Long-Term Debt

6 Months Ended

Mar. 28, 2020

7. Long-Term Debt

Long-term debt consists of the following:

Facility	Maturity Date	March 28, 2020			September 28, 2019
Term loan	October 2022	$	1,545		$	1,545
Term loan	January 2024		451			489
Term loan	July 2026		4,229			4,250
Term loan^(a)	July 2026		—			1,176
Revolving line of credit	May 2024		—			—
5.50% Second Priority Senior Secured Notes	May 2022		500			500
6.00% Second Priority Senior Secured Notes	October 2022		200			400
5.125% Second Priority Senior Secured Notes	July 2023		700			700
1.00% First Priority Senior Secured Notes^(a)	July 2025		779			—
4.50% Second Priority Senior Secured Notes	February 2026		500			500
4.875% First Priority Senior Secured Notes	July 2026		1,250			1,250
5.625% Second Priority Senior Secured Notes	July 2027		500			500
1.50% First Priority Senior Secured Notes^(a)	July 2027		417			—
Debt discounts and deferred fees			(98	)		(112	)
Finance leases and other	Various		142			167
Total long-term debt			11,115			11,365
Current portion of long-term debt			(72	)		(104	)
Long-term debt, less current portion		$	11,043			11,261

^(a) Euro denominated

In January 2020, the Company (i) issued €700 million aggregate principal amount of 1.00% first priority senior secured notes due 2025 and €375 million aggregate principal amount of 1.50% first priority senior secured notes due 2027 (the “Euro notes”) and (ii) refinanced its existing $4.25 billion Term loan maturing in July 2026, resulting in a 50 basis point interest rate reduction. The proceeds of the Euro notes were used to prepay the entire outstanding amount of our existing euro denominated Term loan. Debt extinguishment costs of $18 million, primarily comprised of deferred debt discount and financing fees, were recorded in Other expense, net on the Consolidated Statements of Income upon the extinguishment of the euro Term loan.

The Company was in compliance with all debt covenants for all periods presented.

Debt discounts and deferred financing fees are presented net of Long-term debt, less the current portion on the Consolidated Balance Sheets and are amortized to Interest expense, net on the Consolidated Statements of Income through maturity.