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Long-Term Debt | 3 Months Ended
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Dec. 28, 2024
Debt Disclosure [Abstract] |
Long-Term Debt | Long-Term Debt Long-term debt consists of the following:
Facility | Maturity Date | December 28, 2024 |  | September 28, 2024
Revolving credit facility | November 2029 | $ | — |  |  | $ | — |
Term loan | November 2031 | 785 |  |  | — |
7.250% First Priority Senior Secured Notes | November 2031 | 800 |  |  | — |
4.75% First Priority Senior Secured Notes | October 2029 | 500 |  |  | — |
Debt discounts, deferred fees and other |  | (89) |  |  | — |
Total long-term debt |  | 1,996 |  |  | — |
Current portion of long-term debt |  | (8) |  |  | — |
Long-term debt, less current portion |  | $ | 1,988 |  |  | $ | — |
As part of the Transaction, the Company consummated a $785 million Term Loan due 2031 (the “Term Loan”), an $800 million issuance of 7.25% First Priority Senior Secured Notes due 2031 (the “7.25% Notes”), and a $350 million revolving credit facility (the “Revolving Credit Facility”). The proceeds from the Term Loan and 7.25% Notes were used to retire a portion of GLT outstanding debt and fund a cash distribution to Berry. Despite not having financial maintenance covenants on our Term Loan and secured notes, these agreements do contain certain negative covenants. The failure to comply with these negative covenants could restrict our ability to incur additional indebtedness, effect acquisitions, enter into certain significant business combinations, make distributions or redeem indebtedness. The current portion of long-term debt consists of quarterly principal payments on the term loan due within one year. We are in compliance with all covenants as of December 28, 2024. Debt discounts, deferred financing fees and the purchase price adjustment related to the retained GLT 4.75% First Priority Senior Secured Notes are presented net of Long-term debt, less the current portion on the Consolidated and Combined Balance Sheets and are amortized to Interest expense on the Consolidated and Combined Statements of Operations through maturity.

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- Definition The entire disclosure for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 470 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/470/tableOfContent + Details
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