DEBT

3 Months Ended

Sep. 27, 2023

Debt Disclosure [Abstract]

Debt

Long-term debt consists of the following:

	September 27, 2023		June 28, 2023
Revolving credit facility	$	175.3	$	161.3
5.000% notes	350.0		350.0
8.250% notes	350.0		350.0
Finance lease obligations	65.1		67.8
Total long-term debt	940.4		929.1
Less: unamortized debt issuance costs and discounts	(6.3)		(6.7)
Total long-term debt, less unamortized debt issuance costs and discounts	934.1		922.4
Less: current installments of long-term debt and finance leases(1)	(10.2)		(10.2)
Total long-term debt, less current portion	$	923.9	$	912.2

(1)Current installments of long-term debt consist of finance leases and are recorded within Other accrued liabilities in the Consolidated Balance Sheets (Unaudited). Refer to Note 4 - Accrued Liabilities for further details.

Revolving Credit Facility

In the thirteen week period ended September 27, 2023, net borrowings of $14.0 million were drawn on our revolving credit facility. As of September 27, 2023, $724.7 million of credit was available under the revolving credit facility.

The $900.0 million revolving credit facility matures on August 18, 2026 and bears interest of SOFR plus an applicable margin of 1.50% to 2.25% and an undrawn commitment fee of 0.25% to 0.35%, both based on a function of our debt-to-cash-flow ratio. As of September 27, 2023, our interest rate was 7.17% consisting of SOFR of 5.32% plus the applicable margin and spread adjustment of 1.85%.

Financial Covenants

Our debt agreements contain various financial covenants that, among other things, require the maintenance of certain leverage ratios. As of September 27, 2023, we were in compliance with our covenants pursuant to the $900.0 million revolving credit facility and under the terms of the indentures governing our 5.000% and 8.250% notes.