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LONG-TERM DEBT
 3 Months Ended
Mar. 29, 2025
Debt Disclosure [Abstract]  
LONG-TERM DEBT LONG-TERM DEBT
Long-term debt consisted of the following:
(dollars in thousands)March 29, 2025December 28, 2024March 30, 2024
$500 million 5.625% Senior Notes due 2027
$500,000 $500,000 $500,000 
Less unamortized issuance-related costs for senior notes
(1,672)(1,873)(2,457)
      Senior notes, net$498,328 $498,127 $497,543 
Secured revolving credit facility— — — 
Total long-term debt, net
$498,328 $498,127 $497,543 
Secured Revolving Credit Facility
As of March 29, 2025, December 28, 2024, and March 30, 2024, the Company had no outstanding borrowings under its secured revolving credit facility, exclusive of $6.4 million, $4.7 million, and $5.3 million of outstanding letters of credit, respectively.
As of March 29, 2025, December 28, 2024, and March 30, 2024, there was approximately $843.6 million, $845.3 million, and $844.7 million available for future borrowing, respectively. Any outstanding borrowings under the Company’s secured revolving credit facility are classified as non-current liabilities on the Company’s condensed consolidated balance sheets due to contractual repayment terms under the credit facility. However, these repayment terms also allow us to repay some or all of the outstanding borrowings at any time.
Terms of the Secured Revolving Credit Facility
The Company’s secured revolving credit facility provides for an aggregate credit line of $850.0 million which includes a $750.0 million U.S. dollar facility and a $100.0 million multicurrency facility. The credit facility matures in April 2027. The facility contains covenants that restrict the Company’s ability to, among other things: (i) create or incur liens, debt, guarantees or other investments, (ii) engage in mergers and consolidations, (iii) pay dividends or other distributions to, and redemptions and repurchases from, equity holders, (iv) prepay, redeem or repurchase subordinated or junior debt, (v) amend organizational documents, and (vi) engage in certain transactions with affiliates.
The Company’s secured revolving credit facility provides for a leverage-based pricing grid which determines an interest rate for borrowings, calculated as the applicable floating benchmark rate plus a credit spread adjustment, if any, plus an amount ranging from 1.125% to 1.625%, based on leverage. As of March 29, 2025, the borrowing rate for an adjusted term Secured Overnight Financing Rate (“SOFR”) loan would have been 5.56%, which includes a leverage-based adjustment of 1.125%.
As of March 29, 2025, the Company was in compliance with its financial and other covenants under the secured revolving credit facility.