v3.22.2.2
DEBT
9 Months Ended
Sep. 25, 2022
Debt Disclosure [Abstract]  
DEBT
9. DEBT
A summary of total debt outstanding at September 25, 2022 and December 31, 2021 is as follows:
(thousands) September 25, 2022 December 31, 2021
Long-term debt:
1.00% convertible notes due 2023
$ 172,500  $ 172,500 
Term loan due 2027 140,625  144,375 
Revolver due 2027 135,000  135,000 
7.50% senior notes due 2027
300,000  300,000 
1.75% convertible notes due 2028
258,750  258,750 
4.75% senior notes due 2029
350,000  350,000 
Total long-term debt 1,356,875  1,360,625 
Less: convertible notes debt discount, net (6,800) (64,245)
Less: term loan deferred financing costs, net (740) (624)
Less: senior notes deferred financing costs, net (8,380) (9,267)
Less: current maturities of long-term debt (7,500) (7,500)
Total long-term debt, less current maturities, net $ 1,333,455  $ 1,278,989 
2021 Credit Facility
On August 11, 2022, the Company entered into the first amendment of its Fourth Amended and Restated Credit Agreement (as amended, the “2021 Credit Agreement”) dated April 20, 2021, under which the senior secured credit facility was increased to $925 million from $700 million and the maturity date was extended to August 11, 2027 from April 20, 2026. The senior credit facility under the 2021 Credit Agreement is comprised of a $775 million revolving credit facility (the "Revolver due 2027") and the remaining balance of the $150 million term loan (the "Term Loan due 2027"). The Term Loan due 2027 quarterly repayment schedule was revised to be repaid in quarterly installments in the following amounts: (i) beginning June 30, 2021, through and including June 30, 2025, in the amount of $1,875,000, and (ii) beginning September 30, 2025, and each quarter thereafter, in the amount of $3,750,000, with the remaining balance due at maturity. The Company recorded a $0.3 million write-off of deferred financing costs pertaining to the amendment, which is included in "Selling, general and administrative" in the Company's condensed consolidated statements of income for the third quarter and first nine months of 2022. Interest rates for borrowings under the 2021 Credit Agreement transitioned to a SOFR-based option from a LIBOR-based option.
The interest rate for incremental borrowings under the Revolver due 2027 at September 25, 2022 was SOFR plus 1.25% (or 3.66%) for the SOFR-based option. The fee payable on committed but unused portions of the Revolver due 2027 was 0.18% at September 25, 2022.
The Company intends to utilize available borrowing capacity under the Revolver due 2027 and cash on hand to satisfy its repayment obligation upon maturity of the 1.00% Convertible Notes due 2023 if not previously converted or repurchased.
Total cash interest paid for the third quarter of 2022 and 2021 was $3.8 million and $3.7 million, respectively, and $30.9 million and $21.2 million for the comparative nine month periods, respectively.