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DEBT
 3 Months Ended
Dec. 28, 2024
Debt Disclosure [Abstract]  
DEBT DEBT
The Company’s debt consists of the following (in millions):
December 28, 2024
Gross AmountDebt Issuance CostsOriginal Issue DiscountNet Amount
Short-term borrowings—trade receivable securitization facility$650 $(1)$— $649 
Term loans$8,702 $(24)$(33)$8,645 
5.50% senior subordinated notes due 2027 (“5.50% 2027 Notes”)
2,650 (9)— 2,641 
6.75% secured notes due 2028 (“2028 Secured Notes”)
2,100 (14)(7)2,079 
4.625% senior subordinated notes due 2029 (“4.625% 2029 Notes”)
1,200 (6)— 1,194 
6.375% secured notes due 2029 (“2029 Secured Notes”)
2,750 (21)(1)2,728 
4.875% senior subordinated notes due 2029 (“4.875% 2029 Notes”)
750 (4)— 746 
6.875% secured notes due 2030 (“2030 Secured Notes”)
1,450 (12)— 1,438 
7.125% secured notes due 2031 (“2031 Secured Notes”)
1,000 (8)(6)986 
6.625% secured notes due 2032 (“2032 Secured Notes”)
2,200 (19)— 2,181 
6.00% secured notes due 2033 (“2033 Secured Notes”)
1,500 (14)— 1,486 
Government refundable advances16 — — 16 
Finance lease obligations260 — — 260 
24,578 (131)(47)24,400 
Less: current portion99 (1)— 98 
Long-term debt$24,479 $(130)$(47)$24,302 

September 30, 2024
Gross AmountDebt Issuance CostsOriginal Issue DiscountNet Amount
Short-term borrowings—trade receivable securitization facility$487 $(1)$— $486 
Term loans$8,702 $(25)$(35)$8,642 
5.50% 2027 Notes
2,650 (9)— 2,641 
2028 Secured Notes2,100 (15)(8)2,077 
4.625% 2029 Notes
1,200 (6)— 1,194 
2029 Secured Notes2,750 (22)(1)2,727 
4.875% 2029 Notes
750 (4)— 746 
2030 Secured Notes1,450 (12)— 1,438 
2031 Secured Notes
1,000 (9)(7)984 
2032 Secured Notes
2,200 (20)— 2,180 
2033 Secured Notes1,500 (14)— 1,486 
Government refundable advances17 — — 17 
Finance lease obligations262 — — 262 
24,581 (136)(51)24,394 
Less: current portion99 (1)— 98 
Long-term debt$24,482 $(135)$(51)$24,296 
Accrued interest, which is classified as a component of accrued and other current liabilities on the condensed consolidated balance sheets, was $386 million and $185 million as of December 28, 2024 and September 30, 2024, respectively.
Trade Receivable Securitization Facility – The Company’s trade receivable securitization facility (the “Securitization Facility”) effectively increases the Company’s borrowing capacity depending on the amount of the domestic operations’ trade accounts receivable. The Securitization Facility includes the right for the Company to exercise annual one year extensions as long as there have been no termination events as defined by the agreement. The Company uses the proceeds from the Securitization Facility as an alternative to other forms of debt, effectively reducing borrowing costs. The Securitization Facility is collateralized by substantially all of the Company’s domestic operations’ trade accounts receivable.
On July 12, 2024, the Company amended the Securitization Facility to, among other things, (i) increase the borrowing capacity from $450 million to $650 million; and (ii) extend the maturity date to July 11, 2025 at an interest rate of Term SOFR plus 1.45% compared to an interest rate of Term SOFR plus 1.60% that applied prior to the amendment. The Company drew the remaining $163 million available under the Securitization Facility in the first quarter of fiscal 2025. At December 28, 2024 and September 30, 2024, the applicable interest rate was 6.08% and 6.73%, respectively.
Government Refundable Advances – Government refundable advances consist of payments received from the Canadian government to assist in research and development related to commercial aviation. The requirement to repay this advance is based on year-over-year commercial aviation revenue growth for certain product lines at CMC Electronics, which is a wholly-owned subsidiary of TransDigm. As of December 28, 2024 and September 30, 2024, the outstanding balance of these advances was $16 million and $17 million, respectively.
Obligations under Finance Leases – The Company leases certain buildings and equipment under finance leases. The present value of the minimum finance lease payments, net of the current portion, represents a balance of $260 million and $262 million at December 28, 2024 and September 30, 2024, respectively. Refer to Note 14, “Leases,” for further disclosure of the Company's lease obligations.