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Long-Term Debt | 3 Months Ended
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Mar. 31, 2024
Long-Term Debt, by Current and Noncurrent [Abstract] |
Long-Term Debt |
12. | LONG-TERM DEBT
The Group’s debt comprised of the following:
|  | As of March 31, 2024 |  |  | As of December 31, 2023 |
|  | Principal outstanding balance in currency of borrowing Local currency (in millions) |  |  | Outstanding Balance ($ in millions) |  |  | Principal outstanding balance in currency of borrowing Local currency (in millions) |  |  | Outstanding Balance ($ in millions) |
Term Loan B Agreement |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
USD First Lien Term Loan B due 2028 |  | $ | — |  |  |  | — |  |  | $ | 514 |  |  |  | 514 |
EUR First Lien Term Loan B due 2026 |  | € | 507 |  |  |  | 548 |  |  | € | 507 |  |  |  | 560 |
TLA/TLB/RCF Agreement |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
GBP First Lien Term Loan A due 2028 |  | £ | 1,034 |  |  |  | 1,307 |  |  | £ | 1,034 |  |  |  | 1,315 |
EUR First Lien Term Loan A due 2028 |  | € | 380 |  |  |  | 411 |  |  | € | 380 |  |  |  | 419 |
USD First Lien Term Loan A due 2028 |  | $ | 166 |  |  |  | 166 |  |  | $ | 166 |  |  |  | 166 |
USD First Lien Term Loan B due 2030 |  | $ | 3,905 |  |  |  | 3,908 |  |  | $ | 3,400 |  |  |  | 3,400 |
GBP Revolving Credit Facility due 2028 |  | £ | 433 |  |  |  | 548 |  |  | £ | 578 |  |  |  | 736 |
Total debt principal including accrued interest |  |  |  |  |  |  | 6,888 |  |  |  |  |  |  |  | 7,110 |
Less: unamortized debt issuance costs |  |  |  |  |  |  | (52 | ) |  |  |  |  |  |  | (54 | )
Total debt |  |  |  |  |  |  | 6,836 |  |  |  |  |  |  |  | 7,056 |
Current portion |  |  |  |  |  |  | (46 | ) |  |  |  |  |  |  | (51 | )
Total long-term debt |  |  |  |  |  | $ | 6,790 |  |  |  |  |  |  | $ | 7,005 |
As of March 31, 2024, the contractual principal repayments of the Group’s outstanding borrowings, excluding accrued interest, amount to the following:
($in millions) |  |  |
2024 |  | $ | 31 |
2025 |  |  | 39 |
2026 |  |  | 587 |
2027 |  |  | 39 |
2028 |  |  | 2,468 |
Thereafter |  |  | 3,719 |
Total |  | $ | 6,883 |
During the three months ended March 31, 2024, the Group has drawn $126 million (March 31, 2023: $609 million) and repaid of $309 million (March 31, 2023: $598 million) under the GBP revolving credit facility. The Group had an undrawn revolving credit commitment of $716 million as of March 31, 2024 (December 31, 2023: $ 537 million), of which $13 million (December 31, 2023: $13 million) was reserved for issuing guarantees. On March 14, 2024, the Group refinanced the remaining amounts due under the USD First Lien Term Loan B due 2028 by entering into the First Incremental Assumption Agreement (the “Assumption Agreement”) to the TLA/TLB/RCF Agreement dated as of November 24, 2023 (as amended, the “Credit Agreement”). After giving effect to the Assumption Agreement, the aggregate principal amount of Term B loans outstanding under the Credit Agreement increased by $514 million (the “First Incremental Term B Loans”), which is fungible with the existing Term B loans outstanding under the Credit Agreement. As the terms of First Incremental Term B Loans were not substantially different from those of the original USD First Lien Term Loan B due 2028, the refinance was treated as continuation of the original debt instrument for accounting purposes. As of March 31, 2024, and December 31, 2023, the Group was in compliance with all debt covenants.

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