v3.25.1
Borrowings
 3 Months Ended
Mar. 30, 2025
Debt Disclosure [Abstract]  
Borrowings Borrowings
Our borrowings at March 30, 2025 and December 31, 2024 were as follows:
 March 30, 2025December 31, 2024
Senior Credit Facility:  
Revolving credit facility, at a rate of 5.67% at March 30, 2025, due 2027
$370,125 $113,000 
Term loan facility, at a rate of 5.67% at March 30, 2025, due 2027
468,750 475,000 
4.625% Senior Notes due 2027
500,000 500,000 
4.250% Senior Notes due 2028
500,000 500,000 
Securitization program, at a rate of 5.17% at March 30, 2025
75,000 75,000 
1,913,875 1,663,000 
Less: Unamortized debt issuance costs(6,554)(7,129)
 1,907,321 1,655,871 
Current portion of borrowings
(100,000)(100,000)
Long-term borrowings$1,807,321 $1,555,871 
Concurrent with the execution of the agreement to acquire the VI Business described in Note 4, we entered into an amendment to our Third Amended and Restated Credit Agreement (the “Credit Agreement”), which, among other things, (a) provides for a delayed draw term loan facility in an aggregate principal amount of $500 million, which will be available to be drawn on the date on which we consummate the VI Business acquisition and (b) permits us to borrow up to $550 million under the revolving facility provided for under the Credit Agreement on a limited condition basis on the date on which the VI Business acquisition is consummated. Borrowings under the delayed draw term loan will bear interest at a rate per annum equal to the applicable margin plus, at our option, either (1) the highest of (i) the “Prime Rate” in the U.S. last quoted by The Wall Street Journal, (ii) 0.50% above the greater of the federal funds rate and the rate comprised of both overnight federal funds and overnight euro transactions denominated in U.S. dollars and (iii) 1.00% above the Term SOFR Rate for a one month interest period, plus an applicable margin ranging from 0.125% to 1.00%, in each case subject to adjustments based on our total net leverage ratio or (2) a Term Secured Overnight Financing Rate (“SOFR”) rate (which includes a credit spread adjustment of 10 basis points). The applicable margin for borrowings under the delayed draw term loan range from 1.125% to 2.00% for SOFR borrowings and from 0.125% to 1.00% for base-rate borrowings, in each case, depending on, at our election, either (x) our public corporate family rating or (y) our consolidated total net leverage ratio, in each case, based on the most recently ended fiscal quarter. The obligations under the delayed draw term loan will be guaranteed and secured on the same basis as the facilities provided for under the Credit Agreement. The delayed draw term loan will not amortize and will mature on the earlier of (x) the date that is two years after the date on which such loans are funded and (y) the maturity date for the revolving facility provided for under the Credit Agreement. As of March 30, 2025, we have made no borrowings under the delayed draw term loan facility.
We capitalized $2.5 million related to transaction fees, including underwriters' discounts and commissions incurred in connection with the delayed draw term loan facility.