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Borrowings
 9 Months Ended
Jun. 30, 2023
Debt Disclosure [Abstract]  
Borrowings BORROWINGS:
Long-term borrowings, net, are summarized in the following table (in thousands):
June 30, 2023September 30, 2022
Senior secured revolving credit facility, due April 2026$505,669 $90,897 
Senior secured term loan facility, due March 2025— 1,661,611 
Senior secured term loan facility, due April 2026281,403 334,135 
Senior secured term loan facility, due January 2027835,375 834,619 
Senior secured term loan facility, due April 2028724,084 723,170 
Senior secured term loan facility, due June 20301,081,069 — 
5.000% senior notes, due April 2025
548,999 547,981 
3.125% senior notes, due April 2025(1)
353,474 317,204 
6.375% senior notes, due May 2025
1,490,984 1,487,593 
5.000% senior notes, due February 2028
1,142,549 1,141,491 
Receivables Facility, due June 2024500,000 104,935 
Finance leases156,329 147,373 
Other26,417 19,898 
7,646,352 7,410,907 
Less—current portion(110,602)(65,047)
$7,535,750 $7,345,860 
(1)
This is a Euro denominated borrowing.
As of June 30, 2023, there were approximately $823.8 million of outstanding foreign currency borrowings.
As of June 30, 2023, the Company had approximately $618.3 million of availability under the senior secured revolving credit facility.
Senior Secured Credit Agreement
On April 17, 2023, the Company repaid $468.0 million of the United States dollar denominated term loans due 2025 ("U.S. Term B-3 Loans due 2025"), and ¥8,409.0 million ($63.0 million) of yen denominated term loans due 2026.
On May 31, 2023, the Company repaid $100.0 million of U.S. Term B-3 Loans due 2025.
On June 22, 2023, Aramark Services, Inc. ("ASI"), an indirect wholly owned subsidiary of the Company, and certain of its subsidiaries entered into Amendment No. 12 to the Credit Agreement, dated March 28, 2017, which provides for, among other things, the extension of the maturity date applicable to all of the U.S. Term B-3 Loans due 2025 through the establishment of new United States dollar denominated term loans due 2030 ("U.S. Term B-6 Loans due 2030") in an amount equal to approximately $1.1 billion. The new U.S. Term B-6 Loans due 2030 were funded in full on June 22, 2023 and were applied by the Company to refinance the remaining U.S. Term B-3 Loans due 2025.
The new U.S. Term B-6 Loans due 2030 bear interest rate equal to either (a) a forward-looking term rate based on the Secured Overnight Financing Rate ("SOFR") for the applicable interest period, plus a credit spread adjustment of (i) 0.11448% for borrowings with interest periods of one month, (ii) 0.26161% for borrowings with interest periods of three months and (iii) 0.42826% for borrowings with interest periods of six months (“Adjusted Term SOFR”) or (b) a base rate determined by
reference to the highest of (1) the prime rate of the administrative agent, (2) the federal funds rate plus 0.50% and (3) the Adjusted Term SOFR plus 1.00% plus an applicable margin set initially at 2.50% for borrowings based on Adjusted Term SOFR and 1.50% for borrowings based on the base rate. The U.S. Term B-6 Loans due 2030 require the payment of installments in a quarterly principal amount of $2,750,000 from September 30, 2023 through March 31, 2030, and $1,025,750,000 at maturity. The U.S. Term B-6 Loans due 2030 are subject to substantially similar terms currently relating to guarantees, collateral, mandatory prepayments and covenants that are applicable to the Company’s other U.S. Term B Loans outstanding under the Credit Agreement.
The Company capitalized $8.0 million of costs associated with the issuance of the U.S. Term B-6 Loans due 2030, which are amortized using the effective interest method over the term of the loans and presented on the Condensed Consolidated Balance Sheet as a direct deduction from the carrying value of the loans. The Company also incurred an original issue discount of $11.0 million upon the issuance of the U.S. Term B-6 Loans due 2030. The discount is included as an adjustment to the carrying value of the loans and is amortized using the effective interest method over the term of loans in accordance with the accounting literature.
In conjunction with Amendment No. 12 to the Credit Agreement and the borrowing repayments, the Company recorded a $2.5 million non-cash loss for the write-off of unamortized deferred debt issuance costs to "Interest and Other Financing Costs, net" on the Condensed Consolidated Statements of Income during the three and nine months ended June 30, 2023.
On June 29, 2023, ASI entered into Amendment No. 13 to the Credit Agreement, dated March 28, 2017, which provides for a transition of the underlying interest rate applicable to all term loans outstanding and revolving credit commitments and loans available and/or outstanding, in each case, under the Credit Agreement, from a LIBOR-based rate to a forward-looking term rate based on SOFR. All borrowings based on SOFR under the Credit Agreement are subject to a credit spread adjustment of (i) 0.11448% for borrowings with interest periods of one month, (ii) 0.26161% for borrowings with interest periods of three months and (iii) 0.42826% for borrowings with interest periods of six months but the associated interest rate margins applicable to all such borrowings remain unchanged. Amendment No. 13 was entered into in preparation for the general cessation of LIBOR-based borrowings in the leverage lending industry as of June 30, 2023.
Receivables Facility
On July 19, 2023, the Company increased the purchase limit available under the Receivables Facility from $500.0 million to $600.0 million and extended the scheduled maturity date of the Receivables Facility from June 2024 to July 2026. All other terms and conditions of the agreement remained unchanged.