Debt

3 Months Ended

Mar. 26, 2021


9.			Debt

The commencement of the Chapter 11 Cases constituted an event of default under certain of the Company’s debt agreements. Accordingly, all debt not reclassified as LSTC with original long-term stated maturities was classified as current on the unaudited condensed consolidated balance sheets as of March 26, 2021 and December 25, 2020. However, any efforts to enforce payment obligations under the Company's debt instruments are automatically stayed as a result of the Chapter 11 Cases and the creditors’ rights in respect of the debt instruments are subject to the applicable provisions of the Bankruptcy Code. See Note 2 for further information.

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


	March 26, 2021				December 25, 2020
	Principal		Unamortized Discount and Debt Issuance Costs (1)		Principal		Unamortized Discount and Debt Issuance Costs (1)
Secured debt:
Term loan due September 2024	$	1,411.2	$	—	$	1,505.2	$	12.3
Term loan due February 2025	374.6		—		399.5		5.0
10.00% first lien senior notes due April 2025	495.0		7.3		495.0		7.7
10.00% second lien senior notes due April 2025	322.9		7.6		322.9		8.0
Revolving credit facility	900.0		1.3		900.0		1.7
Total secured debt	3,503.7		16.2		3,622.6		34.7
Unsecured debt:
9.50% debentures due May 2022	10.4		—		10.4		—
5.75% senior notes due August 2022	610.3		—		610.3		—
8.00% debentures due March 2023	4.4		—		4.4		—
4.75% senior notes due April 2023	133.7		—		133.7		—
5.625% senior notes due October 2023	514.7		—		514.7		—
5.50% senior notes due April 2025	387.2		—		387.2		—
Total unsecured debt	1,660.7		—		1,660.7		—
Total debt, prior to reclassification to liabilities subject to compromise	5,164.4		16.2		5,283.3		34.7
Less: Current portion	(1,717.9)		(16.2)		(3,622.6)		(34.7)
Less: Amounts reclassified to liabilities subject to compromise (2)	(3,446.5)		—		(1,660.7)		—
Total long-term debt, net of current portion	$	—	$	—	$	—	$	—

(1)As a result of the Company's Chapter 11 Cases, the Company expensed $16.3 million of unamortized discount and debt issuance costs, net, recorded in reorganization items, net in the unaudited condensed consolidated statement of operations during the three months ended March 26, 2021.

(2)In connection with the Company’s Chapter 11 Cases, $3,446.5 million and $1,660.7 million outstanding secured and unsecured debt instruments have been reclassified to LSTC in the Company's unaudited condensed consolidated balance sheets as of March 26, 2021 and December 25, 2020, respectively. Up to the date of reclassification to LSTC, the Company continued to accrue interest expense in relation to these debt instruments reclassified to LSTC. Refer to Note 2 for further information.

As of March 26, 2021, 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 (1)	6.00	%	$	1,411.2
Term loan due February 2025 (1)	6.25		374.6

Revolving credit facility	4.47		900.0

(1)The applicable interest rate for the senior secured term loans includes the incremental 250 basis points as a result of the amendment to the cash collateral order that took effect on March 22, 2021. Refer to Note 2 for further discussion on the amendment.

As of March 26, 2021, the Company was fully drawn on its $900.0 million revolving credit facility.