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Debt, Finance Lease Obligations and Other Financing
 12 Months Ended
Oct. 02, 2021
Debt and Lease Obligation [Abstract]  
Debt, Finance Lease Obligations and Other Financing Debt, Finance Lease Obligations and Other Financing
Debt and finance lease obligations as of October 2, 2021 and October 3, 2020, consisted of the following (in thousands):
20212020
4.05% Senior Notes, due June 15, 2025
$100,000 $100,000 
4.22% Senior Notes, due June 15, 2028
50,000 50,000 
Borrowings under the revolving commitment55,000 — 
Term loans, due April 28, 2021—138,000
Finance lease and other financing obligations49,279 48,435 
Unamortized deferred financing fees(933)(1,631)
Total obligations253,346 334,804 
Less: current portion(66,313)(146,829)
Long-term debt and finance lease obligations, net of current portion$187,033 $187,975 
On June 15, 2018, the Company entered into a Note Purchase Agreement (the “2018 NPA”) pursuant to which it issued an aggregate of $150.0 million in principal amount of unsecured senior notes, consisting of $100.0 million in principal amount of 4.05% Series A Senior Notes, due on June 15, 2025, and $50.0 million in principal amount of 4.22% Series B Senior Notes, due on June 15, 2028 (collectively, the “2018 Notes”), in a private placement. The 2018 NPA includes customary operational and financial covenants with which the Company is required to comply, including, among others, maintenance of certain financial ratios such as a total leverage ratio and a minimum interest coverage ratio. The 2018 Notes may be prepaid in whole or in part at any time, subject to payment of a make-whole amount; interest on the 2018 Notes is payable semiannually. As of October 2, 2021, the Company was in compliance with the covenants under the 2018 NPA.
On May 15, 2019, the Company refinanced its then-existing senior unsecured revolving credit facility by entering into a new 5-year senior unsecured revolving credit facility (referred to as the "Credit Facility"), which expanded the maximum commitment from $300.0 million to $350.0 million and extended the maturity from July 5, 2021 to May 15, 2024. The maximum commitment under the Credit Facility may be further increased to $600.0 million, generally by mutual agreement of the Company and the lenders, subject to certain customary conditions. During fiscal 2021, the highest daily borrowing was $148.0 million; the average daily borrowings were $70.0 million. The Company borrowed $376.0 million and repaid $321.0 million of revolving borrowings ("revolving commitment") under the Credit Facility during fiscal 2021. As of October 2, 2021, the Company was in compliance with all financial covenants relating to the Credit Facility, which are generally consistent with those in the 2018 NPA discussed above. The Company is required to pay a commitment fee on the daily unused revolving commitment based on the Company's leverage ratio; the fee was 0.125% as of October 2, 2021.
To further ensure our ability to meet our working capital and fixed capital requirements, on April 29, 2020, the Company entered into Amendment No. 1 to the Credit Facility (the "Amendment") in response to the COVID-19 outbreak, which amended the Credit Facility, dated as of May 15, 2019. The Amendment modified certain provisions of the Credit Facility to, among other things, provide for a 364 day unsecured delayed draw term loans ("Term Loans") for $138.0 million. Term Loans borrowed under the new facility were funded in a single draw on May 4, 2020 and were scheduled to mature on April 28, 2021.
On January 29, 2021, the Company terminated the Term Loans through repayment of the $138.0 million outstanding using borrowings from the revolving commitment under the Credit Facility. Outstanding Term Loans bore interest, at the Company’s option, at a eurocurrency rate (subject to a floor of 1.0%) plus a margin of 1.75% per annum or at a base rate (subject to a floor of 2.0%) plus a margin of 0.75% per annum.
The aggregate scheduled maturities of the Company’s debt obligations as of October 2, 2021, are as follows (in thousands):
2022$55,000 
2023— 
2024— 
2025100,000 
2026— 
Thereafter50,000 
Total$205,000 
The aggregate scheduled maturities of the Company’s finance leases and other financing obligations as of October 2, 2021, are as follows (in thousands):
2022$11,313 
20234,118 
2024943 
2025609 
2026664 
Thereafter31,632 
Total$49,279 
The Company's weighted average interest rate on finance lease obligations was 17.4% and 17.7% as of October 2, 2021 and October 3, 2020, respectively.