Debt (Tables)

9 Months Ended

Sep. 26, 2025

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


	September 26, 2025						December 27, 2024
	Principal		Carrying Value		Unamortized Discount and Debt Issuance Costs		Principal		Carrying Value		Unamortized Discount and Debt Issuance Costs
Current maturities of long-term debt:
Term Loan due July 2030	$	22.5	$	22.5	$	—	$	—	$	—	$	—
Term Loan due April 2031	15.0		15.0		—		—		—		—
Second-Out Takeback Term Loan due November 2028	—		—		—		3.9		3.9		—
Total current maturities of long-term debt	$	37.5	$	37.5	$	—	$	3.9	$	3.9	$	—

Long-term debt:


Term Loan due July 2030	$	1,177.5	$	1,177.5	$	26.1	$	—	$	—	$	—
Term Loan due April 2031 (1)	1,470.0		1,476.4		—		—		—		—
8.50% Senior Secured Notes Due April 2031 (1)	1,000.0		1,062.8		—		—		—		—
Revolving Credit Facility due July 2030	—		—		1.5		—		—		—
Second-Out Takeback Term Loan due November 2028	—		—		—		384.5		406.3		—
14.75% Second-Out Takeback Notes due November 2028	—		—		—		477.2		505.4		—
Receivables financing facility due December 2027	—		—		—		—		—		2.2
Total long-term debt	$	3,647.5	$	3,716.7	$	27.6	$	861.7	$	911.7	$	2.2
Total debt	$	3,685.0	$	3,754.2	$	27.6	$	865.6	$	915.6	$	2.2

(1)As a result of the Business Combination, the Company recorded its acquired debt instruments at fair value. The Company accounted for its debt instruments utilizing the amortized cost method and amortizes the fair value premium to the principal amount over the term of the respective instruments. Such amortization expense is reflected as interest expense on the unaudited condensed consolidated statement of operations.

Schedule of Applicable Interest Rate on Variable-rate Debt

As of September 26, 2025, the applicable interest rate on the Company's debt instruments were as follows:


	Applicable Interest Rate
Term Loan due July 2030	11.3	%
Term Loan due April 2031 (1)	8.0	%
8.50% Senior Secured Notes due April 2031	8.5	%

(1)Includes the impact of the interest rate cap agreement, which is discussed further in Note 14.

Schedule of Maturities of Long-Term Debt

The Company's stated long-term debt principal maturity amounts in the next five fiscal years as of September 26, 2025 are as follows:


Remainder of FY 2025	$	15.0
Fiscal 2026	52.5
Fiscal 2027	82.5
Fiscal 2028	112.5
Fiscal 2029	135.0
Fiscal 2030	885.0