v3.23.1
DEBT
 3 Months Ended
Apr. 02, 2023
Debt Disclosure [Abstract]  
DEBT
8. DEBT
A summary of total debt outstanding at April 2, 2023 and December 31, 2022 is as follows:
(thousands) April 2, 2023 December 31, 2022
Long-term debt:
1.00% convertible notes due 2023
 $ —  $ 172,500 
Term loan due 2027 135,000  136,875 
Revolver due 2027 310,000  80,289 
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 1,353,750  1,298,414 
Less: convertible notes debt discount, net (5,664) (5,989)
Less: term loan deferred financing costs, net (663) (701)
Less: senior notes deferred financing costs, net (7,765) (8,075)
Less: current maturities of long-term debt (7,500) (7,500)
Total long-term debt, less current maturities, net $ 1,332,158  $ 1,276,149 
The Company maintains a senior secured credit facility comprised of a $775 million revolving credit facility (the "Revolver due 2027") and the remaining balance of a $150 million term loan. On February 1, 2023, the Company utilized borrowing capacity under the Revolver due 2027 to satisfy its repayment obligation at maturity of the 1.00% Convertible Senior Notes due 2023 (the "1.00% Convertible Notes"). All noteholders elected to receive cash in repayment of the 1.00% Convertible Notes.
The interest rate for incremental borrowings under the Revolver due 2027 at April 2, 2023 was SOFR plus 1.25% (or 6.20%) for the SOFR-based option. The fee payable on committed but unused portions of the Revolver due 2027 was 0.18% at April 2, 2023. Total cash interest paid for the first quarter of 2023 and 2022 was $5.8 million and $3.2 million, respectively.