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LONG-TERM DEBT
 6 Months Ended
Jul. 03, 2021
Debt Disclosure [Abstract]  
LONG-TERM DEBT LONG-TERM DEBT
Long-term debt consisted of the following:
(dollars in thousands)July 3, 2021January 2, 2021June 27, 2020
$500 million 5.500% Senior Notes due May 15, 2025
$500,000 $500,000 $500,000 
$500 million 5.625% Senior Notes due March 15, 2027
500,000 500,000 500,000 
Total senior notes$1,000,000 $1,000,000 $1,000,000 
Less unamortized issuance-related costs for senior notes(9,563)(10,470)(11,351)
Senior notes, net$990,437 $989,530 $988,649 
Secured revolving credit facility— — 244,000 
Total long-term debt, net
$990,437 $989,530 $1,232,649 
Secured Revolving Credit Facility
As of July 3, 2021, the Company had no outstanding borrowings under its secured revolving credit facility, exclusive of $4.4 million of outstanding letters of credit. As of July 3, 2021, approximately $745.6 million remained available for future borrowing. Any outstanding borrowings under the Company’s secured revolving credit facility are classified as non-current liabilities on the Company’s consolidated balance sheets because of the contractual repayment terms under the credit facility.
On April 21, 2021, the Company, through its wholly owned subsidiary, The William Carter Company (“TWCC”), entered into Amendment No. 3 to its fourth amended and restated credit agreement (“Amendment No. 3”). Among other things, Amendment No. 3 provides that through the remainder of the Restricted Period, which ends on the date the Company delivers its financial statements and associated certificates relating to the third fiscal quarter of 2021:
•the Company must maintain a minimum liquidity (defined as cash-on-hand plus availability under the secured revolving credit facility) on the last day of each fiscal month of at least $950 million (the “Revised Liquidity Requirement”), which was increased by $250 million from $700 million; and
•the Company may make additional restricted payments, including to pay cash dividends and repurchase common stock, in an amount not to exceed $250 million, provided that (a) no default or event of default will have occurred and be continuing or would result from the payment and (b) after giving effect to the payment, the Company would have been in compliance with Revised Liquidity Requirement as of the last day of the most recent month.
Approximately $0.2 million, including both bank fees and other third party expenses, has been capitalized in connection with Amendment No. 3 and is being amortized over the remaining term of the secured revolving credit facility.
As of July 3, 2021, the interest rate margins applicable to the secured revolving credit facility were 1.375% for LIBOR (London Interbank Offered Rate) rate loans and 0.375% for base rate loans.
As of July 3, 2021, the Company was in compliance with its financial and other covenants under the secured revolving credit facility.