Debt

6 Months Ended

Jul. 03, 2021

Debt Disclosure [Abstract]

Debt

Debt

Our total debt as of July 3, 2021 and January 2, 2021 was as follows:

	July 3, 2021						January 2, 2021
(in millions of U.S. dollars)	Principal		Unamortized Debt Costs		Net		Principal		Unamortized Debt Costs		Net
5.500% senior notes due in 2025	—		—		—		750.0		7.0		743.0
3.875% senior notes due in 2028	533.4		7.7		525.7		551.9		8.3		543.6
4.375% senior notes due in 2029	750.0		10.4		739.6		—		—		—
Revolving Credit Facility	139.8		—		139.8		104.8		—		104.8
Short-term borrowings	11.8		—		11.8		2.9		—		2.9
Finance leases	69.8		—		69.8		71.5		—		71.5
Other debt financing	0.2		—		0.2		4.9		—		4.9
Total debt	1,505.0		18.1		1,486.9		1,486.0		15.3		1,470.7
Less: Short-term borrowings and current debt:
Revolving Credit Facility	139.8		—		139.8		104.8		—		104.8
Short-term borrowings	11.8		—		11.8		2.9		—		2.9
Finance leases - current maturities	13.7		—		13.7		13.2		—		13.2
Other debt financing	0.1		—		0.1		4.7		—		4.7
Total current debt	165.4		—		165.4		125.6		—		125.6
Total long-term debt	$	1,339.6	$	18.1	$	1,321.5	$	1,360.4	$	15.3	$	1,345.1

4.375% Senior Notes due in 2029

On April 30, 2021, we issued $750.0 million of 4.375% senior notes due April 30, 2029 (“2029 Notes”) to qualified purchasers in a private placement offering under Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and outside the United States to non-U.S. purchasers pursuant to Regulation S under the Securities Act and other applicable laws. The 2029 Notes were issued by our wholly-owned subsidiary Primo Water Holdings Inc. The 2029 Notes are guaranteed by the Company and certain subsidiaries that are currently obligors under the $350.0 million senior secured revolving credit facility and the €450.0 million of 3.875% senior notes due October 31, 2028. The 2029 Notes will mature on April 30, 2029 and interest is payable semi-annually on April 30th and October 31st of each year commencing on October 31, 2021. The proceeds of the 2029 Notes, along with available cash on hand, were used to redeem in full the the $750.0 million of 5.500% senior notes due April 1, 2025 (“2025 Notes”) and pay related premiums, fees and expenses.

We incurred approximately $11.2 million of financing fees for the issuance of the 2029 Notes. The financing fees are being amortized using the effective interest method over an eight-year period, which represents the term to maturity of the 2029 Notes.

The redemption of the 2025 Notes included $20.6 million in premium payments, accrued interest of $3.6 million, and the write-off of $6.6 million in deferred financing fees.