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LONG-TERM DEBT
 6 Months Ended
Jun. 29, 2019
Debt Disclosure [Abstract]  
LONG-TERM DEBT LONG-TERM DEBT
Long-term debt consisted of the following:
(dollars in thousands)
June 29, 2019
 
December 29, 2018
 
June 30, 2018
Senior notes at amounts repayable
$
500,000

 
$
400,000

 
$
400,000

Less unamortized issuance-related costs for senior notes
(5,623
)
 
(2,736
)
 
(3,222
)
      Senior notes, net
$
494,377

 
$
397,264

 
$
396,778

Secured revolving credit facility
110,000

 
196,000

 
286,000

Total long-term debt, net
$
604,377

 
$
593,264

 
$
682,778


Secured Revolving Credit Facility
As of June 29, 2019, the Company had $110.0 million in outstanding borrowings under its secured revolving credit facility, exclusive of $5.0 million of outstanding letters of credit. As of June 29, 2019, approximately $635.0 million remained available for future borrowing. All outstanding borrowings under the Company's secured revolving credit facility are classified as non-
current liabilities on the Company's consolidated balance sheet because of the contractual repayment terms under the credit facility.
As of June 29, 2019, the interest rate margins applicable to the secured revolving credit facility were 1.375% for LIBOR (London Interbank Offered Rate) rate loans (which may be adjusted based on a leverage-based pricing grid ranging from 1.125% to 1.875%) and 0.375% for base rate loans (which may be adjusted based on a leverage-based pricing grid ranging from 0.125% to 0.875%).
As of June 29, 2019, U.S. dollar borrowings outstanding under the secured revolving credit facility accrued interest at a LIBOR rate plus the applicable margin, which resulted in a weighted-average borrowing rate of 3.78%. There were no Canadian borrowings outstanding on June 29, 2019.
As of June 29, 2019, the Company was in compliance with the financial and other covenants under the secured revolving credit facility.
Senior Notes
On March 14, 2019, the Company's wholly-owned subsidiary, The William Carter Company ("TWCC"), redeemed $400 million principal amount of senior notes, bearing interest at a rate of 5.25% per annum, and maturing on August 15, 2021, pursuant to the optional redemption provisions of the notes, which required that TWCC pay the outstanding principal plus accrued interest and an early redemption premium of 1.31% of the outstanding principal amounts of the senior notes. This debt redemption resulted in a loss on extinguishment of debt of $7.8 million, consisting of $5.2 million of early redemption premiums and $2.6 million of unamortized debt issuance costs.
Concurrently, TWCC issued $500 million principal amount of senior notes at par, bearing interest at a rate of 5.625% per annum, and maturing on March 15, 2027, all of which were outstanding as of June 29, 2019. TWCC received net proceeds from the offering of the senior notes of approximately $494.8 million, after deducting underwriting fees and other expenses, which TWCC used to redeem the senior notes discussed above and repay borrowings outstanding under the Company's secured revolving credit facility. As of June 29, 2019, approximately $5.8 million, including both bank fees and other third party expenses, has been capitalized in connection with the issuance and is being amortized over the term of the senior notes.