Company: FWRG
Filing Date: 2025-04-08
Form Type: ARS
Source: 0001789940-25-000033
Chunk: 112

Company: First Watch Restaurant Group, Inc.
Filing Date: 2025-04-08
Form: ARS
Chunk 112
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2,156 1,657 Credit card fees 1,973 1,706 Contingent rent 1,058 1,160 Property tax 830 922 Common area maintenance 618 749 Interest payable 267 401 Other 5,496 7,335 Total accrued liabilities $ 39,607 $ 35,630 FIRST WATCH RESTAURANT GROUP, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued) 74

10. Debt Long-term debt, net consisted of the following: DECEMBER 29, 2024 DECEMBER 31, 2023 (in thousands) Balance Interest Rate Balance Interest Rate Term Facility $ 98,125 6.93% $ 92,500 7.70% Delayed Draw Term Facility 95,672 6.93% — Revolving Credit Facility — 30,000 7.72% Finance lease liabilities 2,766 1,076 Financing obligation 3,050 3,050 Less: Unamortized debt discount and deferred issuance costs (1,342) (1,231) Total Debt, net 198,271 125,395 Less: Current portion of long-term debt (9,228) (5,628) Long-term debt, net $ 189,043 $ 119,767 Credit Facilities FWR Holding Corporation (“FWR”), a subsidiary of the Company, is the borrower under the credit agreement, dated October 6, 2021 (“Credit Agreement”), which provided for (i) a $100.0 million term loan A facility (the “Term Facility”) and (ii) a $75.0 million revolving credit facility (the “Revolving Credit Facility” and, together with the Term Facility, collectively, the “Credit Facility”). On February 24, 2023, the Company entered into Amendment No. 1 to the Credit Agreement to replace the London interbank offer rate (“LIBOR”) with a secured overnight financing rate (“SOFR”) pursuant to the terms and LIBOR fallback language in the Credit Agreement. All outstanding borrowings under the Credit Agreement continued to bear interest at LIBOR until March 27, 2023. On January 5, 2024, the Company entered into Amendment No. 2 to the Credit Agreement (the “Second Amendment”) with terms substantially identical to the Credit Agreement to (i) replace the $100.0 million Term Facility with a new $100.0 million term