Debt

9 Months Ended

Sep. 27, 2024

Debt Disclosure [Abstract]

Debt Disclosure

11. Debt

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

	Successor
	September 27, 2024						December 29, 2023
	Principal		Carrying Value		Unamortized Discount and Debt Issuance Costs		Principal		Carrying Value		Unamortized Discount and Debt Issuance Costs
Current maturities of long-term debt:
First-Out Takeback Term Loan due November 2028	$	2.3	$	2.3	$	—	$	1.7	$	1.7	$	—
Second-Out Takeback Term Loan due November 2028	6.4		6.4		—		4.8		4.8		—
Total current debt	$	8.7	$	8.7	$	—	$	6.5	$	6.5	$	—
Long-term debt:
First-Out Takeback Term Loan due November 2028	$	225.4	237.7		$	—	$	227.1	$	241.7	$	—
Second-Out Takeback Term Loan due November 2028	630.8		668.9		—		635.6		680.7		—
14.75% Second-Out Takeback Notes due November 2028	778.6		827.6		—		778.6		836.4		—
Receivables financing facility due December 2027	—		—		2.4		—		—		2.9
Total long-term debt	1,634.8		1,734.2		2.4		1,641.3		1,758.8		2.9
Total debt	$	1,643.5	$	1,742.9	$	2.4	$	1,647.8	$	1,765.3	$	2.9

Takeback debt

In connection with emergence from the 2023 Bankruptcy Proceedings, the Company entered into a new senior secured first lien term loan facility with an aggregate principal amount of approximately $871.4 million (“First and Second-Out Takeback Term Loans”), consisting of approximately $229.4 million of “first-out” Takeback Term Loans (“First-Out Takeback Term Loans”) and approximately $642.0 million of “second-out” Takeback Term Loans (“Second-Out Takeback Term Loans”). The Company also issued approximately $778.6 million in aggregate principal amount of “second-out” 14.75% senior secured first lien notes due 2028 (“Takeback Notes” and, together with the Second-Out Takeback Term Loans, the “Second-Out Takeback Debt” and, together with the Takeback Term Loans, the “Takeback Debt”).

Applicable interest rate

As of September 27, 2024 (Successor), the applicable interest rate and outstanding principal on the Company's debt instruments were as follows:

	September 27, 2024 (Successor)
	Applicable Interest Rate
Fixed-rate instruments	14.75	%
First-Out Takeback Term Loans (1)	11.01
Second-Out Takeback Term Loans (1)	13.01