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DEBT
 9 Months Ended
Jul. 02, 2023
Debt Disclosure [Abstract]  
DEBT DEBT
Debt with external lenders consists of the following:
July 2, 2023September 30, 2022
(in millions)AmountRateAmountRate
Revolver Facility, variable rate, expiring June 30, 2025$— 8.3 %$740.0 5.7 %
Term Loan Facility, variable rate, due March 3, 2028— 7.3 %394.0 5.2 %
5.75% Notes, due July 15, 2025
450.0 5.8 %450.0 5.8 %
4.00% Notes, due October 1, 2026
461.7 4.0 %417.1 4.0 %
5.00% Notes, due October 1, 2029
300.0 5.0 %300.0 5.0 %
5.50% Notes, due July 15, 2030
300.0 5.5 %300.0 5.5 %
3.875% Notes, due March 15, 2031
500.0 3.9 %500.0 3.9 %
Obligations under finance leases89.1 5.3 %92.7 5.1 %
Total Spectrum Brands, Inc. debt2,100.8 3,193.8 
Unamortized discount on debt— (0.8)
Debt issuance costs(22.4)(36.2)
Less current portion(459.2)(12.3)
Long-term debt, net of current portion$1,619.2 $3,144.5 
Credit Agreement
On June 20, 2023, following the close of the HHI divestiture, the Company repaid the $392.0 million outstanding balance on its term loans, which constitutes the repayment of all outstanding term loans under the Credit Agreement, (ii) repaid $470.0 million of revolving loans that were drawn under the $600.0 million initial tranche of the Revolver Facility established under the Credit Agreement (the "Initial Revolving Credit Facility Tranche"), which constitutes the repayment of all outstanding revolving loans under such tranche and (iii) repayment of $245.0 million of revolving loans that are drawn under the $500.0 million incremental tranche of the Revolver Facility established under the Credit Agreement (the "Incremental Revolving Credit Facility Tranche"), which constitutes the repayment of all outstanding revolving loans under such tranche. Further, on June 23, 2023, the Company terminated all revolving loan commitments under the Incremental Revolving Credit Facility Tranche while the revolving loan commitments under the Initial Revolving Credit Facility Tranche were not terminated. The Company recognized $8.6 million as interest expense for the three and nine month periods ended July 2, 2023 from the write-down of deferred financing costs and original issuance discount associated with the extinguishment of the Term Loan and termination of the Incremental Revolving Credit Facility Tranche. As of July 2, 2023, our Revolver Facility has a total capacity of $600 million with a borrowing availability of $586.9 million, net of outstanding letters of credit of $13.1 million.
On June 20, 2023, the Company entered into the fifth amendment to the Credit Agreement to transition from London Inter-Bank Offered Rate ("LIBOR") to Secured Overnight Financing Rate ("SOFR") borrowing rates used on borrowings from the Revolver Facility. Borrowings from the Revolver Facility are subject to adjusted SOFR plus margin ranging from 1.75% to 2.75% per annum, or base rate plus margin ranging from 0.75% to 1.75% per annum. The SOFR borrowings are subject to a 0.1% adjustment rate and a 0.75% SOFR floor.
On November 17, 2022, the Company entered into the fourth amendment to the Credit Agreement to temporarily increase the maximum consolidated total net leverage ratio permitted to be no greater than 7.0 to 1.0 before returning to 6.0 to 1.0 at the earliest of (i) September 29, 2023, or (ii) 10 business days after the closing of the HHI divestiture or receipt of the related termination fee. The Company incurred $2.3 million in connection with the fourth amendment, which has been recognized as interest expense for the nine month period ended July 2, 2023. The waiver remained in effect as of July 2, 2023 and expired 10 business days after the close of the HHI divestiture, subsequent to July 2, 2023. The maximum permitted consolidated total net leverage in subsequent periods will be 6.0 to 1.0.
Other
On June 20, 2023, the Company called the remaining $450.0 million aggregate principal amount of 5.750% Senior Notes due 2025 (the "Notes") in full at the redemption price, calculated in accordance with the indenture governing the Notes, plus accrued and unpaid interest. Subsequently, on July 20, 2023, the Company redeemed the Notes. As of July 2, 2023, the $450.0 million aggregate principal amount of the Notes were included as Current Portion of Long-Term Debt on the Condensed Consolidated Statement of Financial Position.
SB/RH
In addition to debt with external lenders, SB/RH has an outstanding loan with its Parent in the amount of $8.1 million, including cumulative interest, with a stated interest rate of 4.01%, due March 15, 2024. The outstanding loan with the Parent is subject to termination or acceleration by the Parent and is included as Current Portion of Long-Term Debt on the SB/RH Condensed Consolidated Statement of Financial Position as of July 2, 2023.