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Debt
 6 Months Ended
Oct. 03, 2025
Debt Disclosure [Abstract]  
Debt Debt
The following table summarizes components of our debt:
(In millions, except percentages)
October 3, 2025March 28, 2025
Effective
Interest Rate
12.50% ROAR 2 SPV Credit Facility due December 2025
$40 $— 12.50 %
Term A Facility due September 12, 20273,197 3,519 
SOFR + %
6.75% Senior Notes due September 30, 2027
900 900 6.75 %
Term B Facility due September 12, 20292,359 2,386 
SOFR + %
7.125% Senior Notes due September 30, 2030
600 600 7.13 %
Incremental Term B Facility due April 16, 2032748 — 
SOFR + %
6.25% Senior Notes due April 1, 2033
950 950 6.25 %
Total principal amount
8,794 8,355 
Less: unamortized discount and issuance costs
(93)(96)
Total debt8,701 8,259 
Less: current portion(280)(291)
Total long-term debt$8,421 $7,968 
As of October 3, 2025, the future contractual maturities of debt by fiscal year are as follows:
(In millions)
Remainder of 2026$160 
2027240 
20283,849 
202944 
20302,237 
Thereafter2,264 
Total future maturities of debt$8,794 
Other debt
In December 2021, ROAR 2 SPV Finance LLC, an indirect wholly owned VIE of MoneyLion Inc. (the ROAR 2 SPV Borrower), entered into a $125 million credit agreement, which was subsequently reduced to $75 million (the ROAR 2 SPV Credit Facility), with a lender for the funding of notes receivables, which secure the ROAR 2 SPV Credit Facility. The ROAR 2 SPV Credit Facility bears interest at a rate of 12.5% and matures on December 21, 2025.
Debt covenant compliance
The Amended Credit Agreement contains customary representations and warranties, affirmative and negative covenants. Each of the Revolving Facility and Term A Facility are subject to a covenant that we maintain a consolidated leverage ratio less than or equal to (i) 6.0 to 1.0 from the second quarter of fiscal 2023 through the last day of the second quarter of fiscal 2024, (ii) 5.75 to 1.0 following the last day of the second quarter of fiscal 2024 through the last day of the second quarter of fiscal 2025 and (iii) 5.25 to 1.0 for each fiscal quarter thereafter; provided that such maximum consolidated leverage ratio will increase to
5.75 to 1.0 for the four fiscal quarters ending immediately should we acquire property, business or assets in an aggregate amount greater than $250 million.
In addition, the Amended Credit Agreement contains customary events of default under which our payment obligations may be accelerated, including, among others, non-payment of principal, interest or other amounts when due, inaccuracy of representations and warranties, violation of certain covenants, payment and acceleration cross defaults with certain other indebtedness, certain undischarged judgments, bankruptcy, insolvency or inability to pay debts, change of control, the occurrence of certain events related to the Employee Retirement Income Security Act of 1974 (ERISA), and the Company experiencing a change of control.
Under the terms of the ROAR 2 SPV Credit Facility, the ROAR 2 SPV Borrower is subject to certain covenants including minimum asset requirements to be held by ROAR 2 SPV Borrower. Assets held by the ROAR 2 SPV Borrower include $100 million of accounts receivable, net in our Condensed Consolidated Balance Sheets.
As of October 3, 2025, we were in compliance with all financial debt covenants.