans as of October 1, 2022. The First Lien Credit Agreement permits voluntary prepayment on borrowings without premium or penalty. Borrowings under the First Lien Credit Agreement are secured by substantially all the assets of the borrower subsidiary and its guarantors. Senior Term Loan On April 29, 2022, we prepaid $75.0 million of principal on the senior term loan outstanding under our First Lien Credit Agreement. In connection with the payment, we wrote off $1.3 million of previously unamortized debt issuance costs and debt discounts. Our $385.0 million senior term loan matures on October 22, 2025, has an applicable margin of 2.75% for Eurodollar loans and 1.75% for base rate loans, and had an effective interest rate of 5.87% as of October 1, 2022. Due to previous prepayments on the senior term loan, no further principal payment on the senior term loan will be due until the maturity date. Revolving Credit Facility As of October 1, 2022, we had $3.5 million of outstanding standby letters of credit and $96.5 million of remaining borrowing capacity available under the revolving credit facility, which matures on October 23, 2023. No amounts were outstanding under the revolving credit facility as of October 1, 2022 and January 1, 2022. We are required to pay a quarterly commitment fee ranging from 0.25% to 0.50% on the daily unused amount of the commitment under the revolving credit facility based upon the leverage ratio defined in the agreement and certain criteria specified in the agreement. We are also required to pay fronting fees and other customary fees for letters of credit issued under the revolving credit facility. The interest rate for the revolving credit facility is determined based on a formula using certain market rates. Debt Covenants The First Lien Credit Agreement contains certain customary representations and warranties, subject to limitations and exceptions, and affirmative and customary covenants. The First Lien Credit Agreement restricts us from entering into certain types of transactions, such as incurring additional debt or issuing certain preferred shares, and making certain types of payments including dividends and stock repurchases and other similar distributions, with certain exceptions. Additionally, borrowing availability under the revolving credit facility under our First Lien Credit Agreement is subject to a first lien secured leverage ratio (as defined in the First Lien Credit Agreement) of 7.00 to 1.00. As of October 1, 2022, we were in compliance with all applicable financial covenant requirements for our First Lien Credit Agreement. Schedule of Principal Maturities Principal maturities of debt as of October 1, 2022 are as follows (amounts in thousands): | | | | | | | Remainder of fiscal 2022 | $ | — | | | Fiscal 2023 | — | | | Fiscal 2024 | — | | | Fiscal 2025 | 385,000 | | | Fiscal 2026 | — | | | Thereafter | — | | | Total | $ | 385,000 | |
Interest Expense, Net Interest expense, net, consisted of the following (amounts in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | 13 Weeks Ended | | 39 Weeks Ended | | October 1,
2022 | | October 2,
2021 | | October 1,
2022 | | October 2,
2021 | | Interest on loans | $ | 5,015 | | | $ | 3,489 | | | $ | 12,335 | | | $ | 10,454 | | | Amortization of debt issuance costs and debt discounts | 537 | | | 628 | | | 1,727 | | | 1,883 | | | Interest on finance leases | 81 | | | 98 | | | 265 | | | 288 | | | Other | 5 | | | 2 | | | 5 | | | 8 | | | Interest income | (840) | | | (267) | | | (1,977) | | | (855) | | | Interest expense, net | $ | 4,798 | | | $ | 3,950 | | | $ | 12,355 | | | $ | 11,778 | |
Loss on Debt Extinguishment Loss on debt extinguishment consisted of the following (amounts in thousands):
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