5 unchanged sentences
Our Revolving Credit Facility, 2025 Term Loan Facility and certain other debt obligations are subject to variable rate interest which could be adversely affected by an increase in interest rates.
−Removed: As of March 28, 2025, we had an aggregate of $1.54 billion in outstanding borrowings under our Revolving Credit Facility and 2025 Term Loan Facility.
+Added: As of June 27, 2025, we had an aggregate of $1.42 billion in outstanding borrowings under our Revolving Credit Facility and 2025 Term Loan Facility.
Interest on amounts borrowed under these agreements is subject to adjustment based on the Company’s Consolidated Leverage Ratio (as defined in the credit agreements governing the Revolving Credit Facility and the 2025 Term Loan Facility).
2 unchanged sentences
Borrowings under the 2025 Term Loan Facility will bear interest at either a SONIA rate or term SOFR rate plus a margin of between 0.975% and 1.60% or a base rate plus a margin of between 0.0% and 0.50%.
−Removed: Additionally, our Revolving Credit Facility and our 5.90% Bonds have interest rates subject to potential increases relating to certain ESG metrics as stipulated in the related agreements and as discussed in Note 12- Borrowings .
+Added: Additionally, our Revolving Credit Facility and our 5.90% Bonds have interest rates subject to potential increases relating to certain ESG metrics as stipulated in the related agreements and a s discussed in Note 12- Borrowings .
However, as discussed in Note 18- Commitments and Contingencies and Derivative Financial Instrument s, we are party to a swap agreement with a notional value of $200.0 million to convert the variable rate interest based liabilities associated with a corresponding amount of our debt into fixed interest rate liabilities, leaving $1.22 billion in principal amount subject to variable interest rate risk.
Additionally, during fiscal 2022, we entered into two treasury lock arrangements with an aggregate notional value of $500.0 million, which were settled in the second quarter fiscal 2023, and are disclosed in further detail in Note 18- Commitments and Contingencies and Derivative Financial Instruments.
−Removed: For the six months ended March 28, 2025, our weighted average borrowings that are subject to floating rate exposure were approximately $1.16 billion.
−Removed: If floating interest rates had increased by 1.00%, our interest expense for the six months ended March 28, 2025 would have increased by approximately $5.8 million.
+Added: For the nine months ended June 27, 2025, our weighted average borrowings that are subject to floating rate exposure were approximately $1.19 billion.
+Added: If floating interest rates had increased by 1.00%, our interest expense for the nine months ended June 27, 2025 would have increased by approximately $8.9 million.
Foreign Currency Risk
1 unchanged sentence
We follow the provisions of ASC 815, Derivatives and Hedging in accounting for our derivative contracts.
−Removed: The Company has $815.8 million in notional value of exchange rate sensitive instruments at March 28, 2025.
+Added: The Company has $1.08 billion in notional value of exchange rate sensitive instruments at June 27, 2025.
See Note 18- Commitments and Contingencies and Derivative Financial Instruments for discussion.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.