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Long-Term Debt
 3 Months Ended
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.