v3.26.1
Borrowings (Tables)
 6 Months Ended
Mar. 27, 2026
Debt Disclosure [Abstract]  
Schedule of Long-term Debt
At March 27, 2026 and September 26, 2025, long-term debt consisted of the following (principal amounts in thousands):
Interest RateMaturityMarch 27, 2026September 26, 2025
JSI Revolving Credit Facility
Benchmark + applicable margin (1)
March 2031$505,000 $— 
2026 Term Loan Facility - Three-year
Benchmark + applicable margin (2)
March 2029700,000 — 
2026 Term Loan Facility - Five-year
Benchmark + applicable margin (3)
March 2031500,000 — 
Revolving Credit FacilityBenchmark + applicable margin (4)February 2028— 395,000 
2025 Term Loan Facility - USD Portion
Benchmark + applicable margin (5)
March 2027— 200,000 
2025 Term Loan Facility - GBP Portion
Benchmark + applicable margin (5)
March 2027— 550,261 
Fixed-rate:
5.9% Bonds, due 2033
5.9% (6)
March 2033500,000 500,000 
6.35% Bonds, due 2028
6.35%
August 2028600,000 600,000 
5.375% Bonds, due 2036
5.375%
March 2036500,000 — 
4.75% Bonds, due 2031
4.75%
March 2031800,000 — 
Less: Deferred Financing Fees(20,780)(8,805)
Total Long-term debt, net$4,084,220 $2,236,456 
(1)The U.S. dollar denominated borrowings under the JSI Revolving Credit Facility (as defined below) bear interest at either a SOFR rate plus a margin of between 0.875% and 1.625% or a base rate plus a margin of between 0% and 0.625% depending on the Company’s Consolidated Leverage Ratio or Debt Rating (each as defined in the JSI Revolving Credit Facility). The applicable SOFR rate, including applicable margins at March 27, 2026 was approximately 4.90%.
(2)The borrowings under the 2026 Term Loan Facility - three-year bear interest at either a SOFR rate plus a margin of between 0.750% and 1.500% or a base rate plus a margin of between 0% and 0.500% depending on the Company’s Consolidated Leverage Ratio or Debt Rating. The applicable SOFR rate including applicable margins for borrowings denominated in U.S. dollars at March 27, 2026 was approximately 4.80%.
(3)The borrowings under the 2026 Term Loan Facility- five-year bear interest at either a SOFR rate plus a margin of between 0.875% and 1.625% or a base rate plus a margin of between 0% and 0.625% depending on the Company’s Consolidated Leverage Ratio or Debt Rating. The applicable SOFR rate including applicable margins for borrowings denominated in U.S. dollars at March 27, 2026 was approximately 4.93%.
(4)The U.S. dollar denominated borrowings under the Revolving Credit Facility bore interest at either a SOFR rate plus a margin of between 0.975% and 1.725% or a base rate plus a margin of between 0% and 0.625% depending on the Company’s Consolidated Leverage Ratio or Debt Rating (each as defined in the Revolving Credit Facility (defined below)). The interest rate under the Revolving Credit Agreement also incorporated a modest sustainability-linked pricing adjustment, which resulted in a favorable interest rate adjustment to the Company in February 2025. The applicable SOFR rate, including applicable margins, at September 26, 2025 was approximately 5.37%. Borrowings denominated in British pounds bore interest at an adjusted SONIA rate plus a margin of between 0.908% and 1.658%. There were no amounts drawn in British pounds as of September 26, 2025.
(5)Borrowings under the 2025 Term Loan Facility bore 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% and 0.50% depending on the Company’s Consolidated Leverage Ratio or Debt Rating. The applicable SOFR and SONIA rates, including applicable margins, at September 26, 2025 were approximately 5.42% for borrowings denominated in U.S. dollars and 4.97% for borrowings denominated in British pounds.
(6)The interest rate payable on the 5.90% Bonds (as defined below) may be increased by an additional 12.5 basis points on each of September 1, 2028 and September 1, 2030, based on whether or not the Company achieves the key performance indicators set forth in the First Supplemental Indenture (as defined below). Each key performance indicator is independent of the other. Therefore, we may achieve one, both, or neither.
Schedule of Estimated Fair Value of Outstanding Bonds
The following table presents the estimated fair value of each outstanding bond based on Level 2 inputs as of March 27, 2026 (in thousands):
Bond
Estimated Fair Value
5.9% Bonds, due 2033
$515,945 
6.35% Bonds, due 2028
$621,456 
5.375% Bonds, due 2036
$483,835 
4.75% Bonds, due 2031
$787,216