Company: FWRG
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001789940-25-000041
Chunk: 24

Company: First Watch Restaurant Group, Inc.
Filing Date: 2025-05-06
Form: 10-Q
Item: Part I, Item 1
Chunk 24
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Table of ContentsFIRST WATCH RESTAURANT GROUP, INC.NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (continued)

6.  Debt

Long-term debt, net consisted of the following:MARCH 30, 2025DECEMBER 29, 2024(in thousands)BalanceInterest Rate BalanceInterest Rate Term Facility$97,500 6.90%$98,125 6.93%Delayed Draw Term Facility95,0636.90%95,6726.93%Revolving Credit Facility3,000 9.00%—Finance lease liabilities4,4592,766Financing obligation3,0503,050Less: Unamortized debt discount and deferred issuance costs(1,259)(1,342)Total debt, net 201,813198,271Less: Current portion of long-term debt(10,292)(9,228)Long-term debt, net$191,521 $189,043 Credit FacilityFWR Holding Corporation (“FWR”), a subsidiary of the Company, is the borrower under the credit agreement dated October 6, 2021, the terms of which were amended on February 24, 2023 and January 5, 2025, which provides for (i) a $100.0 million term loan A facility (the “Term Facility”), (ii) a $125.0 million revolving credit facility (“the Revolving Credit Facility”) and (iii) a $125.0 million delayed draw term facility (the “Delayed Draw Term Facility”, and together with the Term Facility and the Revolving Credit Facility, the “Credit Facility”). The Delayed Draw Term Facility is available to FWR for an 18-month period expiring July 5, 2025 and may be used to fund permitted acquisitions and new restaurant capital expenditures. Loans drawn under the Delayed Draw Term Facility will amortize at the same amortization rate per annum as applicable to loans under the Term Facility. The Credit Facility matures on January 5, 2029.As of March 30, 2025, borrowings under the Credit Facility bear interest at the option of FWR at either (i) the alternate base rate plus a margin of between 150 and 225 basis points depending on the total rent adjusted net leverage ratio of FWR and its restricted subsidiaries on a consolidated basis (the “Total Rent Adjusted Net Leverage Ratio”) or (ii) SOFR plus a credit