XML 54 R36.htm IDEA: XBRL DOCUMENT v3.25.0.1
Borrowings (Tables)
 3 Months Ended
Dec. 27, 2024
Debt Disclosure [Abstract]  
Schedule of Long-term Debt
At December 27, 2024 and September 27, 2024, long-term debt consisted of the following (principal amounts in thousands):
Interest RateMaturityDecember 27, 2024September 27, 2024
Revolving Credit FacilityBenchmark + applicable margin (1) (2)February 2028$508,000 $140,000 
2021 Term Loan Facility - USD Portion
Benchmark + applicable margin (1) (3)
February 2026120,000 120,000 
2021 Term Loan Facility - GBP Portion
Benchmark + applicable margin (1) (3)
September 2025818,545 870,415 
Fixed-rate:
5.9% Bonds, due 2033
5.9% (4)
March 2033500,000 500,000 
6.35% Bonds, due 2028
6.35%
August 2028600,000 600,000 
Less: Current Portion (5)(818,545)(870,415)
Less: Deferred Financing Fees(10,730)(11,406)
Total Long-term debt, net$1,717,270 $1,348,594 
(1)During the year ended September 27, 2024, the aggregate principal amounts denominated in U.S. dollars under the Revolving Credit Facility and the 2021 Term Loan Facility (each as defined below) transitioned from underlying LIBOR benchmarked rates to the Term Secured Overnight Financing Rate ("SOFR"). During fiscal 2022, the aggregate principal amounts denominated in British pounds under the Revolving Credit Facility, 2021 Term Loan Facility transitioned from underlying LIBOR benchmarked rates to Sterling Overnight Index Average ("SONIA") rates.
(2)Depending on the Company’s Consolidated Leverage Ratio or Debt Rating (each as defined in the Revolving Credit Facility (defined below)), U.S. dollar denominated borrowings under the Revolving Credit Facility bear interest at either a SOFR rate plus a margin of between 0.975% and 1.725% or a base rate plus a margin of between 0% and 0.625%. The applicable SOFR rates, or LIBOR rate for the prior fiscal year end, including applicable margins at December 27, 2024 and September 27, 2024 were approximately 5.61% and 6.64%. Borrowings denominated in British pounds bear interest at an adjusted SONIA rate plus a margin of between 0.908% and 1.658%. There were no amounts drawn in British pounds as of December 27, 2024.
(3)Depending on the Company’s Consolidated Leverage Ratio or Debt Rating (each as defined in the Amended and Restated Term Loan Agreement (defined below)), U.S. dollar denominated borrowings under the 2021 Term Loan Facility bear interest at either a SOFR rate plus a margin of between 0.975% and 1.725% or a base rate plus a margin of between 0% and 0.625%. The applicable SOFR, or LIBOR rate for the prior fiscal year end, including applicable margins for borrowings denominated in U.S. dollars at December 27, 2024 and September 27, 2024 was approximately 5.80% and 6.52%. Borrowings denominated in British pounds bear interest at an adjusted SONIA rate plus a margin of between 0.908% and 1.658%, which was approximately 5.86% and 6.23% at December 27, 2024 and September 27, 2024, respectively.
(4)From and including September 1, 2028 (the “First Step Up Date”), the interest rate payable on the 5.90% Bonds (as defined below) will be increased by an additional 12.5 basis points to 6.025% per annum (the “First Step Up Interest Rate”) unless the Company notifies the Trustee (as defined below) on or before the date that is 15 days prior to the First Step Up Date that the Percentage of Gender Diversity Performance Target (as defined in the First Supplemental Indenture (as defined below)) has been satisfied and receives a related assurance letter verifying such compliance. From and including September 1, 2030 (the “Second Step Up Date”), the interest rate payable on the 5.90% Bonds will be increased by 12.5 basis points to (x) 6.150% per annum if the First Step Up Interest Rate was in effect immediately prior to the Second Step Up Date or (y) 6.025% per annum if the initial interest rate was in effect immediately prior to the Second Step Up Date, unless the Company notifies the Trustee on or before the date that is 15 days prior to the Second Step Up Date that the GHG Emissions Performance Target (as defined in the First Supplemental Indenture) has been satisfied and receives a related assurance letter verifying such compliance.
(5)Balance as of December 27, 2024 and September 27, 2024 is associated with the September 1, 2025 scheduled maturity of the 2021 Term Loan Facility, which was reclassified from long-term debt in September 2024.