Note 4 Debt

9 Months Ended

Jul. 02, 2022

Debt Disclosure [Abstract]

Debt Disclosure [Text Block]

Debt

Long-term debt consisted of the following:

	As of
	July 2, 2022		October 2, 2021
	(In thousands)
Term loan due 2023 (“Term Loan”), net of issuance costs	$	317,095	$	330,322
Less: Current portion of Term Loan	18,750		18,750
Long-term debt	$	298,345	$	311,572

Term Loan maturities as of July 2, 2022 by fiscal year are as follows:

	(In Thousands)
Remainder of 2022	$	4,688
2023	14,062
2024	300,000
	$	318,750

As of July 2, 2022, there were no borrowings and $8 million of letters of credit outstanding under the Fourth Amended and Restated Credit Agreement (the “Amended Cash Flow Revolver”).

As of July 2, 2022, certain foreign subsidiaries of the Company had a total of $70 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 July 2, 2022.