Quarterly report pursuant to Section 13 or 15(d)

Debt and Revolving Facility

v3.21.2
Debt and Revolving Facility
 9 Months Ended
Sep. 25, 2021
Debt Disclosure [Abstract]  
Debt and Revolving Facility Debt and Revolving Credit Facility
Debt
The Company’s total debt as of September 25, 2021 and December 26, 2020 consisted of the following:
September 25,
2021		 December 26,
2020
(In millions)
7.50% Senior Notes Due August 2022 (7.50% Notes)
 $ 312  $ 312 
2.125% Convertible Senior Notes Due 2026 (2.125% Notes)
 1  26 
Total debt (principal amount) 313  338 
Unamortized debt discount and issuance costs —  (8)
Total debt (net) 313  330 
Less: short-term debt (312) — 
Total long-term debt $ 1  $ 330 
During the nine months ended September 25, 2021, holders of the 2.125% Notes converted $25 million principal amount of notes in exchange for approximately 3 million shares of the Company’s common stock at the conversion price of $8.00 per share. The Company recorded a loss of $7 million from these conversions in Other income (expense), net on its condensed consolidated statements of operations.
Revolving Credit Facility
The Company is party to a $500 million unsecured revolving credit facility (the Revolving Credit Facility), including a $50 million swingline sub-facility and a $75 million sublimit for letters of credit pursuant to a credit agreement with a syndicate of banks. The Revolving Credit Facility expires in June 2024. Borrowings under the Revolving Credit Facility bear interest at either the LIBOR rate or the base rate at the Company’s option (in each case, as customarily defined) plus an applicable margin. As of September 25, 2021, there were no borrowings outstanding under the Revolving Credit Facility and the Company was in compliance with all required covenants. As of September 25, 2021, the Company had $14 million of letters of credit outstanding under the Revolving Credit Facility.