Long-Term Debt

9 Months Ended

Oct. 02, 2022


(In thousands)	October 2, 2022		January 2, 2022
3.50% senior unsecured notes due 2030	$	375,000	$	375,000
5.375% senior unsecured notes due 2028	500,000		500,000

Debt issuance costs	(8,301)		(9,279)


Total long-term debt	$	866,699	$	865,721

Interest expense related to our consolidated indebtedness under our senior unsecured notes was $10.4 million and $31.1 million for the three and nine months ended October 2, 2022, respectively, and $10.7 million and $33.5 million for the three and nine months ended October 3, 2021, respectively.

3.50% Senior Notes due 2030

On July 26, 2021, we issued $375.0 million aggregate principal senior unsecured notes (the "2030 Notes"). The 2030 Notes bear interest at 3.50% per annum, payable in cash semiannually in arrears on February 15 and August 15 of each year and are due February 15, 2030. The 2030 Notes were issued at par.

Information concerning obligations under the 2030 Notes and the indenture governing them are described in detail in our Annual Report. As of October 2, 2022, we were in compliance with all covenants under the indenture governing the 2030 Notes.

5.375% Senior Notes due 2028

On July 25, 2019, we issued $500.0 million aggregate principal senior unsecured notes (the "2028 Notes"). The 2028 Notes bear interest at 5.375%, payable in cash semiannually in arrears on February 1 and August 1 of each year and are due February 1, 2028. The 2028 Notes were issued at par.

Information concerning obligations under the 2028 Notes and the indenture governing them are described in detail in our Annual Report. As of October 2, 2022, we were in compliance with all covenants under the indenture governing the 2028 Notes.

ABL Facility

On January 31, 2019, we and certain of our subsidiaries entered into a $250.0 million asset-based revolving credit facility (the "ABL Facility") maturing on January 31, 2024, which replaced the previous facility. Borrowings under the ABL Facility bear interest at a rate equal to, at our option, (i) the United States, Canadian or United Kingdom Base Rate (each as defined in the credit agreement relating to the ABL Facility, the "Amended and Restated Credit Agreement") plus a margin ranging from 0.25% to 0.50% per annum, or (ii) the Adjusted LIBO Rate or BA Rate (each as defined in the Amended and Restated Credit Agreement), plus a margin ranging from 1.25% to 1.50% per annum. In addition to paying interest on any outstanding principal under the ABL Facility, a commitment fee is payable on the undrawn portion of the ABL Facility in an amount equal to 0.25% per annum of the average daily balance of unused commitments during each calendar quarter.

The ABL Facility contains various customary representations, warranties by us and covenants that are described in detail in our Annual Report. As of October 2, 2022, we were in compliance with all covenants under the credit agreement governing the ABL Facility. We had availability of $250.0 million under our ABL Facility and there were no amounts outstanding as of October 2, 2022.