Debt

9 Months Ended

Jun. 25, 2023

Debt Disclosure [Abstract]

Debt

DEBTThe Company has debt consisting of a single 25-year term loan with BH Finance LLC, with an aggregate principal balance of $460.0 million at a 9% annual fixed rate and maturing on March 16, 2045

(referred to herein as “Credit Agreement” and “Term Loan”). On June 25, 2023, the fair value is $462.4 million. This represents a level 2 fair value measurement.

During the nine months ended June 25, 2023, we made principal debt payments of $2.6 million. Future payments are contingent on the Company's ability to generate future excess cash flow, as defined in the Credit Agreement. Subsequent to June 25, 2023, the Company will make a $2.0 million payment related to net proceeds received from the sale of non-core assets as required by our Credit Agreement.