v3.25.2
DEBT
 6 Months Ended
Jun. 29, 2025
Debt Disclosure [Abstract]  
DEBT DEBT
A summary of total debt outstanding at June 29, 2025 and December 31, 2024 is as follows:
($ in thousands)June 29, 2025December 31, 2024
Long-term debt:
Term loan due 2029$121,875 $123,438 
Revolver due 202955,000 100,000 
1.75% convertible notes due 2028
258,725 258,750 
4.75% senior notes due 2029
350,000 350,000 
6.375% senior notes due 2032
500,000 500,000 
Total debt1,285,600 1,332,188 
Less: convertible notes deferred financing costs, net(3,422)(3,915)
Less: term loan deferred financing costs, net(486)(543)
Less: senior notes deferred financing costs, net(9,144)(9,796)
Less: current maturities of long-term debt(6,250)(6,250)
Total long-term debt, less current maturities, net$1,266,298 $1,311,684 
As of June 29, 2025, the Company maintained a senior secured credit facility comprised of a $875 million revolving credit facility (the "Revolver due 2029") and a $125 million term loan (the "Term Loan due 2029") and together with the Revolver due 2029, (the "2024 Credit Facility").
The interest rate for incremental borrowings under the Revolver due 2029 as of June 29, 2025 was the Secured Overnight Financing Rate (“SOFR”) plus 1.75% (or 6.07%) for the SOFR-based option. The fee payable on committed but unused portions of the Revolver due 2029 was 0.225% as of June 29, 2025.
Total cash interest paid was $32.9 million and $34.6 million for the second quarter and six months ended June 29, 2025, respectively, and $31.6 million and $40.2 million for the second quarter and six months ended June 30, 2024, respectively.
Conditional Conversion Feature of the 1.75% Convertible Senior Notes due 2028
As of June 29, 2025, the conditional conversion feature of the 1.75% Convertible Senior Notes due 2028 (the “1.75% Convertible Notes”) related to the price of our common stock equaling or exceeding 130% of the conversion price was triggered. As a result, the 1.75% Convertible Notes are convertible, in whole or in part, at the option of the holders from July 1, 2025 to September 30, 2025. Whether the 1.75% Convertible Notes will be convertible in subsequent periods will depend on the continued satisfaction of this condition or another conversion condition in the future. The 1.75% Convertible Notes were also convertible in each calendar quarter beginning with the quarter ended December 31, 2024 based on satisfying this condition in the respective prior calendar quarter. The 1.75% Convertible Notes converted during the period from January 1, 2025 to June 30, 2025 were immaterial. The Company has the intent and ability to utilize available borrowing capacity under the Revolver due 2029 to satisfy any cash conversion obligations that it may have, should holders choose to exercise their conversion rights during the period noted above.