XML 25 R13.htm IDEA: XBRL DOCUMENT v3.24.1.u1
Debt and Finance Leases
 3 Months Ended
Mar. 30, 2024
Debt Disclosure [Abstract]  
Debt and Finance Leases
6. Debt and Finance Leases
Debt and finance leases included the following:
March 30, 2024December 31, 2023
ABL Credit Facility due December 2025: $131 million net availability, bearing interest of 7.42% (5.42% adjusted SOFR plus 2.00% margin) at March 30, 2024
$— $— 
Term Loan due July 2027: bearing interest of 13.30% (5.30% three-month Term SOFR plus 8.00% margin) at March 30, 2024
248,750 250,000 
7.625% Senior Secured Notes due January 2026
464,640 464,640 
5.50% CAD-based term loan due April 2028
28,074 30,479 
Other loans(a)
51,783 44,754 
Short-term factoring facility3,493 5,292 
Finance lease obligations1,250 1,355 
Total principal payments due797,990 796,520 
Less: unamortized premium, discount and issuance costs(19,308)(19,063)
Total debt778,682 777,457 
Less: debt due within one year(23,056)(25,283)
Long-term debt$755,626 $752,174 
(a)Consist of loans for energy projects and other loans intended for use in biomaterials projects in France.
Term Loan
In January 2024, the Company amended the 2027 Term Loan to increase the maximum consolidated secured net leverage ratio that it must maintain in the fourth quarter of 2023 and through its 2024 fiscal year (see below). In addition, should the Company exceed the 4.50 to 1.00 maximum ratio established by the original agreement in any of these quarters, it will incur a fee of 0.25% of the principal balance outstanding at the end of the applicable quarter. The Company incurred total fees of $3 million related to this amendment, including $1 million in legal and advisory fees recorded to “selling, general and administrative expense” in the consolidated statements of operations in the fourth quarter of 2023, and $2 million in lender fees recorded as deferred financing costs in the first quarter of 2024 that will be amortized to “interest expense” over the remaining term of the loan.
The Company is required to maintain various financial covenants, including a consolidated secured net leverage ratio, based on covenant EBITDA, as follows:
•5.25 to 1.00 for the fourth quarter of 2023 through the second quarter of 2024;
•5.00 to 1.00 for the third fiscal quarter of 2024;
•4.75 to 1.00 for the fourth fiscal quarter of 2024; and
•4.50 to 1.00 for each fiscal quarter thereafter.
At March 30, 2024, the Company was in compliance with all covenants under its debt agreements.
As of March 30, 2024, the Company’s debt principal payments, excluding finance lease obligations, were due as follows:
Remainder of 2024$18,713 
202519,003 
2026483,691 
2027245,664 
20289,967 
Thereafter19,702 
Total debt principal payments$796,740