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Note 5 - Long-term Debt

3 Months Ended

Mar. 28, 2020

On May 17, 2019, we entered into a credit agreement (the “Current Credit Agreement”), which provides for a five-year secured term loan facility in an aggregate principal amount of $175.0 million and a five-year secured revolving loan facility in an aggregate principal amount of up to $75.0 million. Details of the term loan and the revolving loan (collectively, "long-term debt"), including the basis for interest, payment terms, and covenant compliance are more fully described in the Current Credit Agreement and our 2019 10-K.

During the first three months of fiscal 2020, we drew $50.0 million on our revolving loan facility and paid a required quarterly installment of $4.4 million on our long-term debt. The fair value of our long-term debt approximates the carrying value, which is reflected in our Consolidated Balance Sheets as follows:

	*March 28,*			*December 28,*
(In thousands)	*2020*			*2019*
Principal amount	$	193,750		$	148,125
Unamortized original issue discount and debt costs		(1,475	)		(1,579	)
Less: Current portion of long-term debt		(21,484	)		(21,474	)
Long-term debt, net of current portion and unamortized debt issue costs	$	170,791		$	125,072

As of March 28, 2020, the effective interest rate on the term loan was 3.07%, and the effective interest rate on the revolving loan was 2.17%. We pay a commitment fee of 0.20% on the unused portion of the revolving loan. Interest expense related to our long-term debt was included in Interest expense on our Consolidated Statements of Operations as follows:

	*Three Months Ended*
	*March 28,*		*March 30,*
(In thousands)	*2020*		*2019*
Contractual interest	$	1,086	$	4,316
Amortization of debt issuance costs and discount		103		687
Total interest expense related to long-term debt	$	1,189	$	5,003

Expected future principal payments are based on the schedule of required quarterly installments, adjusted for known voluntary payments. Our 53-week fiscal 2020 will result in five quarterly installments being paid during this fiscal year. As of March 28, 2020, expected future principal payments on our long-term debt were as follows:

Fiscal year	(in thousands)

2020 (remaining 9 months)	$	17,500
2021		17,500
2022		17,500
2023		13,125
2024		128,125
	$	193,750