Note 6 - Long-term Debt |
9 Months Ended |
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Aug. 29, 2026 | |
| Notes to Financial Statements | |
| Debt Disclosure [Text Block] |
Note 6: Long-Term Debt
On July 17, 2026, we entered into Amendment No. 3 (the “Amendment”) to our Second Amended and Restated Credit Agreement dated as of February 15, 2023, as previously amended which replaced our senior secured term loan A facility (“Term Loan A”) and our senior secured multicurrency revolving credit facility (“Revolver”). Our Term Loan A was refinanced changing the aggregate principal amount to $420.0 million and our Revolver was refinanced with the aggregate principal amount of the revolving credit facility available to us increasing from $700.0 million to $800.0 million. The interest rate margins applicable to both the Term Loan A and Revolver are based on a leverage grid which was updated to include an additional step-down tier of 25 basis points. Additionally, we eliminated the credit spread adjustment of 10 basis points from the prior agreement. The maturity date of the amended Term Loan A and amended Revolver was also extended to July 17, 2031. The terms of our term loan B facility remain unchanged.
On June 25, 2026, we entered into (i) a Term Loan and Revolving Facility Secured Bridge Credit Agreement (“Secured Bridge Credit Agreement”) and (ii) a Term Loan Unsecured Bridge Credit Agreement (“Unsecured Bridge Credit Agreement”) to provide us certain borrowings in an aggregate amount of up to $3.0 billion in connection with our pending acquisition of AMS. See Note 2 for more information on our pending acquisition of AMS.
The Secured Bridge Credit Agreement included term commitments of $1.4 billion and revolving commitments of $700.0 million and was terminated on July 17, 2026 as a part of the Amendment with no amounts drawn on this facility.
The Unsecured Bridge Credit Agreement includes $917.0 million of commitments. As of August 29, 2026, there are no amounts drawn on the Unsecured Bridge Credit Agreement. To the extent any borrowings are made under the Unsecured Bridge Credit Agreement, such loans will mature 364 days after the closing date to fund the pending acquisition of AMS and to pay related fees and expenses. Any borrowings made under the Unsecured Bridge Credit Agreement bear interest at a per annum rate equal to a base rate plus a rate of (i) 1.50 percent or (ii) 2.50 percent, as determined therein, with interest rate increases of 0.25 percent per 90 days. The Unsecured Bridge Credit Agreement contains customary representations and warranties, events of default, and affirmative and negative covenants.
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