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Debt
 6 Months Ended
Jun. 26, 2020
Debt Disclosure [Abstract]  
Debt Disclosure
9.Debt
Debt was comprised of the following at the end of each period:
June 26, 2020December 27, 2019
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$—  $—  $614.8  $0.6  
Term loan due September 202415.6  0.1  15.6  0.2  
Term loan due February 20254.1  0.1  4.1  0.1  
Total current debt19.7  0.2  634.5  0.9  
Long-term debt:
9.50% debentures due May 202210.4  —  10.4  —  
5.75% senior notes due August 2022610.3  2.9  610.3  3.7  
8.00% debentures due March 20234.4  —  4.4  —  
4.75% senior notes due April 2023133.7  0.6  133.7  0.8  
5.625% senior notes due October 2023514.7  3.8  514.7  4.4  
Term loan due September 20241,497.4  13.9  1,505.2  15.5  
Term loan due February 2025397.4  5.5  399.5  6.1  
5.50% senior notes due April 2025387.2  3.3  387.2  3.6  
10.00% first lien senior notes due April 2025495.0  8.6  —  —  
10.00% second lien senior notes due April 2025322.9  9.0  322.9  9.9  
Revolving credit facility900.0  2.4  900.0  3.1  
Total long-term debt
5,273.4  50.0  4,788.3  47.1  
Total debt$5,293.1  $50.2  $5,422.8  $48.0  

As of June 26, 2020, the applicable interest rate and outstanding borrowings on the Company's variable-rate debt instruments were as follows:
Applicable interest rateOutstanding borrowings
Term loan due September 20244.20 %$1,513.0  
Term loan due February 20253.75  401.5  
Revolving credit facility3.27  900.0  

As of June 26, 2020, the Company was fully drawn on its $900.0 million revolving credit facility.
On April 7, 2020, the Company, Mallinckrodt International Finance S.A. and Mallinckrodt CB LLC ("the Issuers") entered into an exchange agreement (the “Exchange Agreement”) with certain third parties (collectively, the “Exchanging Holders”). Pursuant to the Exchange Agreement, the Exchanging Holders agreed to exchange with the Issuers, on April 7, 2020, their holdings of 4.875% senior unsecured notes that had a maturity date of April 15, 2020 ("2020 Notes") issued by the Issuers (the “Existing Notes”) (consisting of approximately $495.0 million aggregate principal amount of the Existing Notes) for new 10.00% First Lien Senior Secured Notes due 2025 issued by the Issuers (the “First Lien 2025 Notes”), at a rate of $1,000 of First Lien 2025 Notes for every $1,000 of Existing Notes exchanged (such exchange, the “Exchange”). The Issuers and Exchanging Holders consummated the Exchange on April 7, 2020.
Interest on the First Lien 2025 Notes is payable semi-annually in cash on April 15th and October 15th of each year, commencing on October 15, 2020.
The Issuers may redeem some or all of the First Lien 2025 Notes prior to April 15, 2022 by paying a “make-whole” premium. The Issuers may redeem some or all of the First Lien 2025 Notes on or after April 15, 2022 at specified redemption prices. In addition, prior to April 15, 2022, the Issuers may redeem up to 40% of the aggregate principal amount of the First Lien 2025 Notes with the net proceeds of certain equity offerings. The Issuers may also redeem all, but not less than all, of the First Lien 2025 Notes at any time at a price of 100% of their principal amount, plus accrued and unpaid interest, if any, in the event the Issuers become obligated to pay additional amounts as a result of changes affecting certain withholding tax laws applicable to payments on the First Lien 2025 Notes.
The Issuers are obligated to offer to repurchase (a) all of the First Lien 2025 Notes at a price of 101% of their principal amount plus accrued and unpaid interest, if any, as a result of certain change of control events and (b) First Lien 2025 Notes using asset sale proceeds at a price of 100% of their principal amount plus accrued and unpaid interest, if any, in the event of certain asset sales. These obligations are subject to certain qualifications and exceptions.
The First Lien 2025 Notes are subject to an indenture that contains certain customary covenants and events of default (subject in certain cases to customary grace and cure periods). The occurrence of an event of default under the indenture could result in the acceleration of the First Lien 2025 Notes and could cause a cross-default that could result in the acceleration of other indebtedness of the Company and its subsidiaries.
The First Lien 2025 Notes are jointly and severally guaranteed, subject to certain exceptions, on a secured, unsubordinated basis by the Company and each of its subsidiaries (other than the Issuers) (the “Note Guarantors”) that guarantees the obligations under the Issuers’ existing senior secured credit facilities.
The First Lien 2025 Notes and the guarantees thereof are secured by liens on the same assets of the Issuers and the Note Guarantors that are subject to liens securing the existing senior secured credit facilities, subject to certain exceptions.
On April 15, 2020, the Company paid in full the remaining approximately $119.8 million in principal amount of outstanding 2020 Notes at the maturity thereof with cash on hand.
As of June 26, 2020, 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 27, 2019.