Borrowings (Tables)

6 Months Ended

Apr. 01, 2022

Debt Disclosure [Abstract]

Schedule of Long-term Debt

At April 1, 2022 and October 1, 2021, long-term debt consisted of the following (principal amounts in thousands):

	Interest Rate	Maturity	April 1, 2022		October 1, 2021
Revolving Credit Facility	Benchmark + applicable margin (1) (2)	March 2024	$	747,794	$	327,794
2021 Term Loan Facility	Benchmark + applicable margin (1) (3)	March 2024	1,053,385		1,081,724
2020 Term Loan Facility	Benchmark + applicable margin (1) (4)	March 2025 (5)	952,402		988,940
Fixed-rate notes due:
Senior Notes, Series A	4.27%	May 2025	190,000		190,000
Senior Notes, Series B	4.42%	May 2028	180,000		180,000
Senior Notes, Series C	4.52%	May 2030	130,000		130,000
Less: Current Portion (5)			(52,911)		(53,456)
Less: Deferred Financing Fees			(4,296)		(5,069)
Total Long-term debt, net			$	3,196,374	$	2,839,933

(1)During the six months ended April 1, 2022, the aggregate principal amounts denominated in British pounds under the Revolving Credit Facility, 2021 Term Loan Facility and 2020 Term Loan Facility transitioned from underlying LIBOR benchmarked rates to SONIA rates. Borrowings denominated in U.S. dollars remained benchmarked to LIBOR rates.

(2)Depending on the Company’s Consolidated Leverage Ratio (as defined in the credit agreement governing the Revolving Credit Facility (defined below)), U.S. dollar denominated borrowings under the Revolving Credit Facility bear interest at either a eurocurrency rate plus a margin of between 0.875% and 1.625% or a base rate plus a margin of between 0% and 0.625%. The applicable LIBOR rates including applicable margins at April 1, 2022 and October 1, 2021 were approximately 1.82% and 1.45%. Borrowings denominated in British pounds bear interest at an adjusted SONIA rate plus a margin of between 0.875% and 1.625%. There were no amounts drawn in British pounds as of April 1, 2022.

(3)Depending on the Company’s Consolidated Leverage Ratio (as defined in the credit agreement governing the 2021 Term Loan Facility (defined below)), U.S. dollar denominated borrowings under the 2021 Term Loan Facility bear interest at either a eurocurrency rate plus a margin of between 0.875% and 1.625% or a base rate plus a margin of between 0% and 0.625%. The applicable LIBOR rate including applicable margins for borrowings denominated in U.S. dollars at April 1, 2022 and October 1, 2021 was approximately 1.68% and 1.43%. Borrowings denominated in British pounds bear interest at an adjusted SONIA rate plus a margin of between 0.875% and 1.625%, which was approximately 2.10% at April 1, 2022.

(4)Depending on the Company’s Consolidated Leverage Ratio (as defined in the credit agreement governing the 2020 Term Loan Facility (defined below)), U.S. dollar denominated borrowings under the 2020 Term Loan Facility bear interest at either a eurocurrency rate plus a margin of between 0.875% and 1.5% or a base rate plus a margin of between 0% and 0.5%. The applicable LIBOR rates including applicable margins for borrowings denominated in U.S. dollars at April 1, 2022 and October 1, 2021 were approximately 1.82% and 1.45%. Borrowings denominated in British pounds bear interest at an adjusted SONIA rate plus a margin of between 0.875% and 1.625%, which was approximately 2.10% at April 1, 2022.

(5)The 2020 Term Loan requires quarterly principal repayments of 1.25%, or $9.125 million and £3.125 million, of the aggregate initial principal amount borrowed.