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Debt (Tables)

12 Months Ended

May 29, 2022

Long-term debt consists of the following as of May 29, 2022 and May 30, 2021 (in thousands) based on the contractual repayment schedule. However, as discussed in Note 1, all amounts have been classified as current on the Consolidated Balance Sheet due to the covenant violations, which causes the debt to be due upon demand as of May 29, 2022.


	May 29, 2022		May 30, 2021
Term loan	$	103,712	$	170,000
Total principal amount of long-term debt	103,712		170,000
Less: unamortized debt issuance costs	(5,534)		(5,098)
Total long-term debt, net of unamortized debt issuance costs	98,178		164,902
Less: current portion of long-term debt, net	(98,178)		—
Long-term debt, net	$	—	$	164,902

Schedule of Maturities of Long-term Debt

The future minimum principal payments of the Company’s debt for each year presented are as follows (in thousands):


	Term Loan

Fiscal year 2023	2,125
Fiscal year 2024	8,469
Fiscal year 2025	8,422
Fiscal year 2026	84,696
Total	$	103,712

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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+ Details