v3.26.1
DEBT
 9 Months Ended
Jun. 28, 2026
Debt Disclosure [Abstract]  
DEBT DEBT
Debt with external lenders consists of the following.
June 28, 2026September 30, 2025
(in millions)AmountRateAmountRate
3.375% Exchangeable Notes, due June 1, 2029
$350.0 3.4 %$350.0 3.4 %
5.00% Notes, due October 1, 2029
4.9 5.0 %4.9 5.0 %
5.50% Notes, due July 15, 2030
13.2 5.5 %13.2 5.5 %
3.875% Notes, due March 15, 2031
128.0 3.9 %128.0 3.9 %
HPC Term Loan60.0 9.1 %— — %
Obligations under finance leases76.9 5.6 %85.3 5.6 %
Total debt633.0 581.4 
Unamortized discount on debt(2.3)— 
Debt issuance costs(14.9)(13.5)
Less current portion(12.2)(11.7)
Long-term debt, net of current portion$603.6 $556.2 
Credit Agreement
As of June 28, 2026, there are no borrowings outstanding under the Company’s $500 million revolving credit facility (the “Revolver Facility”) under the Second Amended and Restated Credit Agreement, dated as of October 19, 2023, by and among the Company, SB/RH Holdings, LLC, Royal Bank of Canada, as the administrative agent, and the lenders party thereto, with a borrowing availability under the Revolver Facility of $494.8 million, net of outstanding letters of credit of $5.2 million.
3.375% Exchangeable Notes due June 1, 2029 ("Exchangeable Notes")
Subsequent to the issuance of the Exchangeable Notes, the Company increased its quarterly dividend rate to $0.47 per share. As such, the exchange rate for the Exchangeable Notes due June 1, 2029 has been adjusted to 8.2485 shares of common stock per $1,000 principal amount of notes (which is equal to an initial conversion price of approximately $121.23 per share of the Company's common stock), subject to further adjustment as set forth in the indenture. Concurrently, the strike price with the associated Capped Calls has been updated to approximately $121.23 per share, subject to certain additional adjustments, corresponding to the change in exchange price of the Exchangeable Notes, and the cap price has been updated to approximately $158.54 per share, subject to certain additional adjustments.
HPC Term Loan
As part of the HPC Transaction, on May 11, 2026, the Company, through its indirect subsidiaries consisting of the HPC business, entered into the Amended and Restated Credit Agreement ("HPC Credit Agreement") with Oaktree which provides for a new term loan facility with aggregate principal amount of $60.0 million and a maturity date of May 11, 2029, including a one-year extension option exercisable by the Company, subject to lender approval. The HPC Term Loan is subject to a rate per annum equal to SOFR (as defined in the HPC Credit Agreement), plus a margin of 5.50% or the base rate plus a margin of 4.50%. Upon entering into the HPC Term Loan, the net assets of the HPC business were segregated and serve as collateral for the HPC Term Loan, and have been excluded from the collateral package for the remainder of the Company's debt. The proceeds were used to pay fees and expenses in connection with the transaction and for general corporate purposes. The HPC Term Loan was issued net of a $2.4 million original issue discount and the Company incurred $4.2 million of debt issuance costs, which are being amortized with a corresponding charge to interest expense over the remaining term of the loan.