Debt

Long-term debt consisted of the following:



	As of
	December 30, 2017		September 30, 2017
	(In thousands)
Senior secured notes due 2019	375,000		375,000
Non-interest bearing promissory notes	20,611		19,863
Total long-term debt	395,611		394,863
Less: Current portion of non-interest bearing promissory notes	3,416		3,416
Long-term debt	$	392,195	$	391,447

Short-term debt

The Company had a $375 million secured revolving credit facility (the "Cash Flow Revolver") that could be increased by an additional $125 million upon obtaining additional commitments from lenders then party to the Cash Flow Revolver or new lenders. The Cash Flow Revolver was to expire on May 20, 2020, but could be terminated by the lenders as early as March 4, 2019 if certain conditions existed at that time. As of December 30, 2017, there were $166 million of borrowings and $14 million of letters of credit outstanding under the Cash Flow Revolver.

On February 1, 2018, the Company entered into an amended Cash Flow Revolver (the "Amended Cash Flow Revolver") that increased the amount available under the facility to $500 million and extended the term to February 1, 2023 provided the Company’s available liquidity is at least equal to the outstanding balance of the Company’s senior secured notes due 2019 during the six month period prior to the maturity date of such notes, which is June 1, 2019. Subject to satisfaction of certain conditions, including obtaining additional commitments from existing and/or new lenders, the Company may increase the revolver commitments under the Amended Cash Flow Revolver by up to an additional $200 million and/or add new term loan commitments of up to $375 million.

The Company and certain subsidiary guarantors’ obligations under the Amended Cash Flow Revolver are secured by the following property of the Company and such guarantors, subject to certain exceptions:


•	accounts receivable and all supporting obligations, chattel paper, documents and instruments in respect thereof or relating thereto;


•	deposit accounts;


•	inventory;


•	equity interests of the Company and the guarantors in their direct subsidiaries, subject to limited exceptions; intercompany debt at any time owing to the Company and the guarantors from a Canadian subsidiary;


•	cash;


•	accessions to, substitutions for, and all replacements, products, and cash and non-cash proceeds of the foregoing; and


•	all books and records pertaining to the foregoing.

The Amended Cash Flow Revolver requires the Company to comply with a minimum consolidated interest coverage ratio, measured at the end of each fiscal quarter, and at all times a maximum consolidated leverage ratio. The Amended Cash Flow Revolver contains customary affirmative covenants, including covenants regarding the payment of taxes and other obligations, maintenance of insurance, reporting requirements and compliance with applicable laws and regulations. Further, the Amended Cash Flow Revolver contains customary negative covenants limiting the ability of the Company and its subsidiaries, among other things, to incur debt, grant liens, make investments, make acquisitions, make certain restricted payments, repurchase its shares and sell assets, subject to certain exceptions.

All of the Company’s outstanding borrowings under the Cash Flow Revolver as of February 1, 2018 became borrowings under the Amended Cash Flow Revolver as of February 1, 2018.

As of December 30, 2017, certain foreign subsidiaries of the Company had a total of $71 million of short-term borrowing facilities, under which no borrowings were outstanding.

Debt covenants

The Company's Cash Flow Revolver requires the Company to comply with certain financial covenants. In addition, the Company's debt agreements contain a number of restrictive covenants, including restrictions on incurring additional debt, making investments and other restricted payments, selling assets, paying dividends and redeeming or repurchasing capital stock and debt, subject to certain exceptions. The Company was in compliance with these covenants as of December 30, 2017. Additionally, the Company was in compliance with the Amended Cash Flow Revolver covenants as of February 1, 2018.