Company: FWRG
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001789940-25-000086
Chunk: 24

Company: First Watch Restaurant Group, Inc.
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 1
Chunk 24
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,714 6,114 Total accrued liabilities$49,831 $39,607 

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Table of ContentsFIRST WATCH RESTAURANT GROUP, INC.NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (continued)

7.    Debt

Long-term debt, net consisted of the following:SEPTEMBER 28, 2025DECEMBER 29, 2024(in thousands)BalanceInterest Rate BalanceInterest Rate Term Facilities$214,438 7.15%$193,797 6.93%Revolving Credit Facility35,0007.49%—Finance lease liabilities12,9242,766Financing obligation3,050 3,050 Less: Unamortized debt discount and deferred issuance costs(1,301)(1,342)Total debt, net 264,111198,271Less: Current portion of long-term debt(13,123)(9,228)        Long-term debt, net$250,988 $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 $225.0 million term loan A facility and delayed draw facility (the “Term Facilities”) and (ii) a $125.0 million revolving credit facility, (“the Revolving Credit Facility”), and together with the Term Facilities, (the “Credit Facility”). The Credit Facility matures on January 5, 2029.During the second quarter of 2025, the Company drew $27.5 million on the delayed draw facility and $32.5 million on the Revolving Credit Facility, primarily to fund the business acquisitions referenced in Note 3, Business Acquisitions. As of September 28, 2025, the delayed draw facility was fully drawn with the same servicing and repayment terms as the term loan A facility.As of September 28, 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 spread adjustment