DEBT

9 Months Ended

Jun. 30, 2020

Total debt consisted of the following:


	June 30, 2020		September 30, 2019
Senior Secured Term Loan Facility, one-month LIBOR plus 2.00% and one-month LIBOR plus 2.25%, respectively	$	941,688	$	959,676
Revolving Credit Facility, one-month LIBOR plus 1.50%	150,000		—
Total debt	1,091,688		959,676
Less: Unamortized debt issuance costs	(15,684)		(17,900)
Total debt, excluding unamortized debt issuance costs	1,076,004		941,776
Less: Current maturities and short-term debt	(163,313)		(13,313)
Total long-term debt excluding current maturities	$	912,691	$	928,463

During the first quarter of fiscal year 2020, the Company amended its credit agreement ("Amended Credit Agreement") to reduce the interest rate on term loan borrowings, which are defined as the Senior Secured Term Loan Facility under the Amended Credit Agreement ("Term Loan Facility"). Term Loan Facility borrowings under the Amended Credit Agreement bear an interest rate equal to, at the Company's option, either (a) a LIBOR, subject to a 0.00% floor, or (b) a base rate in each case, plus an applicable margin of 2.00% for LIBOR loans and 1.00% for base rate loans.

During the second quarter of fiscal year 2020, the Company drew $150.0 million under the Amended Credit Agreement's revolving credit facility ("Revolving Credit Facility") as a precautionary measure in order to increase its cash position and preserve financial flexibility in light of uncertain global economic conditions resulting from the Pandemic. The Revolving Credit Facility borrowing remains outstanding as of June 30, 2020. As of June 30, 2020, our available credit under the Revolving Credit Facility was $50,000, which includes our letter of credit sub-facility. The interest rate on the Revolving Credit Facility is either (a) a LIBOR, subject to a 0.00% floor, or (b) a base rate in each case, plus an applicable margin of 1.50% for LIBOR loans and 0.50% for base rate loans. The applicable margin for borrowings under the Revolving Credit Facility varies depending on the Company’s first lien secured net leverage ratio. Borrowings under the Revolving Credit Facility are classified as short-term debt and the proceeds are included in Cash and cash equivalents in the Company's Consolidated Balance Sheet as of June 30, 2020.

At June 30, 2020 and September 30, 2019, the fair value of the Term Loan Facility, using level 2 inputs, approximated its carrying value as the loan bears a floating market rate of interest. Due to the short-term nature of the borrowing under the Revolving Credit Facility, its carrying value approximates fair value.

As of June 30, 2020, scheduled principal repayments of the Term Loan Facility were:


Fiscal Year	Principal Repayments
Remainder of 2020	$	5,325
2021	10,650
2022	10,650
2023	10,650
2024	10,650
Greater than 5 years	893,763
Total	$	941,688