Debt

6 Months Ended

Mar. 29, 2020

Debt [Abstract]

Debt

NOTE 10 - DEBT

Debt consists of the following:

	SBH								SB/RH
	March 29, 2020				September 30, 2019				March 29, 2020				September 30, 2019
(in millions)	Amount		Rate		Amount		Rate		Amount		Rate		Amount		Rate
Spectrum Brands Inc.
Revolver Facility, variable rate, expiring March 6, 2022	$	780.0	3.3	%	$	—	—	%	$	780.0	3.3	%	$	—	—	%
6.625% Notes, due November 15, 2022		—	—	%		117.4	6.6	%		—	—	%		117.4	6.6	%
6.125% Notes, due December 15, 2024		250.0	6.1	%		250.0	6.1	%		250.0	6.1	%		250.0	6.1	%
5.00% Notes, due October 1, 2029		300.0	5.0	%		300.0	5.0	%		300.0	5.0	%		300.0	5.0	%
5.75% Notes, due July 15, 2025		1,000.0	5.8	%		1,000.0	5.8	%		1,000.0	5.8	%		1,000.0	5.8	%
4.00% Notes, due October 1, 2026		468.9	4.0	%		465.0	4.0	%		468.9	4.0	%		465.0	4.0	%
Other notes and obligations		3.3	10.4	%		9.5	10.4	%		3.3	10.4	%		9.5	10.4	%
Obligations under capital leases		163.0	5.6	%		165.6	5.6	%		163.0	5.6	%		165.6	5.6	%
Total Spectrum Brands, Inc. debt		2,965.2				2,307.5				2,965.2				2,307.5
Spectrum Brands Holdings, Inc.
Salus - unaffiliated long-term debt of consolidated VIE		77.0	—	%		77.0	—	%		—	—	%		—	—	%
Total SBH debt		3,042.2				2,384.5				2,965.2				2,307.5
Unamortized discount on debt		(0.1)				(0.2)				—				—
Debt issuance costs		(29.7)				(33.0)				(28.8)				(31.5)
Less current portion		(13.3)				(136.9)				(13.3)				(136.9)
Long-term debt, net of current portion	$	2,999.1			$	2,214.4			$	2,923.1			$	2,139.1

The Revolver Facility is subject to either adjusted LIBOR plus margin ranging from 1.75% to 2.25% per annum, or base rate plus margin ranging from 0.75% to 1.25% per annum. As a result of borrowings and payments under the Revolver Facility, the Company had borrowing availability of $1.4 million at March 29, 2020, net of outstanding letters of credit of $18.6 million. Subsequent to March 29, 2020, the Company increased its overall capacity of the Revolver Facility by $90.0 million, resulting in a total capacity of $890 million. All amounts under the additional capacity will be subject to either LIBOR plus margin ranging between 2.00% to 2.50% per annum, or base rate plus margin ranging from 1.00% to 1.50%.

Effective November 15, 2019, the Company completed the tender and call of its 6.625% Senior Unsecured Notes with an outstanding principal of $117.4 million, recognizing a loss on extinguishment of the debt of $2.6 million including a non-cash charge of $1.1 million attributable to the write-off of deferred financing costs associated with the debt.