Company: FWRG
Filing Date: 2025-04-08
Form Type: ARS
Source: 0001789940-25-000033
Chunk: 114

Company: First Watch Restaurant Group, Inc.
Filing Date: 2025-04-08
Form: ARS
Chunk 114
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 New Term Facility and New Delayed Draw Term Facility are subject to amortization of principal, payable in quarterly installments equal to (i) 1.9% of the original principal amount of the term loans in Fiscal 2024, (ii) 4.4% of the original principal amount of the term loans in the fiscal year ending December 28, 2025, (iii) 5.0% of the original principal amount of the term loans in the fiscal year ending December 27, 2026, (iv) 6.9% of the original principal amount of the term loans in the fiscal year ending December 26, 2027 and (v) 9.4% of the original principal amount of the term loans in the fiscal year ending December 31, 2028. The remaining principal amount outstanding is payable at maturity. The New Term Facility, New Delayed Draw Term Facility and New Revolving Credit Facility mature on January 5, 2029. Principal payments due on the outstanding debt, excluding finance lease liabilities and financing obligations, as of December 29, 2024 are as follows: FISCAL YEAR (in thousands) 2025 8,641 2026 9,875 2027 13,578 2028 18,516 2029 143,187 $ 193,797 Interest Expense The following table summarizes our interest expense: FISCAL YEAR (in thousands) 2024 2023 2022 Interest expense $ (14,257) $ (8,063) $ (5,232) Capitalized interest $ 1,617 $ — $ — Total interest expense, net $ (12,640) $ (8,063) $ (5,232) Fair Value of Debt The estimated fair value of the outstanding debt, excluding finance lease obligations and financing obligations, is classified as Level 3 in the fair value hierarchy and was estimated using discounted cash flow models, market yield and yield volatility. The following table includes the carrying value and fair value of the Company’s debt as of the periods indicated: DECEMBER 29, 2024 DECEMBER 31, 2023 (in thousands) Carrying Value Fair Value Carrying Value Fair Value Term Facility $ 98,125 $ 97,933 $ 92,500 $ 92,201 Delayed Draw Term Facility $ 95,672 $ 95,484 $ — $ — Revolving Credit Facility $ — $