Note 5 Debt

6 Months Ended

Mar. 28, 2020

Debt

Long-term debt consisted of the following:



	As of
	March 28, 2020		September 28, 2019
	(In thousands)
Term loan due 2023 ("Term Loan"), net of issuance costs	$	361,542	$	370,409
Non-interest bearing promissory notes	—		14,916
Total long-term debt	361,542		385,325
Less: Current portion of non-interest bearing promissory notes	—		14,916
Current portion of long-term debt	23,437		23,438
Long-term debt	$	338,105	$	346,971

Maturities of the Term Loan as of March 28, 2020 by fiscal year are as follows:



	(In Thousands)
Remainder of 2020	$	14,063
2021	18,750
2022	18,750
2023	14,062
2024	300,000
	$	365,625

As of March 28, 2020, there was $650 million in borrowings and $8 million of letters of credit outstanding under the Fourth Amended and Restated Credit Agreement (the "Amended Cash Flow Revolver"). The Amended Cash Flow Revolver provides a committed $375 million Term Loan, of which $366 million, net of amounts initially drawn and subsequently repaid, was outstanding as of March 28, 2020.

As of March 28, 2020, certain foreign subsidiaries of the Company had a total of $72 million of short-term borrowing facilities available, under which no borrowings were outstanding.

Debt covenants

The Company's Amended Cash Flow Revolver requires the Company to comply with certain financial covenants, namely a maximum leverage ratio and a minimum interest coverage ratio, in both cases measured on the basis of a trailing 12 month look-back period. 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 and paying dividends, subject to certain exceptions. The Company was in compliance with these covenants as of March 28, 2020.