Debt

9 Months Ended

Sep. 27, 2019



12.	Debt

Debt was comprised of the following at the end of the respective period:



	September 27, 2019				December 28, 2018
	Principal		Unamortized Discount and Debt Issuance Costs		Principal		Unamortized Discount and Debt Issuance Costs
Current maturities of long-term debt:
4.875% Senior Notes due April 2020	$	698.0	$	1.3	$	—	$	—
Term loan due September 2024	15.6		0.2		16.4		0.2
Term loan due February 2025	4.1		0.1		6.0		0.1
Other	—		—		0.3		—
Total current debt	717.7		1.6		22.7		0.3
Long-term debt:
4.875% Senior Notes due April 2020	—		—		700.0		3.2
Variable-rate receivable securitization due July 2020	—		—		250.0		0.4
9.50% debentures due May 2022	10.4		—		10.4		—
5.75% Senior Notes due August 2022	663.2		4.4		835.2		7.0
8.00% debentures due March 2023	4.4		—		4.4		—
4.75% Senior Notes due April 2023	350.1		2.0		500.2		3.5
5.625% Senior Notes due October 2023	659.4		6.0		731.4		8.0
Term loan due September 2024	1,509.1		16.4		1,597.4		19.8
Term loan due February 2025	400.5		6.4		591.0		10.7
5.50% Senior Notes due April 2025	596.1		5.9		692.1		7.7
Revolving credit facility	900.0		3.4		220.0		4.5
Other	—		—		1.9		—
Total long-term debt	5,093.2		44.5		6,134.0		64.8
Total debt	$	5,810.9	$	46.1	$	6,156.7	$	65.1

In July 2019, Mallinckrodt Securitization S.à r.l., a wholly owned special purpose subsidiary of the Company, repaid $200.0 million of outstanding obligations under the Amended and Restated Note Purchase Agreement, dated as of July 28, 2017 (as amended, the "Note Purchase Agreement"), among Mallinckrodt Securitization S.à r.l., the persons from time to time party thereto as purchasers, PNC Bank, National Association, as administrative agent, and Mallinckrodt LLC, a wholly owned subsidiary of the Company, as initial servicer (the "Servicer").

Upon payment in full of such outstanding obligations under the Note Purchase Agreement, the $250.0 million receivables securitization program was automatically terminated (including (i) the Note Purchase Agreement, (ii) the Amended and Restated Purchase and Sale Agreement, dated as of July 28, 2017 (as amended, the "Purchase and Sale Agreement"), among certain wholly owned subsidiaries of the Company, the Servicer, and Mallinckrodt Securitization S.à r.l., (iii) the Sale Agreements (together, the "Sale Agreements"), between Mallinckrodt LLC and certain subsidiaries of the Company and (iv) all agreements and documents entered into in connection therewith, and all security interests, liens or other rights securing the receivables securitization program were automatically released and terminated. Certain indemnification and other obligations in the Note Purchase Agreement, the Purchase and Sale Agreement, the Sale Agreements and the documents related thereto, which by their terms expressly survive termination of such documents, will survive the termination of Mallinckrodt Securitization S.à r.l.’s receivables securitization program.

As of September 27, 2019, the applicable interest rate and outstanding borrowings on the Company's variable-rate debt instruments were as follows:



	Applicable interest rate		Outstanding borrowings
Term loan due September 2024	5.08	%	$	1,524.7
Term loan due February 2025	5.18	%	404.6
Revolving credit facility	4.52	%	900.0

As of September 27, 2019, the Company was fully drawn on its $900.0 million revolving credit facility.

As of September 27, 2019, the Company continues to be in full compliance with the provisions and covenants associated with its debt agreements. The Company's debt instruments are further described within the notes to the financial statements included within the Company's Annual Report filed on Form 10-K for the fiscal year ended December 28, 2018.