v3.26.1
Debt and Finance Leases
 3 Months Ended
Mar. 28, 2026
Debt Disclosure [Abstract]  
Debt and Finance Leases
6. Debt and Finance Leases
March 28, 2026December 31, 2025
ABL Credit Facility due November 2029: $88 million net availability and weighted average interest rate of 6.4% at March 28, 2026(a)
$19,750 $50,000 
2029 Term Loan due October 2029: interest rate of 11.2% at March 28, 2026
693,000 693,000 
5.50% CAD-based term loan due April 2028
18,680 18,923 
BioNova debt(b)
19,726 20,578 
Asset financing obligation18,648 — 
Other loans(c)
30,865 32,019 
Short-term factoring facility1,508 4,801 
Finance lease obligation335 456 
Total principal payments due802,512 819,777 
Less: unamortized premium, discount and issuance costs(39,098)(40,759)
Total debt$763,414 $779,018 
Debt due within one year$27,954 $20,909 
Long-term debt$735,460 $758,109 
(a)At March 28, 2026, the Company had $161 million of gross availability and net available borrowings of $88 million after taking into account the facility’s quarter end balance of $20 million, outstanding letters of credit of $29 million and required availability of $24 million to avoid triggering the facility’s fixed charge coverage ratio covenant.
(b)Consists of green loans associated with the France bioethanol plant, part of the net assets contributed by the Company to its subsidiary, BioNova.
(c)Consist of loans for energy projects in France.
As of March 28, 2026, there were no borrowings outstanding under the BioNova Term Loan.
As of March 28, 2026, the Company was in compliance with all covenants under its debt agreements.
Asset Financing Obligation
In March 2026, the Company entered into a sale-leaseback agreement for the equipment of its chip mills located in Georgia and its ERP systems and received net proceeds of $20 million. The Company determined that control of the assets was not transferred and therefore the transaction does not qualify as a sale under GAAP. Accordingly, the transaction is accounted for as a financing arrangement, with the assets continuing to depreciate within “property, plant and equipment, net” and the proceeds recorded as a financing obligation within “long-term debt” in the condensed consolidated balance sheets.
The arrangement has an initial term of 33 months and will continue for successive three-month periods until terminated by either party with appropriate notice. The Company retains a one dollar ($1.00) purchase option at the end of the lease term. Monthly rental payments of $0.7 million will be allocated between interest expense and principal reduction using the effective interest rate method. The financing obligation bears an effective interest rate of 10.6%.