DEBT

3 Months Ended

Jan. 02, 2022

Debt Disclosure [Abstract]

DEBT

DEBT

Debt consists of the following:

	January 2, 2022				September 30, 2021
(in millions)	Amount		Rate		Amount		Rate
Spectrum Brands Inc.
Revolver Facility, variable rate, expiring June 30, 2025	$	465.0	3.4	%	$	—	—	%
Term Loan Facility, variable rate, due March 3, 2028	397.0		2.5	%	398.0		2.5	%
5.75% Notes, due July 15, 2025	450.0		5.8	%	450.0		5.8	%
4.00% Notes, due October 1, 2026	482.2		4.0	%	492.9		4.0	%
5.00% Notes, due October 1, 2029	300.0		5.0	%	300.0		5.0	%
5.50% Notes, due July 15, 2030	300.0		5.5	%	300.0		5.5	%
3.875% Notes, due March 15, 2031	500.0		3.9	%	500.0		3.9	%
Obligations under finance leases	100.0		5.1	%	101.9		4.9	%
Total Spectrum Brands, Inc. debt	2,994.2				2,542.8
Unamortized discount on debt	(0.9)				(0.9)
Debt issuance costs	(34.3)				(35.6)
Less current portion	(12.1)				(12.0)
Long-term debt, net of current portion	$	2,946.9			$	2,494.3

The Revolver Facility is subject to either adjusted LIBOR plus margin ranging from 1.75% to 2.75% per annum, or base rate plus margin ranging from 0.75% to 1.75% per annum. The LIBOR borrowings are subject to a 0.75% LIBOR floor. Our Revolver Facility allows for the LIBOR rate to be phased out and replaced with the Secured Overnight Financing Rate and therefore we do not anticipate a material impact by the expected upcoming LIBOR transition. As a result of borrowings and payments under the Revolver Facility, the Company had borrowing availability of $116.0 million at January 2, 2022, net of outstanding letters of credit of $19.0 million.

The Term Loan Facility is subject to a rate per annum equal to either (1) the LIBO Rate (as defined in the Amended Credit Agreement), subject to a 0.50% floor, adjusted for statutory reserves, plus a margin of 2.00% per annum or (2) the Alternate Base Rate (As defined in the Amended Credit Agreement), plus a margin of 1.00% per annum.

Credit Agreement

On December 10, 2021, the Company entered into the second amendment (the "Amended Credit Agreement") to the Amended and Restated Credit Agreement (the "Credit Agreement") dated as of June 30, 2020. The Amended Credit Agreement includes certain modified terms from the existing Credit Agreement to provide for an alternate rate of interest to the Eurocurrency Rate applicable to Revolving Loans and Letters of Credit in Euro and Pounds Sterling. Pursuant to the Amended Credit Agreement, Sterling Overnight Index Average ("SONIA") replaced LIBO Rate as a reference rate for Revolving Loans and Letters of Credit denominated in Pounds Sterling and Euro Interbank Offered Rate ("EURIBOR") replaced LIBO Rate as a reference rate for Revolving Loans and Letters of Credit denominated in Euro. The Company currently has no borrowing under the Revolver Facility denominated in Euro or Pounds Sterling.