Company: SPH
Filing Date: 2025-02-06
Form Type: 10-Q
Source: 0000950170-25-015135
Chunk: 157

Company: SUBURBAN PROPANE PARTNERS LP
Filing Date: 2025-02-06
Form: 10-Q
Item: Part I, Item 8
Chunk 157
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7: $592.7 million; fiscal 2028: $-0-; fiscal 2029: $11.7 million; and thereafter: $718.9 million.

 30

Total Consolidated Leverage Ratio. Total Consolidated Leverage Ratio, as defined by our Credit Agreement, represents total indebtedness as of the balance sheet date minus unrestricted cash and cash equivalents in an amount not to exceed $25.0 million, divided by Adjusted EBITDA calculated on a trailing twelve-month basis plus non-cash compensation costs recognized under our Restricted Unit Plans for the same period, and other items.  The measurement of the Total Consolidated Leverage Ratio for the trailing twelve-month periods ended December 28, 2024 and September 28, 2024 was as follows:

    (Dollars in thousands)
     
    As of and for the Twelve Months Ended

    December 28,

    September 28,

    2024

    2024

    Total debt
     
    $
    1,323,345

    $
    1,231,645

    Less: cash and cash equivalents (1)

    (4,441
    )

    (3,219
    )

    Total debt, less cash and cash equivalents
     
    $
    1,318,904

    $
    1,228,426

    Adjusted EBITDA
     
    $
    250,111

    $
    250,043

    Compensation costs recognized under Restricted Unit Plans

    7,925

    8,191

    Other (2)

    6,354

    —

    Adjusted EBITDA for use in calculation
     
    $
    264,390

    $
    258,234

    Total Consolidated Leverage Ratio
     
    4.99 x

    4.76 x

(1)Effective with the execution of the Credit Agreement on March 15, 2024, total debt for the Total Consolidated Leverage Ratio covenant is net of unrestricted cash and cash equivalents in an amount not to exceed $25.0 million. 

(2)Represents pro forma adjustments for acquisitions completed during the reporting period, as required under the Credit Agreement.

Partnership Distributions

We are required to make distributions in an amount equal to all of our Available Cash, as defined in our Third Amended and Restated Partnership Agreement, as amended (