v3.25.2
Debt
 6 Months Ended
Jun. 27, 2025
Debt Disclosure [Abstract]  
Debt Disclosure
11.Debt
Debt was comprised of the following at the end of each period:
June 27, 2025December 27, 2024
Principal
Carrying Value
Unamortized Discount and Debt Issuance Costs
Principal
Carrying Value
Unamortized Discount and Debt Issuance Costs
Current maturities of long-term debt:
Second-Out Takeback Term Loan due November 2028$3.9 $3.9 $— $3.9 $3.9 $— 
Long-term debt:

Second-Out Takeback Term Loan due November 2028382.5 401.5 — 384.5 406.3 — 
14.75% Second-Out Takeback Notes due November 2028477.2 501.7 —477.2505.4 —
Receivables financing facility due December 2027— —1.8—— 2.2
Total long-term debt859.7 903.2 1.8 

861.7 911.7 2.2 
Total debt$863.6 $907.1 $1.8 $865.6 $915.6 $2.2 
Takeback debt
On November 14, 2023, the Company entered into a new senior secured first lien term loan facility with an aggregate principal amount of approximately $871.4 million (“First and Second-Out Takeback Term Loans”), consisting of approximately $229.4 million of “first-out” Takeback Term Loans (“First-Out Takeback Term Loans”) and approximately $642.0 million of “second-out” Takeback Term Loans (“Second-Out Takeback Term Loans”). The Company also issued approximately $778.6 million in aggregate principal amount of “second-out” 14.75% senior secured first lien notes due 2028 (“Takeback Notes”). On December 6, 2024, the Company used the proceeds from the Therakos Divestiture to mandatorily prepay the First-Out Takeback Term Loan in full, partially prepay the Second-Out Takeback Term Loan, and partially redeem the Takeback Notes. Refer to Note 16 for details on the subsequent prepayment in full of the First-Out Takeback Term Loans and Second-Out Takeback Term Loans and redemption in full of the Takeback Notes.
Applicable interest rate
As of June 27, 2025, the applicable interest rate on the Company's debt instruments were as follows:
Applicable Interest Rate
Fixed-rate instruments14.75 %
Second-Out Takeback Term Loan (1)
13.51 
(1)Includes the impact of the interest rate cap agreement, which is discussed further in Note 14.