Buffalo Wild Wings 2015 Annual Report Download - page 55

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55
Operating
leases Capital
leases
Restaurants
under
development
Deemed
landlord
financing
Fiscal year ending:
2016 $ 81,269 4,779 1,926 747
2017 79,893 4,806 2,898 751
2018 75,358 4,859 2,906 765
2019 69,520 4,919 2,910 765
2020 61,933 5,020 2,932 784
Thereafter 358,091 25,980 28,991 4,735
Total future minimum lease payments $ 726,064 50,363 42,563 8,547
Less amounts representing interest — (16,703) — (3,636)
Present value of obligations — 33,660 — 4,911
In 2015, 2014, and 2013, we rented office space under operating leases which, in addition to the minimum lease
payments, require payment of a proportionate share of the real estate taxes and building operating expenses. We also rent
restaurant space under operating leases, some of which, in addition to the minimum lease payments and proportionate share of
real estate and operating expenses, require payment of percentage rents based upon sales levels. Rent expense, excluding our
proportionate share of real estate taxes and building operating expenses, was as follows:
Fiscal Years Ended
December 27,
2015 December 28,
2014 December 29,
2013
Minimum rents $ 75,515 61,286 53,651
Percentage rents 1,409 1,019 715
Total $ 76,924 62,305 54,366
Equipment and auto leases $ 1,411 1,194 1,000
(8) Long-Term Debt and Capital Lease Obligations
The detail of our long-term debt and capital lease obligations as of December 27, 2015 is as follows:
Average interest
rate for the 12
months ended
December 27,
2015 Maturity December 27,
2015
Revolving credit facility 1.1% July 2018 34,530
Capital lease and deemed landlord financing obligations 7.9% November 2030 38,571
Total debt and capital lease obligations 73,101
Less: current maturities (2,147)
Total long-term debt and capital lease obligations 70,954
We have a $200,000 unsecured revolving credit facility. Interest is charged at LIBOR plus an applicable margin based on
our consolidated total leverage ratio. There is also a commitment fee on the average unused portion of the facility at a rate per
annum based on the consolidated total leverage ratio.
The revolving credit facility contains covenants that requires us to maintain certain financial ratios, including
consolidated coverage, consolidated total leverage and minimum EBITDA. The revolving credit facility also contains other
customary affirmative and negative covenants, including covenants that restrict the right of the Company and its subsidiaries to
merge, to lease, sell or otherwise dispose of assets, to make investments and to grant liens on their assets. As of December 27,
2015, we were in compliance with all of these covenants.