INDEBTEDNESS

The detail of our long-term debt at the end of each fiscal year is as follows (in thousands):



	2014			2013
Revolver, variable interest rate based on an applicable margin plus LIBOR, 2.12% at September 28, 2014	$	306,000		$	175,000
Term loan, variable interest rate based on an applicable margin plus LIBOR, 1.91% at September 28, 2014	197,500			190,000
Capital lease obligations, 10.20% weighted average interest rate at September 28, 2014	4,383			5,282
	507,883			370,282
Less current portion	(10,871		)	(20,889		)
	$	497,012		$	349,393

New credit facility — In March 2014, the Company refinanced its former credit facility and entered into an amended and restated credit agreement. The new credit facility is comprised of (i) a $600.0 million revolving credit facility and (ii) a $200.0 million term loan facility. The interest rate on the new credit facility is based on the Company’s leverage ratio and can range from the London Interbank Offered Rate (“LIBOR”) plus 1.25% to 2.00% with no floor. The initial interest rate was LIBOR plus 1.75%. The revolving credit facility and the term loan facility both have maturity dates of March 19, 2019. As part of the credit agreement, we may also request the issuance of up to $75.0 million in letters of credit, the outstanding amount of which reduces our net borrowing capacity under the agreement. As of September 28, 2014, our unused borrowing capacity was $271.8 million.

Use of proceeds — The Company borrowed $200.0 million under the new term loan and approximately $220.0 million under the new revolving credit facility. The proceeds from the refinancing transaction were used to repay all borrowings under the former facility and to pay related transaction fees and expenses associated with the refinance of the facility, and will also be available for permitted share repurchases, permitted dividends, permitted acquisitions, ongoing working capital requirements and other general corporate purposes. At September 28, 2014, we had borrowings under the revolving credit facility of $306.0 million, $197.5 million outstanding under the term loan and letters of credit outstanding of $22.2 million.

Collateral — The Company’s obligations under the credit facility are secured by first priority liens and security interests in the capital stock, partnership and membership interests owned by the Company and (or) its subsidiaries, and any proceeds thereof, subject to certain restrictions set forth in the credit agreement. Additionally, there is a negative pledge on all tangible and intangible assets (including all real and personal property) with customary exceptions as reflected in the credit agreement.

Covenants — We are subject to a number of customary covenants under our credit facility, including limitations on additional borrowings, acquisitions, loans to franchisees, capital expenditures, lease commitments, stock repurchases and dividend payments, and requirements to maintain certain financial ratios as defined in the credit agreement.

Future cash payments — Scheduled principal payments on our long-term debt outstanding at September 28, 2014 for each of the next five fiscal years and thereafter are as follows (in thousands):



Fiscal Year
2015	$	10,871
2016	15,900
2017	15,863
2018	18,168
2019	446,291
Thereafter	790
	$	507,883

We may make voluntary prepayments of the loans under the revolving credit facility and term loan at any time without premium or penalty. Specific events such as asset sales, certain issuances of debt, and insurance and condemnation recoveries, may trigger a mandatory prepayment.

Capitalized interest — We capitalize interest in connection with the construction of our restaurants and other facilities. Interest capitalized in 2013 and 2012 totaled $0.1 million and $0.4 million, respectively. In 2014, no interest was capitalized.