Long-Term Debt

9 Months Ended

Jul. 03, 2021

7. Long-Term Debt

Long-term debt consists of the following:

Facility	Maturity Date	July 3, 2021			September 26, 2020
Term loan	July 2026	$	3,440			4,208
Revolving line of credit	May 2024		—			—
0.95% First Priority Senior Secured Notes	February 2024		800			—
1.00% First Priority Senior Secured Notes ^(a)	July 2025		829			814
1.57% First Priority Senior Secured Notes	January 2026		1,525			—
4.875% First Priority Senior Secured Notes	July 2026		1,250			1,250
1.65% First Priority Senior Secured Notes	January 2027		400			—
1.50% First Priority Senior Secured Notes ^(a)	July 2027		445			436
5.125% Second Priority Senior Secured Notes	July 2023		200			300
4.50% Second Priority Senior Secured Notes	February 2026		300			500
5.625% Second Priority Senior Secured Notes	July 2027		500			500
Debt discounts and deferred fees			(81	)		(85	)
Finance leases and other	Various		86			121
Retired debt	Various		—			2,193
Total long-term debt			9,694			10,237
Current portion of long-term debt			(225	)		(75	)
Long-term debt, less current portion		$	9,469			10,162

^(a)	Euro denominated

In fiscal 2021, the Company issued $800 million aggregate principal amount of 0.95% first priority senior secured notes due 2024, $1,525 million aggregate principal amount of 1.57% first priority senior secured notes due 2026, and $400 million aggregate principal amount of 1.65% first priority senior secured notes due 2027. The proceeds were used to prepay a portion of the outstanding Term loans.

Debt extinguishment costs of $26 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 loans and prepayments on the notes.

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.