Long-Term Debt

3 Months Ended

Jan. 02, 2021

7. Long-Term Debt

Long-term debt consists of the following:

Facility	Maturity Date	January 2, 2021			September 26, 2020
Term loan	October 2022	$	800		$	1,545
Term loan	January 2024		446			448
Term loan	July 2026		4,186			4,208
Revolving line of credit	May 2024		—			—
1.00% First Priority Senior Secured Notes ^(a)	July 2025		860			814
1.57% First Priority Senior Secured Notes	January 2026		750			—
4.875% First Priority Senior Secured Notes	July 2026		1,250			1,250
1.50% First Priority Senior Secured Notes ^(a)	July 2027		461			436
5.125% Second Priority Senior Secured Notes	July 2023		300			300
4.50% Second Priority Senior Secured Notes	February 2026		500			500
5.625% Second Priority Senior Secured Notes	July 2027		500			500
Debt discounts and deferred fees			(81	)		(85	)
Finance leases and other	Various		109			121
Retired debt	Various		—			200
Total long-term debt			10,081			10,237
Current portion of long-term debt			(71	)		(75	)
Long-term debt, less current portion		$	10,010			10,162

^(a)	Euro denominated

In December 2020, the Company issued $750 million aggregate principal amount of 1.57% first priority senior secured notes due 2026. The proceeds were used to prepay a portion of the term loan maturing in 2022. Debt extinguishment costs of $4 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 a portion of the term loan.

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.