XML 29 R18.htm IDEA: XBRL DOCUMENT v3.24.3
Debt
 9 Months Ended
Sep. 29, 2024
Debt Disclosure [Abstract]  
Debt Debt
Debt outstanding was as follows:
September 29,December 31,
In millions20242023
4.94% Loan Notes due 2026
$25.0 $25.0 
Revolving credit facility41.1 43.1 
Bank overdraft3.7 4.6 
Unamortized debt issuance costs(0.3)(0.5)
Total debt69.5 72.2 
Less current portion(3.7)(4.6)
Non-current debt$65.8 $67.6 
The weighted-average interest rate on the revolving credit facility was 7.80% for first nine months of the year and 7.70% for the full-year 2023.
10.    Debt (continued)
Loan notes due and shelf facility
The Note Purchase Agreement and Private Shelf Agreement requires us to maintain compliance with a minimum interest coverage ratio and a leverage ratio. We have been in compliance with the covenants under the Note Purchase and Private Shelf Agreement throughout all of the quarterly measurement dates from and including September 30, 2014, to September 29, 2024.
The Loan Notes due 2026, the Shelf Facility and the Note Purchase and Private Shelf Agreement are governed by the law of the State of New York.
Senior Facilities Agreement
During the first nine months of 2024, we repaid net $2.9 million on the Revolving Credit Facility and the balance outstanding at September 29, 2024, was $41.1 million, and at December 31, 2023, was $43.1 million, with $83.9 million undrawn at September 29, 2024.
We have been in compliance with the covenants under the Senior Facilities Agreement throughout all of the quarterly measurement dates from and including September 30, 2011 to September 29, 2024.
Bank Overdraft
The bank overdraft is an uncommitted facility with no expiration date, this is reviewed annually and can be cancelled by either the bank or the Company on demand.